Why is my gambling income I entered as 7438 and my gambling income I entered as 7438 showing as income on line 21 of 1040 tax return if the loss equaled the income?

[marcenew]

The 1040 return should be 0 on line 21 since the gambling income was not more than the gambling loss I entered.  Why does it say the gambling win amount on that line and therefore is taxable?  I use Turbo Tax Premier.

[DoninGA · Accepted solution]

Gambling winnings are reported as Miscellaneous income on Form 1040 Line 21.  Gambling losses are entered on Form 1040 Schedule A as an itemized Miscellaneous deduction.  The total itemized deductions on Schedule A have to greater than the Standard Deduction for your filing status to have any tax benefit.

The losses are not a one-to-one reduction in winnings.