You might regularly take deductions for charitable contributions, but you may also be able to deduct your. Go to the Federal Income category. New York State Lottery winnings if the total proceeds of the prize are more than $5,000. I withdrew this amount, as i am not really much of a sports better and wanted the money. com By the end of January, you may receive tax Form W-2G Certain Gambling Winnings from the casino or other payer that provided your winnings. – The Winnings are above a. ) March 22, 2020 10:35 AM. The winnings (reduced by the wager) are $1,500 or more from a keno game; 3. Upland, CA 91786. @sj2445 It depends on what state you live in, what state the gambling winnings are from, how much you won, and possibly what type of gambling it was. You must report all gambling winnings as "Other Income" on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040) PDF), including winnings that aren't reported on a Form W-2G. From here Turbo Tax will guide you through the process of entering your gambling winnings without a W-2G. To enter your gambling winnings and losses in TurboTax Online or Desktop, please follow these steps:Verified. Gambling losses are indirectly deductible on your income tax return in the state of Wisconsin. line 21, Form 1040. For a more in-depth article about gambling loss deductions, go here . Anyone that withholds tax and sends that tax to the government is required by law to report it with your SSN and provide you with the documentation. Gambling income is almost always taxable, which is reported on your tax return as Other Income on Schedule 1 - eFileIT. (If you're working online, you'll need to upgrade to TurboTax Deluxe or higher to report gambling winnings and losses. You reported gambling losses of $10. 3. According to TurboTax, documents you can use to prove your gambling losses include: IRS Form W-2G. Search for Other Income with the magnifying glass tool on the top of the page. 1099-K is for financial Activity, not Income. The tool is designed for taxpayers who were U. 2. This includes cash and the fair market value of any items you win. Amended tax return. You can't deduct gambling losses that are more than your winnings. Why are NC state taxes not being removed?Rated 1 out of 5 by FTGFTI from Turbo tax is awful My tax return keeps getting rejected fix it please. The tax code requires institutions that offer gambling to issue Forms W-2G if you win: $600 or more on a horse race (if the win pays at least 300 times the wager amount); $1,200 or more at bingo or on a slot machine; $1,500 or more at keno;. This write-off comes with restrictions. The tool is designed for taxpayers who were U. TurboTax will transfer gambling winnings and losses from federal to your New Jersey return. Gambling losses are not a one-for-one reduction in winnings. Click on Jump to w2g. Unfortunately, once you transmit your return you cannot change it or get it back. June 7, 2019 5:01 PM. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule a (PDF). The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. 2. Click "Delete selected form" and press "continue" 7. If you reported your $5,661 of income as 'hobby income', you would. Under the Less Common Income heading, click the Gambling Winnings start button. Scroll down to 1099-MISC and Other Common Income. Tax forms included with TurboTax. Gambling winnings/losses issue. Tickets. To enter your gambling or prize winnings in TurboTax (even if you didn't receive a W-2G), please follow these steps: Click on Federal Taxes > Wages & Income [If you're in TT Home & Biz: Personal > Personal Income] ; In the Less Common Income section , click on the Start/Update box next to gambling winnings. Most online casinos and other gambling sites are now offering a mobile version of their sites to their players, and many are also coming up with innovative and. Click the "Skip W-2G" button. Explore videos. June 6, 2019 12:59 AM. Guide to head of household. Your and your spouse's filing status. 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. citizen or resident alien for the entire tax year. )To add gambling winnings please follow the instructions below: Open (or continue) your return in TurboTax. The gambling institution is required to withhold 24% of your winnings as federal withholding tax, down from the previous 25% under the tax reform law. I will claim all 60k and deduct the 51. S. New Member. Please read the following excerpt from the WV legislature that state that gains from gambling and lotteries are to be included as taxable income. I entered my w-2 g in the federal part of turbo tax and it came up on sch 1 as income $2340. Please use these exact two words even if you did not lose any money gambling. Short videos for a long list of topics. To enter your gambling winnings and losses in TurboTax, please follow these steps: Click on Federal Taxes > Wages & Income ; In the Less Common Income section , click on the Start/Update box next to gambling winnings. You can itemize losses on your Schedule A, if you have receipts or other documentation to prove your losses. Expert Alumni. To enter your gambling winnings and losses in TurboTax, please follow these steps: Click on Federal Taxes > Wages & Income [If you're in TT Self-Employed: Personal > Personal Income ] In the Less Common Income section , click on the Start/Update box next to gambling winnings. [Screenshot #1] On the Gambling Winnings screen, click the Yes. In TurboTax gambling winnings show on line 8 of your form 1040 as other income. Gambling losses show on line 16 of Schedule A as an itemized deduction. And for sports betting and fantasy leagues, if you make $600 or more, then the payer is going to report it to the IRS. Gambling losses can only be deducted up to the amount of the gambling winnings. 5. An expert does your return, start to finish. On the Gambling Winnings screen, click the Yes box. Winning money from a competition is either going to show up as a prize or gambling on the "Other Income Line on Form 1040. Gambling losses can be deducted up to the amount of gambling winnings. Gambling losses, including losing lottery tickets, are deductible but (1) only up to the amount of your winnings and (2) only if you itemize deductions. In the Less Common Income section , click on the Start/Update box next to gambling winnings. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. However, if you do itemize, you can deduct the $1,300 as a gambling loss which will offset $1,300 of your gambling winnings. Let them know your profit or loss due to gambling. This is because Nevada (NV) does not have a state income tax, you can leave this box blank if you are a resident of NV, or select your resident state. White Finish. I will owe the federal tax rate on 8. 