You'll need to sign in or create an account to connect with an expert.
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
2019 Standard Deduction Amounts
Single $12,200 (+ $1650 65 or older)
Married Filing Separate $12,200 (+ $1300 if 65 or older)
Married Filing Jointly $24,400 (+ $1300 for each spouse 65 or older)
Head of Household $18,350 (+ $1650 for 65 or older)
Here's where you enter Form W-2G (Certain Gambling Winnings) in TurboTax:
After you've finished entering all of your gambling winnings, we'll ask about any losses you may have had. Losses can be deducted up to the amount you reported winning, but only if you itemize.
----------------------------------------------------
If you itemize instead of taking the Standard Deduction, you can deduct gambling losses up to the amount of your winnings.
You won't be able to deduct gambling losses if you lost more money than you won (excess losses) or if you're taking the Standard Deduction. For example, if you have $5,000 in winnings but $7,000 in losses, your deduction is limited to $5,000.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
heikeisammy
New Member
rjmaggio
New Member
hayleyreagin
New Member
risman
Level 2
user17552101674
New Member