Solved: I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion?
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I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion?

 
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I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion?

Gambling winnings are a tough subject when it comes to the tax they generate. You need to report the income and it will be reported on line 21 of the 1040. The IRS allows you to deduct your losses, but only to the extent of the winnings, and it is reported on Schedule A. If you don't have enough to itemize, the losses will not be considered. 

You might be able to deduct the losses on your federal return, but you cannot eliminate the state tax liable on the winnings. 

To enter the loss, type   gambling losses   into the search box

Click "Jump to gambling losses" 

View solution in original post

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New Member

I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion?

how do I itemize my losses from gambling
Highlighted
New Member

I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion?

Gambling losses
Highlighted
Level 4

I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion?

Gambling winnings are a tough subject when it comes to the tax they generate. You need to report the income and it will be reported on line 21 of the 1040. The IRS allows you to deduct your losses, but only to the extent of the winnings, and it is reported on Schedule A. If you don't have enough to itemize, the losses will not be considered. 

You might be able to deduct the losses on your federal return, but you cannot eliminate the state tax liable on the winnings. 

To enter the loss, type   gambling losses   into the search box

Click "Jump to gambling losses" 

View solution in original post

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