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ravindrareddy558
New Member

I have a gambling w2 for $1800 and on the same day I lost all the no st and more than that how do I file losses along with that

Money
3 Replies
TaxGuyBill
Level 9

I have a gambling w2 for $1800 and on the same day I lost all the no st and more than that how do I file losses along with that

If you can prove you lost that amount on the same day and at the same location, you MIGHT be able to make it non-taxable because you did not win at that "session".  However, that is a facts-and-circumstances situation that could fall into a 'gray area'.

If you want to try that, I recommend researching that and/or going to a tax professional.
KiaraE
New Member

I have a gambling w2 for $1800 and on the same day I lost all the no st and more than that how do I file losses along with that

I notice you are using the Free Edition, in order to enter this information you will need to upgrade to the Deluxe Edition

It is very important to note that you must enter your gambling winnings in order to deduct your losses. However, gambling losses are an itemized deduction. You will only see a tax benefit from this loss if your itemized deductions (added together) are more than your standard deduction.

You should have received a W-2G from your winnings.

If you have received this,

1.       Click Federal Taxes on the left tab

2.       Click on Wages & Income on the top tab

3.       Select see All Wages and Income

4.       Find the Less Common Income section (it should be the last category)

5.       Select Show More

6.       Find the Gambling Winnings section and click “Start”

a.       There you will answer the questions based upon the W2-G you were given

7.       This section will also ask you about the gambling losses

 

Remember you must enter your gambling winnings in order to deduct your losses. However, gambling losses are an itemized deduction. You will only see a tax benefit from this loss if your itemized deductions (added together) are more than your standard deduction.

You can refer to this article for more information on this if you like:

https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4l...


VolvoGirl
Level 15

I have a gambling w2 for $1800 and on the same day I lost all the no st and more than that how do I file losses along with that

You can only deduct gambling losses up to the amount of your winnings if you itemize deductions on Schedule A.  Gambling losses go on schedule A line 28 and are not subject to the 2% threshold.

The easiest way to get to the W-2G screen is to search for  W2G in your TurboTax program. (Use this exact search term even if you didn't lose any money gambling.)
 
Then, click the gambling losses link in the search results. You'll come to a screen, Tell Us About Your Winnings, where you can start working on your W-2G forms.
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