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bobh13
New Member

Why when i put gambling winnings and same for losses does it reduces my return?

I put in my gambling winnings and same for losses and it reduces my return?

1 Best answer

Accepted Solutions
Critter
Level 15

Why when i put gambling winnings and same for losses does it reduces my return?

The winnings are income  and the losses must be taken on the Sch A as itemized deductions BUT that will only be helpful if you can itemize deductions.  Until the Itemized deductions exceeds the standard deduction you will see no benefit on the return.

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2 Replies
BobinCT
Level 7

Why when i put gambling winnings and same for losses does it reduces my return?

Do you collect Social Security?
Critter
Level 15

Why when i put gambling winnings and same for losses does it reduces my return?

The winnings are income  and the losses must be taken on the Sch A as itemized deductions BUT that will only be helpful if you can itemize deductions.  Until the Itemized deductions exceeds the standard deduction you will see no benefit on the return.

View solution in original post

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