You should be able to use TurboTax deluxe to enter your gambling losses but only to the extent of your gambling winnings for
the year and only if you itemize your deductions. (If you are required to upgrade, the system will prompt you to do so.)
You use Schedule A
to report your deductible gambling losses. However you will only get the
benefit of being able to deduct these gambling losses if all your itemized
deductions combined are greater than your standard deduction. So if your
standard deduction is greater than your itemized deductions, TurboTax will take
the greater standard deduction.
According to the
IRS:
- Gambling winnings are fully
taxable and you must report them on your tax return.
- You may deduct gambling
losses only if you itemize deductions. However, the amount of losses you
deduct may not be more than the amount of gambling income reported on your
return
Please refer to this
IRS link for more information about reporting gambling winnings and losses
To enter
your gambling winnings and losses in TurboTax Online(for TurboTax
Online sign-in, click
Here
) or
Desktop, please follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Wages and
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on "jump to
full list" or “see more income” (see more income)
- Scroll down the screen until
to come to the section “Less Common Income”
- Choose "show more",
then Gambling Winnings and follow the onscreen instructions
- You also report your gambling
losses here. (They are only deductible to the extent of your winnings and
only if you itemize your deductions.)
