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irbymb
New Member

I am itemizing my deductions and trying to enter my gambling losses. I have gambling winnings recorded in income. Where do I find this in turbo tax?

 
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I am itemizing my deductions and trying to enter my gambling losses. I have gambling winnings recorded in income. Where do I find this in turbo tax?

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

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2 Replies

I am itemizing my deductions and trying to enter my gambling losses. I have gambling winnings recorded in income. Where do I find this in turbo tax?

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

dabs1165
New Member

I am itemizing my deductions and trying to enter my gambling losses. I have gambling winnings recorded in income. Where do I find this in turbo tax?

I agree.  I did my mom's return and when I submitted the return it said she was getting $ back, but the IRS re-did it and she has to pay because here gambling winnings made her social Security taxable.  I'm  a bit upset because Turbo Tax did not pick it up when I submitted the return!  I mean shes 90+ and really it appeared she was getting a little bit back, but she ended up having to pay afterall.

 

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