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andy-seay
New Member

I entered gambling loss as asked and they are less than winnings. I see winnings in draft 1040 but Itemized Deduction appears to exclude the loss. Am i wrong?

 
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IsabellaG
Expert Alumni

I entered gambling loss as asked and they are less than winnings. I see winnings in draft 1040 but Itemized Deduction appears to exclude the loss. Am i wrong?

If you entered your Gambling Losses, they should be shown on Schedule A, line 28. They are not reduced by 2% of your Adjusted Gross Income, and assuming that you can itemize deductions, the gambling losses should increase your itemized deductions. If you aren't seeing a change to your income tax, it could be for another reason, such as you are not itemizing or your itemized deductions are being phased out due to Adjusted Gross Income over the limitation amount.

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IsabellaG
Expert Alumni

I entered gambling loss as asked and they are less than winnings. I see winnings in draft 1040 but Itemized Deduction appears to exclude the loss. Am i wrong?

If you entered your Gambling Losses, they should be shown on Schedule A, line 28. They are not reduced by 2% of your Adjusted Gross Income, and assuming that you can itemize deductions, the gambling losses should increase your itemized deductions. If you aren't seeing a change to your income tax, it could be for another reason, such as you are not itemizing or your itemized deductions are being phased out due to Adjusted Gross Income over the limitation amount.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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