Only income 920/mo, gambl win 30k, losses 40k do I need to file?

[DoninGA · Accepted solution]

Yes you need to file your tax return to report your income and the gambling winnings and losses.  Using the TurboTax online editions you will need to use the Deluxe edition or higher to report this income and deduction.

Gambling losses can only be deducted up to the amount of the gambling winnings.  Gambling winnings are reported on Form 1040 Line 21 as Miscellaneous Income.  Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction.  Gambling losses are not a one-for-one reduction in winnings.  Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

To enter, edit or delete Gambling Winnings and Losses -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Less Common Income
• On Gambling Winnings, click the start or update button

Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen.  Click on Jump to gambling winnings on w-2g