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suzanneelizabeth
New Member

How do I place my W2-G income (gambling winnings) in my Business Schedule C (I'm a professional gambler)?

 
3 Replies
ColeenD3
Expert Alumni

How do I place my W2-G income (gambling winnings) in my Business Schedule C (I'm a professional gambler)?

Please see this post from HalAl:

 

Yes. If you are filing Schedule C, you do not enter the W-2Gs at the W-2G screen. Enter at Business Income. You will not get the offsetting entry box. The W-2G screen is not for professional gamblers. Losses will be entered as business expenses. There is no category on Schedule C; so enter losses as other expenses.

 

Wagering losses still cannot exceed gambling winnings. Any excess gambling losses over gambling winnings cannot be carried forward or carried back to offset gambling winnings from other tax years.

 

Gambling

Jogaming
New Member

How do I place my W2-G income (gambling winnings) in my Business Schedule C (I'm a professional gambler)?

How do I receive credit for the taxes withheld on the W-2g when reporting my income on the schedule c?

RaifH
Expert Alumni

How do I place my W2-G income (gambling winnings) in my Business Schedule C (I'm a professional gambler)?

To receive credit for the taxes withheld on Form W-2G that you are reporting as self-employment income:

  1. With your return open, go to Federal > Deductions & Credits > Estimates and Other Taxes Paid > Income Taxes Paid.
  2. Click Start next to Withholding not already entered on a W-2 or 1099 under Other Income Taxes Paid in 2021.
  3. Click Yes.
  4. Enter your federal and state withholdings, if applicable. Click Add another if you want to report the withholdings from each W-2G separately. 

 

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