gambling winnings

Forum|Forum|4 years ago
March 9, 2022
1 reply
9 views

No text available

xmasbaby0

Level 15

You have not asked a question. If this does not help---then please post a complete and clear question.

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.**