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norbert642
New Member

Reporting w2g gambling income

I started to post W-2 to amend. that was wrong, I need to remove and post W-2G.
1 Best answer

Accepted Solutions
DoninGA
Level 15

Reporting w2g gambling income

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

View solution in original post

3 Replies
DoninGA
Level 15

Reporting w2g gambling income

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

View solution in original post

mary043
New Member

Reporting w2g gambling income

I looked at my Federal Return and I now see what Turbo Tax is doing.  However the gambling losses were not carried forward to the Maryland return.
Fleetmaster
New Member

Reporting w2g gambling income

Where do you enter W2 Gambling winnings Home and business

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