Solved: Will i get a w2 from a casino for winnings
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
tloke
New Member

Will i get a w2 from a casino for winnings

if you win money at a casino, do you count it  as income on your taxes
1 Best answer

Accepted Solutions
DoninGA
Level 15

Will i get a w2 from a casino for winnings

Gambling winnings are reported as income on a tax return, with or without receiving a Form W-2G.

 

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button

Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g

View solution in original post

1 Reply
DoninGA
Level 15

Will i get a w2 from a casino for winnings

Gambling winnings are reported as income on a tax return, with or without receiving a Form W-2G.

 

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button

Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings