Gambling loss filing joint

Forum|Forum|7 years ago
June 6, 2019
5 replies
42 views

if husband had $1443 W-2G win, can we declare both spouse losses to offset winnings. or just losses from the winning person. if filing jointly married?

TurboTax Deluxe Online

Bsch4477

Level 15

Just losses from the individual with the winnings if you itemize.

memere2-61

Level 2

How can gambling wins be counted towards joint income but not count towards joint losses, when jointly filing married. Hoping this isn’t true. That’s just another irs double standard. just like they need to make a new law that people who can’t itemize for whatever reason can’t claim the losses against the wins! Can you all say revision!

xmasbaby0

Level 15

It really makes no difference. When you file a joint return all of your income is combined. Gambling losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, the gambling losses have no effect at all.

Gambling

To enter the W-2G or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income. Losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2021 STANDARD DEDUCTION AMOUNTS

SINGLE $12,550 (65 or older + $1700)

MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)

MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)

HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)

Legally Blind + $1350

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**