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.

1115

Level 2

Jun 1, 2019 11:58:50 AM

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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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 ?