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?
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:
Your records must include:
Other documentation to prove your losses can include:
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?