You'll need to sign in or create an account to connect with an expert.
What are you thinking?
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?
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
So based off of this what would I need to do?
You can only deduct gambling losses up to the amount of your winnings ($15,450.91). You cannot deduct wagers or entry fees.
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
I sound incompetent at this point but to be sure, I’ll need to deduct the $9,798.02?
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
user20069
New Member
choochootrain18
Returning Member
pearl12970
Level 4
DAC SVS 40
New Member
crystelandmikesh
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.