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You can only deduct losses up to your winnings IF YOU ITEMIZE as opposed to taking the standard deduction. Normally, gambling winning are reported on a W2-G. Winning and losses are reported in the same place in TurboTax.
Go to Less Common Income, then Prizes, Awards, and Gambling winnings. Select I didn't receive a w-2G. Enter the amount from Box 3 of your 1099-misc, and on the next screen you will be able to enter your losses. You will need to keep clear records of your winnings and losses, especially since your gambling winnings were reported on the wrong form.
Gambling Winnings. Losses, and Taxes
Keeping track of your winnings and losses
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
You can only deduct losses up to your winnings IF YOU ITEMIZE as opposed to taking the standard deduction. Normally, gambling winning are reported on a W2-G. Winning and losses are reported in the same place in TurboTax.
Go to Less Common Income, then Prizes, Awards, and Gambling winnings. Select I didn't receive a w-2G. Enter the amount from Box 3 of your 1099-misc, and on the next screen you will be able to enter your losses. You will need to keep clear records of your winnings and losses, especially since your gambling winnings were reported on the wrong form.
Gambling Winnings. Losses, and Taxes
Keeping track of your winnings and losses
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