Here's where you enter Form W-2G (Certain Gambling Winnings) in TurboTax:
- Open or continue your return.
- Locate the W-2G section:
- TurboTax Online/Mobile: Go to W-2G.
- TurboTax Desktop: Search for W2G (don't include any hyphens) and select the Jump to link.
- Answer Yes on the Did you win money or other prizes in 2024? screen and follow the instructions to enter your W-2G.
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.
Gambling losses do not reduce your gambling winnings dollar for dollar. Gambling winnings are added to your taxable income while gambling losses (limited to the amount of your gambling winnings) can only be claimed as an itemized deduction on Schedule A.
If the total of your itemized deductions including the gambling losses do not exceed your standard deduction (or will only increase your itemized deductions by an amount less than the losses themselves), then you do not have the full benefit of the losses on your tax.
For tax year 2024, standard deductions are:
- $29,200 for married couples whose filing status is “married filing jointly” and surviving spouses;
- $14,600 for singles and married couples whose filing status is “married filing separately”; and
- $21,900 for taxpayers whose filing status is “head of household.”
The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:
- $1,550 for married individuals; and
- $1,950 for singles and heads of household.
For more information, please read this TurboTax article.
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