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See this discussion about this issue with SuperUser TaxGuyBill. He outlines a way to report the income from your W-2G so that the IRS will see that it's reported, but then is subtracted from the return, so that you can "re-report" the income as Business income.
See this discussion about this issue with SuperUser TaxGuyBill. He outlines a way to report the income from your W-2G so that the IRS will see that it's reported, but then is subtracted from the return, so that you can "re-report" the income as Business income.
Is there a working link to this discussion?
I can't seem to get to the link in this discussion about Schedule C w-2G. Can you help?
Yes, you can declare your W2G income as business income with TurboTax if you are a professional gambler. Go to federal>wages and income> self-employment if using TurboTax Online.
After you are working in the self-employment section and enter the profile for your gambling business, then the program will ask you about your income. Here you will indicate this is "other self-employed income". You will enter the income in the self-employment section rather than in the W-2G section.
The next screen will ask what type of income it is. Here you will indicate this is W2G Gambler income and the amount. It is critical to note the income came from a W2G because if it isn't mentioned, the IRS may question you later on asking why you didn't report your W2G as other income in your return.
To receive credit for withholding on Form W-2G that you are reporting as self-employment income:
Please see this thread for another discussion of this issue.
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