Entering multiple W2-Gs

Forum|Forum|5 years ago
May 17, 2021
1 reply
9 views

I had 5 W2-Gs over the course of last year totaling roughly 15,000. Unfortunately I was not prepared and did not keep an accurate journal of my gambling activities, so I can't itimize to deduct any losses despite probably breaking even. Would it be advisable to simply file those 5 W2Gs, take the tax hit of a few grand, and move on?

Not A Product Question

ColeenD3

Level 15

Yes. You must include them in income.

Keeping track of your winnings and losses

The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. This includes:

lotteries
raffles
horse and dog races
casino games
poker games
and sports betting

Your records must include:

the date and type of gambling you engage in
the name and address of the places where you gamble
the people you gambled with
and the amount you win and lose

Other documentation to prove your losses can include:

Form W-2G
Form 5754
wagering tickets
canceled checks or credit records
and receipts from the gambling facility

jasnyder1992Author

Level 2

I guess my question is about the next step; I've already entered my 5 W2Gs into turbo tax and it gives me my total. If I just click no to any additional winnings not reported on W2Gs and then no losses to deduct (as I have no records to prove any additional wins or losses), is the gambling section of my taxes good to go?