Visitor I

Gambling Losses

I'm using Turbo Tax Premier - where do I state my gambling losses?  I only see gambling winnings.

2 Comments
AJ
Member III

Gambling Losses

You can deduct gambling losses on Schedule A as a Miscellaneous deduction that is not subject to the 2% limitation.  (Schedule A Line 28.)  You cannot deduct more losses than you won.  Here's the bad news.  If your Total Itemized Deductions, on Schedule A Line 29, does not exceed your standard deduction, then the losses will be of no tax benefit.

AJ
Member III

Gambling Losses

In previous response, I forgot to tell you that if your winnings are on W-2G, then TurboTax will automatically prompt you to enter your losses after you  enter the data for W-2G. TurboTax will put the loss onto Schedule A.  As before, if your total deductions are less than your standard deduction, then you will not see any benefit for the loss.