Yes, you must report any gambling winnings starting from $1. The losses would only be allowed if you can itemize your deductions and TurboTax will ask you for the amount.
Enter your gambling winnings using the steps below, a document is not necessary. Check the rules for your state return.
Enter the gambling winnings using the steps below.
- Sign into your TurboTax Online/Mobile or TurboTax Desktop account
- Select Tax Home (on the left) > Income & Expenses > Less Common Income > Gambling Winnings > Start
- TurboTax Desktop start with Income > Less Common Income > Gambling Winnings
- Follow the screen prompts based on your situation (reporting document or none)
- Be prepared with your gambling losses as well but they may or may not affect your tax return. If you itemize deductions it could help.