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Level 1
posted Sep 27, 2023 3:38:51 PM

Gambling Losses

Where do I put my gambling loses

0 3 977
3 Replies
Expert Alumni
Sep 27, 2023 3:42:39 PM

Hi there:

 

After gambling income is entered. Turbo tax will ask about gambling losses and allow entry point for losses.

Expert Alumni
Sep 27, 2023 3:42:50 PM

 

Hello Hewfam760
 
 

You should have been issued a W-2G for the gain/losses from gambling. 

In TurboTax search for W-2G and use the Jump To link to take you to that section.

 

I hope this is helpful.

 

Level 15
Sep 27, 2023 3:55:44 PM

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

 

 

 

 

2022 STANDARD DEDUCTION AMOUNTS

 

SINGLE $12,950  (65 or older + $1750)

 

MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

 

MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

 

HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

 

Legally Blind + $1750