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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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.
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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