Gambling losses equal to the amount of gambling income can be claimed as an itemized deduction on Schedule A. You will benefit by claiming the losses if your total itemized deductions are higher than your standard deduction. TurboTax will ask if you had any gambling losses once you have entered your gambling income. However, you can also follow the directions below to enter your gambling losses.
- Log in and click take me to my return (unless already in).
- Click Tax Tools from the left-screen menu.
- Select Tools from the drop-down menu.
- Click Topic Search, type Gambling Losses and click Go.
- On the next screen, you will be prompted to enter your gambling income if you have not done so yet.
Alternatively, you can follow the directions below to enter your gambling losses.
- Log in and click take me to my return (unless already in).
- Click the Search box on the top right side of the screen and type Gambling Losses.
- Click the jump to gambling losses hyperlink in the search results.