The casino gave me a form from winning $1k but do i have to add this to my taxes, if ive lost more than I have won over the time this year to actually win that back? and what amount of winnings surely has to be reported on taxes?
Yes, you are required to report all income including gambling winnings.
However, you can deduct your gambling losses to the extent of gambling winnings if you itemize deductions (medical expenses, mortgage interest, property taxes, charitable giving ,ect)
To enter your gambling winnings and losses
Type in gambling losses in the search box, top right of your screen, then click the magnifying glass
Click the jump to gambling losses link in the search results.
Follow the onscreen instructions to enter
The winnings form they gave me is a W2-G, it has boxes numbered with the numbers in the places like a a w2 sorta but where do I enter this in turbotax? Next question, what do you mean by "to the extent of gambling winnings if I itemize deductions? I know what choosing itemizing way is in turbotax but it says my best way is to file by just regular, not itemized but will turbotax detect and change this if it sees I have gambling winnings? If it does not make me switch to itemized route, then what are you saying where i could enter the numbers towards Medical expenses? Is this only if I have a Mortgage for a House?
-User
See directions above to enter your W-2G. You can only deduct as much gambling losses as gambling winnings, but no more. You need enough itemized deductions (which include gambling losses) to overcome your Standard Deduction to benefit from your gambling losses. If not, you will take your Standard Deduction.
So, just enter your W2-G per the directions above, and TurboTax will compute the rest to your maximum benefit.
1.) I need to know where I do this entry in TT, ?
2.) If i entered that i lost as much as I won so its a wash?
3.) Is there anything federal and state can take still from my refund?
4.) What is the best thing to show on mytaxes if i have to claim my children too? my refund tax credit can be lowered on refund i hear , typically i don't want to show I have more income, and i guess its considered not continuual income so i guess i dont care as much with that fact.
5.) If I claimed what my losses are to match the winning , why would people do that? What benefit does that have if any? An do the losses show on the ending tax filed packet, along with the winnings too? I know winnings show but does the Losses claimed also appear. It would look like i spent $1k to win $1k.
I just want to know what is the MOST COMMON but most intelligent way to file this gambling winnings if its just $1k? I wanted to walk away andnot have to report this so thats how you know what my position is but i know i WILL because its the law. 🙂
You can enter your W-2 G and gambling losses per the "To enter your gambling winnings and losses " directions above in my original answer. Once entered, TurboTax is programmed to give you the best result.
If you have any additional specific questions, please post a new question in Answer Xchange.