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I was given a 1099-misc form for horse race winnings instead of a w2-g I want to make sure that I dont file it twice or wrong and when can I make the loss deduction ?

I was given a 1099-misc for horse race winnings instead of a w2-g I want to make sure that I file winnings correctly so that I don't file it as 1099 income. So then I can deduct the equivalent losings.

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I was given a 1099-misc form for horse race winnings instead of a w2-g I want to make sure that I dont file it twice or wrong and when can I make the loss deduction ?

To enter the 1099-MISC so that it does not prompt a Schedule C, take the following steps:

  • In your Federal return, choose the tab for Wages & Income
  • Tab through or scroll down to Other Common Income  (you may have to choose Add more income and then See more income to view this topic) and then Show More
  • Start/Revisit Form 1099-MISC
  • Edit the 1099-MISC if you already entered it, or Add it now and enter the information on the form, then Continue.
  • On the screen Describe the reason for this 1099-MISC enter your description.
  • On the screen Does one of these uncommon situations apply? choose None of these apply.
  • On the screen Did the [Description] involve work that's like [Name's] main job? answer No.
  • On the next screen, choose the year you received the money.  (In this case, 2018.)
  • On the screen Did the [Description] involve an intent to earn money? choose No and complete the interview.

This will place the 1099-MISC on Form 1040, Schedule 1, Line 21.

To learn more about gambling losses and your deduction for 2018, please see our TurboTax Blog article Can I claim gambling losses on my return?


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