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marcenew
New Member

Why is my gambling income I entered as 7438 and my gambling income I entered as 7438 showing as income on line 21 of 1040 tax return if the loss equaled the income?

The 1040 return should be 0 on line 21 since the gambling income was not more than the gambling loss I entered.  Why does it say the gambling win amount on that line and therefore is taxable?  I use Turbo Tax Premier.

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Accepted Solutions
DoninGA
Level 15

Why is my gambling income I entered as 7438 and my gambling income I entered as 7438 showing as income on line 21 of 1040 tax return if the loss equaled the income?

Gambling winnings are reported as Miscellaneous income on Form 1040 Line 21.  Gambling losses are entered on Form 1040 Schedule A as an itemized Miscellaneous deduction.  The total itemized deductions on Schedule A have to greater than the Standard Deduction for your filing status to have any tax benefit.

The losses are not a one-to-one reduction in winnings.

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1 Reply
DoninGA
Level 15

Why is my gambling income I entered as 7438 and my gambling income I entered as 7438 showing as income on line 21 of 1040 tax return if the loss equaled the income?

Gambling winnings are reported as Miscellaneous income on Form 1040 Line 21.  Gambling losses are entered on Form 1040 Schedule A as an itemized Miscellaneous deduction.  The total itemized deductions on Schedule A have to greater than the Standard Deduction for your filing status to have any tax benefit.

The losses are not a one-to-one reduction in winnings.

View solution in original post

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