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krantwashl
New Member

Schedule a line 28 gambling losses are negative? I have 1099 cash winning. I have a 1099

I have a 1099 for a prize drawing (cash) at a casino. I enter under 1099 misc.
3 Replies
DoninGA
Level 15

Schedule a line 28 gambling losses are negative? I have 1099 cash winning. I have a 1099

No, you do not enter gambling winnings on a Form 1099-MISC in the section for a 1099-MISC.  The amount of the winnings is entered in the gambling winnings section of the program.  You do not need a Form W-2G to report gambling winnings.

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

krantwashl
New Member

Schedule a line 28 gambling losses are negative? I have 1099 cash winning. I have a 1099

I do have my 1099 enter on line 21 of my 1040. then when I enter total losses  on line 28 Schedule A . It comes on my form with a neg number. the total of my W-2G are $187,000. It says I can take $204,000 . I assume that is because the $17,000 that I enter on 1040 line 21. so line 28 Schedule A is -$17,000. Am I doing this right?
DoninGA
Level 15

Schedule a line 28 gambling losses are negative? I have 1099 cash winning. I have a 1099

The total amount shown on Schedule A Line 28 for gambling losses cannot be more than the amount shown on Form 1040 Line 21 for gambling winnings.  And the gambling losses should Not be a negative number on the Schedule A.

Do not enter any of these numbers using Forms mode.  Use the step-by-step interview mode in the Gambling Winnings section of the software.
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