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Your gambling winnings does not get reduced by your losses on your tax return. It is still be taxable to you, however, you can deduct your gambling loss up to your gambling winnings. Therefore, if you have more than $1000 losses, you can only deduct $1000 on Schedule A if you are itemizing.
To enter gambling winnings and losses information in TurboTax Premier online program, go to:
If you have a Form W-2G, go to:
If you DO NOT have a Form W-2G, go to:
Your gambling winnings does not get reduced by your losses on your tax return. It is still be taxable to you, however, you can deduct your gambling loss up to your gambling winnings. Therefore, if you have more than $1000 losses, you can only deduct $1000 on Schedule A if you are itemizing.
To enter gambling winnings and losses information in TurboTax Premier online program, go to:
If you have a Form W-2G, go to:
If you DO NOT have a Form W-2G, go to:
Your gambling winnings does not get reduced by your losses on your tax return. It is still be taxable to you, however, you can deduct your gambling loss up to your gambling winnings. Therefore, if you have more than $1000 losses, you can only deduct $1000 on Schedule A if you are itemizing.
To enter gambling winnings and losses information in TurboTax Premier online program, go to:
If you have a Form W-2G, go to:
If you DO NOT have a Form W-2G, go to:
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