How much gambling winnings need to be reported?
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How much gambling winnings need to be reported?

 
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How much gambling winnings need to be reported?

You should have received the Form W-2G, Certain Gambling Winnings; but not all winnings are subject to a W-2G. And that doesn't mean you are exempt from paying taxes or reporting the winnings. If you received one, you will need to enter all of that information from that form into TurboTax for your winnings. 

Winnings in the following amounts must be reported:

  • $600 or more at a horse track (if that is 300 times your bet)
  • $1,200 or more at a slow machine or bingo game
  • $1,500 or more in keno winnings
  • $5,000 or more in poker tournament winnings

NOTE: Even if you do not win as much as the amounts above, you are still legally obligated to report. 

More details on this can be found here http://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

If you have any gambling losses, the amount of gambling losses that you can deduct can't exceed the winnings you report as income. When you enter your gambling winnings in TurboTax, the interview will also ask you questions regarding gambling losses. And you can only claim losses if you are itemizing your deductions.

If you received a Form W-2G, you can follow the steps here below to get to that portion of the interview for entering the gambling winnings/losses. 

  • Log into your TurboTax account, click orange Take me to my return button
  • Type W2G in the search box in top right
  • Click jump to W2G and that takes you right to the section you need
  • Choose Yes on the Gambling Winnings screen and follow prompts to enter your information. 
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