turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where, if possible, can I enter a deduction for lottery ticket purchases?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Where, if possible, can I enter a deduction for lottery ticket purchases?

You can only enter gambling winnings and gambling losses up to the amount of your winnings.

 

Gambling losses can only be deducted up to the amount of the gambling winnings.
Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. 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 Prizes, Awards, and Gambling Winnings, click the start or update button

 

Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g

View solution in original post

4 Replies

Where, if possible, can I enter a deduction for lottery ticket purchases?

You can only enter gambling winnings and gambling losses up to the amount of your winnings.

 

Gambling losses can only be deducted up to the amount of the gambling winnings.
Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. 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 Prizes, Awards, and Gambling Winnings, click the start or update button

 

Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g

Where, if possible, can I enter a deduction for lottery ticket purchases?

You can only deduct gambling losses only to the extent that they are not more than your gambling winnings (if any). and your itemized deductions exceed the amount of your standard deduction.

Where, if possible, can I enter a deduction for lottery ticket purchases?

thank you so much.  that was exactly what i needed.

Where, if possible, can I enter a deduction for lottery ticket purchases?

thank you very much.  this was very helpful.  

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies