Yes you will enter the amount of your winnings and the amount of losses up to the amount of winnings. However the gambling losses are deductible only on Schedule A if you can itemize your deductions. TurboTax will carry those losses to the appropriate section to combine with other deductions such as mortgage interest, property taxes, state and local taxes, contributions as example.
- IRS Topic 419 Gambling Income and Losses
- You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
Standard deductions for your convenience:
For single taxpayers and married individuals filing separately, the standard deduction is $14,600 in 2024.
For married couples filing jointly or a Qualified Surviving Spouse, the standard deduction is $29,200, and
For head of household, the standard deduction is $21,900
If you're at least 65 years old or blind, you can claim an additional deduction in 2024 of:
- $1,950 for single or Head of Household
- $1,550 for married or Qualified Surviving Spouse.
- If you're both 65 and blind, the additional deduction amount is doubled.
For more information, see What's my standard deduction for 2024?
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