W2G and gambling losses

[Mattyrb]

When I enter all my tax information I get a refund of $610. Once I enter my W2G of $13k and losses of $13k, I owe $2700. I thought you could write off losses to winnings? Am I now in a different tax bracket with my W2G?

[DoninGA]

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 8b as Other 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.

[xmasbaby0]

Winnings count as taxable income.   Losses are an itemized deduction---so if you do not have enough itemized deductions to exceed your standard deduction, the losses have no effect on your refund or tax due.

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

2022 STANDARD DEDUCTION AMOUNTS

SINGLE $12,950  (65 or older + $1750)

MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

Legally Blind + $1750