Sweepstakes

[demetriamoro]

How to claim sweepstakes wins without a 1099 form

[AR_CPA2]

Hello demetriamoro,

You may report your Sweepstakes winnings as Other Income. 

Federal > Wages and Income > Other Income. 

Enter Description and Amount.

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

Have an amazing day.

AR (CPA 10+ years)

[demetriamoro]

Thank you for your reply! Am I able to report my losses? For example if I spent $3000 buying in to the sweepstakes and cashed out $3000 would it be a wash?  

[AR_CPA2]

You can claim an itemized deduction for the amount  of your wager only to the extent of your gains.

[demetriamoro]

Would the itemized deduction need to show each wager placed or would a total spent for the year be sufficient?

[AR_CPA2]

Would the itemized deduction need to show each wager placed or would a total spent for the year be sufficient?

Answer:  You would enter the total, but keep record of your receipts in case of an Audit.