Congratulations on your win!
You will probably need to file a 1040 return, but TurboTax will determine the type of tax return form you need (1040, 1040A, or 1040 EZ) Just enter the information reported on your W-2G. To enter your gambling or prize winnings in TurboTax, please follow these steps:
- Click on Federal Taxes >
Wages & Income [If you're in TT Self-Employed:
Personal > Personal Income ]
- In the Less Common Income
section, click on the Start/Update box next to gambling
winnings. (See Screenshot #1, below.)
- On the Gambling Winnings screen,
click the Yes box.
- On the screen, Tell Us About
Your Winnings, click the box for the person who had the
gambling winnings (you or your spouse, if filing jointly). Click
the Skip W2-G box if Form W-2G is not issued. (Screenshot
#2)
- If you click either you or your
spouse's name, the next screen will be the W-2G entry form
- if you clicked the Skip W-2G box,
on the next screen, Any Other Gambling Winnings, click the Yes box.
(Screenshot #3)
- You will be able to enter your
winnings in the Other Gambling Winnings screen. (Screenshot
#4)
- After entering your winnings, you
will be asked to enter your losses (if any) on the next screen, Gambling
Losses. [Gambling losses can be deducted as an itemized
deduction up to the total of reported gambling and prize
winnings. (Screenshot #5)