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I bet $5000 in total bets. 900 ten cent parlays up to a buck. I lost a total of 700. Do I have to enter 4300 in wins? It’s a Loss for the year So I lose and get taxed?

 
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2 Replies
TomK2023
Expert Alumni

I bet $5000 in total bets. 900 ten cent parlays up to a buck. I lost a total of 700. Do I have to enter 4300 in wins? It’s a Loss for the year So I lose and get taxed?

Yes, you must report all gambling winnings.  Did you receive a W-2G?  

 

Please read this TurboTax article for more information: How to Pay Taxes on Gambling Winnings and Losses

 

Here's where you enter Form W-2G (Certain Gambling Winnings) in TurboTax:

  1. Open or continue your return in TurboTax, if you aren't already in it
  2. Search for W2G (don't include any hyphens) and select the Jump to link in the search results
  3. Answer Yes on the Did you win money or other prizes in 2022? screen and follow the instructions to enter your W-2G

After you've finished entering all of your gambling winnings, we'll ask about any losses you may have had. Losses can be deducted up to the amount you reported winning, but only if you itemize.

 

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I bet $5000 in total bets. 900 ten cent parlays up to a buck. I lost a total of 700. Do I have to enter 4300 in wins? It’s a Loss for the year So I lose and get taxed?

all winnings are fully taxable and included on schedule 1 line 8b. losses and cost of bets can only be deducted on schedule A line 16 so you need to be able to itemize and you can't deduct more than your winnings.  

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