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tylerw077
Returning Member

Gambling winnings: $15,450.91 Wagers

just need to make sure, I think I know the answer but I'm hoping its not what I'm thinking.
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8 Replies
ee-ea
Level 15

Gambling winnings: $15,450.91 Wagers

What are you  thinking?

tylerw077
Returning Member

Gambling winnings: $15,450.91 Wagers

Well my net win/loss come out to -$9,798 so I assume I need to plug that number into gambling losses?  Or do I match my losses to my winnings since the wager & entry fees totaled $25,248.93? 

Gambling winnings: $15,450.91 Wagers

for federal purposes gambling winnings are fully taxable and reported on schedule 1.  gambling losses are deductible only if you itemize, schedule A, and are limited to gambling winnings

 

tylerw077
Returning Member

Gambling winnings: $15,450.91 Wagers

8B92C77D-DFCA-4E23-A953-6CEC3F496981.jpeg

So based off of this what would I need to do? 

DaveF1006
Expert Alumni

Gambling winnings: $15,450.91 Wagers

You can only deduct gambling losses up to the amount of your winnings ($15,450.91). You cannot deduct wagers or entry fees.

 

@tylerw077

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Gambling winnings: $15,450.91 Wagers

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.**
tylerw077
Returning Member

Gambling winnings: $15,450.91 Wagers

I sound incompetent at this point but to be sure, I’ll need to deduct the $9,798.02? 

RobertB4444
Expert Alumni

Gambling winnings: $15,450.91 Wagers

Ok, so your winnings of 15,450.91 are income.  You're going to enter them exactly as @xmasbaby0 says above.  Then, when it comes to losses, you enter them as itemized deductions.  The problem is that if your itemized deductions are less than your standard deduction then there is no point in entering them.  And your standard deduction is at least $12,550.  So you don't need to enter your losses if they are only $9,798.02.

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