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posted Jun 4, 2019 6:28:15 PM

What tax form to use when I have gambling winnings (FormW-2G) completely offset by losses?

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1 Best answer
Level 15
Jun 4, 2019 6:28:17 PM

You need at least Deluxe in order to enter your 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.

Gambling losses are an itemized deduction; you can only get a deduction if the combination of all of your other itemized deductions exceeds your standard deduction.  Losses do not offset winnings dollar for dollar.

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

1 Replies
Level 15
Jun 4, 2019 6:28:17 PM

You need at least Deluxe in order to enter your 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.

Gambling losses are an itemized deduction; you can only get a deduction if the combination of all of your other itemized deductions exceeds your standard deduction.  Losses do not offset winnings dollar for dollar.

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