Gambling winnings/losses issue

[tina878]

I have this exact same issue. I too was baffled because before I put in my my W2-G income/loses turbo tax told me to take the standard deduction. After I put in my offsetting wins/losses, my tax due went up over $1000. I suspect this is it. 😥

[JillS56]

Yes, most likely the reason is that you are unable to itemize and cannot take the losses resulting in higher taxes.  

[mary043]

I can file deductions.  What Turbo tax is doing is subtracting my losses from my winnings so I have 0 gambling winnings.  This is not correct.  I have gambling winnings and should be able to deduct them because I can itemize.  I checked the government info and gambling losses should be on your itemized deductions.  If I file, it will look like I am not claiming my winnings for which I have a gambling WG form or whatever it is.  The desktop turbo tax needs corrected so that winnings are on the income and losses are in the itemized deduction form.

[DMarkM1]

In TurboTax gambling winnings show on line 8 of your form 1040 as other income.  Gambling losses show on line 16 of Schedule A as an itemized deduction.  You enter the losses in the "Wages and Income" section, but they do show as itemized deductions.  

You can preview your form 1040 in online versions using the steps below.  You can use the forms mode in desktop versions. 

1. Select "Tax Tools" in the left hand menu
2. Select "Tools"
3. Select "View Tax Summary"
4. Select "Preview My 1040" in the left hand menu

[AnnParker]

In general, if your gambling losses equal or exceed your winnings, you may be able to deduct those losses on your tax return. However, there are limits and restrictions on how much you can deduct, and it may depend on your specific situation and the state you live in. It's always best to consult with a tax professional or use a reputable tax software program to ensure accuracy when filing your taxes.
Additionally, it's important to gamble responsibly and only with money that you can afford to lose. While it can be fun and exciting to try your luck at the casino or on sports betting sites like [link removed] it's important to approach gambling with caution and understanding that it is always a game of chance.