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.

Refund amount decreased ALOT after entering gambling winnings and losses

I am confused. I had completed all of my tax return with exception of things I couldn't get deductions for by not itemizing. Therefore, I was using standard deduction.  Turbotax showed my federal and state refund.  However, once I entered my gambling winnings reported on W2-G, then my loses (reported as same amount as winnings although I honestly lost more), My refund dropped, and I owed taxes. The system had me change to itemized deduction, which was now more than double of the standard deduction. The casino did not take out federal or state taxes.  Therefore, I understand why they would have dropped if I would not have added any losses.  However, what I do not understand is that I used money from a paycheck, that income tax had been taken out of.  I used that money to gamble and out of that money, I got some back.  I now have to pay taxes on that money again? I already paid taxes on it once.  It is almost the same as going to a store and buying something and then getting a partial refund. I don't get hit over the head on the refund amount for income taxes.  These tax laws are out of control.  goodbye $6,000 refund and hello $100 refund. 

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 Reply

Refund amount decreased ALOT after entering gambling winnings and losses

Gambling

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

 

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

 

Gambling winnings are taxable income.  Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

 

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies