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No, you do not enter gambling winnings on a Form 1099-MISC in the section for a 1099-MISC. The amount of the winnings is entered in the gambling winnings section of the program. You do not need a Form W-2G to report gambling winnings.
Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Line 21 as Miscellaneous Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. 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 -
Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. Click on Jump to gambling winnings on w-2g
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