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I have gambling winnings and losses. When I enter the losses, it says: "Schedule Y: Sch Y, Gambling Losses should not be greater than $." <- There is no number here?

I enter my losses to be equal to my winning even though my losses are actually more than my wins. TurboTax flags this as a problem.
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2 Replies
LindaS5247
Expert Alumni

I have gambling winnings and losses. When I enter the losses, it says: "Schedule Y: Sch Y, Gambling Losses should not be greater than $." <- There is no number here?

If you are itemizing your deductions, and are unable to enter your Gambling Losses on your Schedule A, I would try clearing your cache, signing out of your account and back in, and try to delete your winnings and reenter them by deleting your Form W2-G or 1099-MISC (however your winnings were reported to you) and reentering them. 

 

To report your gambling losses, you must itemize your income tax deductions on Schedule A

 

You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction (See 2022 Standard Deductions below) for your filing status. If you claim the standard deduction, you:

 

  • are still obligated to report and pay tax on all winnings you earn during the year
  • will not be able to deduct any of your losses


For single taxpayers and married individuals filing separately, the standard deduction is $12,950 in 2021. 

For married couples filing jointly is $25,900, and  

For heads of households, the standard deduction is $19,400

  

If you're at least 65 years old or blind, you can claim an additional 2022 standard deduction of $1,400 ($1,750 if using the single or head of household filing status).  

If you're both 65 and blind, the additional deduction amount is doubled

 

 

Click here for helpful information from TurboTax regarding reporting your gambling winnings and losses.

 

And for information from the IRS:  https://www.irs.gov/taxtopics/tc419

 

 

If this does not help please feel free to contact us again on TurboTax Community.

 


 

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I have gambling winnings and losses. When I enter the losses, it says: "Schedule Y: Sch Y, Gambling Losses should not be greater than $." <- There is no number here?

Thank you for the reply.

I should have said my issue is only related to my Massachusetts state income tax.

 

I understand the federal tax implications and how gambling losses are not deductible unless I itemize my deductions. 

This is where TurboTax tells me my losses can't exceed " $".

It does not say any amount. Just says it can't exceed "   "$.

The itemization probably still applies, but TurboTax doesn't seem to know how to tell me that.

Thanks again

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