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Level 1
February 8, 2025
Question

How do i file a W-2G?

  • February 8, 2025
  • 2 replies
  • 23 views
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    2 replies

    Level 15
    February 8, 2025

    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/

     

     

    2024 STANDARD DEDUCTION AMOUNTS

    SINGLE $14,600    (65 or older/legally blind + $1950)

    MARRIED FILING SEPARATELY $14,600    (65 or older/legally blind + $1550)

    MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

    HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

     

     

    **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.**
    DoninGA
    Level 15
    Level 15
    February 8, 2025

    Gambling losses can only be deducted up to the amount of the gambling winnings.
    Gambling winnings are reported on Form 1040 Schedule 1 on Line 8b. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
    Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.


    To enter, edit or delete Gambling Winnings and Losses -

    Click on Federal Taxes (Personal using Home and Business)
    Click on Wages and Income (Personal Income using Home and Business)
    Click on I'll choose what I work on (if shown)
    Scroll down to Less Common Income
    On Prizes, Awards, and Gambling Winnings, click the start or update button


    Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g