5. You can't deduct more than the amount of gambling winnings you report as taxable income. Win at fantasy football or any other sports pool and your winnings will be considered income by the IRS. Repayments under claim of right. I am a resident of Wisconsin, a nonresident of Minnesota. 23% then Illinois turns around and charges 4. As you know, Connecticut does not tax gambling winnings received in the state of Connecticut by a non-resident. The hyphen that TurboTax automatically inputs should not matter, but if it is not exactly nine digits, there may be a typo on your W-2G from the casino. For example, if you had $10,000 in gambling winnings in 202 2 and $5,000 in. 1. About form 1099-NEC. $2040 in federal (8. It works out something like this if you take the lump sum for the $930 million jackpot: $930 million. You have clicked a link to a site outside of the TurboTax Community. To deduct gambling losses, you must itemize your deductions: Claim your gambling losses as a miscellaneous deduction not subject to the. 02-01-2021 02:39 PM. But - if you have not received the form- select Skip; the program will ask about winnings not reported on Form W-2G- then it will ask you to enter. In the next screen and Secondary tab select and click on Wages and Income. Full Amount of Gambling Winnings Included in Massachusetts Gross Income; For purposes of the personal income tax, Massachusetts gross income is federal gross income as defined under the IRC of January 1, 2005, with certain modifications not relevant here. To get such a bonus, you just need to go to the appropriate section of the website. Gambling losses are not a one-for-one reduction in winnings. IRS Topic 419 Gambling Income and Losses; Enter the gambling winnings using the steps below. Scroll down to Less Common Income. There is no reconciliation of 1099-K amounts to income. Entering a date won't, by itself, create any taxable income. The amount of gambling losses you can deduct can never exceed the winnings you report as income. Any excess gambling losses over gambling winnings cannot be carried forward or carried back to offset gambling winnings from other tax years. The TurboTax Blog; Gambling Tax Tips; Gambling Tax Tips From March Madness winnings, to sports gambling losses, learn how gambling affects your taxes with TurboTax gambling tax tips. If. TurboTax prompts you to enter your gambling losses after you enter your gambling winnings. In the search box, search for W-2G or W2G (lower-case also works) and then click the "Jump to" link in the search results. You cannot report your actual net winnings (winnings less buy in). 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. Step 3: Find your take-home winnings. Scroll down to Less Common Income, expand the section and select Gambling. The 1040 Form is. You can enter your winnings, and then keep clicking through the interview to enter gambling losses. You just pay tax on the winnings. While in your return, click My Account (in the blue bar at the top of the screen). If you itemize your deductions on Schedule A, you will be able to deduct your gambling losses, up to the amount of your gambling. See this article about gambling loss deductions for more information. TurboTax will call it gambling winnings on your 1040 even though you list it as prize winnings. As you enter of your Form W-2G s for your gambling winnings, the state section is coded to box 13. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine; 2. If your winnings came from an organization, such as a casino, they may issue IRS Form W-G, Certain Gambling Winnings. Login. Click no, there was no W-2G. Both of these forms are informational and only are required to be issued when the activity meets a reporting threshold. New Jersey resident received w-2 G for winnings in the state of New York. If you had to repay more. The winnings (except winnings from bingo, slot machines,Yes, TurboTax allows for a subtraction on your Michigan tax return for gambling losses taken up to the amount of gambling winnings. Taxable Gambling Income. Date published: 2023-07-18. 15 Aug. There is no provision that I know of that excludes gambling winnings in the state of West Virginia. On the Personal info summary screen, scroll down to Other State Income, and select Edit. Any other gambling winnings subject to federal income tax withholding. Amount of your gambling winnings and losses. You are allowed an OK credit equal to 5% of the earned income credit allowed on your Federal return. 95 (+$36. On the Gambling Winnings screen, click. Account management. Select "Tools" 5. On FanDuel I won $13,051. If you win at least 300 times and/or the. To enter your gambling or prize winnings in TurboTax (even if you didn't receive a W-2G), please follow these steps: Click on Federal Taxes > Wages & Income [If you're in TT Home & Biz: Personal > Personal Income ] In the Less Common Income section , click on the Start/Update box next to gambling winnings. Click Gambling winnings. To edit gambling winnings using TurboTax: 1. Please see the following TurboTax FAQ for more information:Yes, since gambling winnings from California is California-sourced income, this should be reported on a California 540 NR non-resident tax return. Follow the program prompts TurboTax will walk you through entering your lottery winnings. Doing anything else is tax evasion and is illegal. . You can include the amount when you pay either through TurboTax, by check, or through the IRS website - - or wait for the bill. Form W-2G: - We will issue a W-2G form each time a player has a payout of $600 or more (no reduction for the wagered amount) and a return which is 300X the amount wagered. That is completely blank, no xx, no zeroes. This amount will be treated the same as gambling winnings. 5k x 24%) and $1800 on state (60k x. Select Gambling Winnings - please follow the prompts. Gambling Losses up to the Amount of Gambling Winnings You must report the full amount of your gambling winnings for the year on Schedule 1 (Form 1040), line 21. Whether you’re a newbie to sports betting or a regular at the track, our odds convertor and calculation tool makes it easy to understand any betting system and accurately calculate your potential profits no matter where you bet. ALL of your gambling income has to be reported on your tax return. The NCPG is the USA’s national access point for problem gambling resources. It is possible that the organization did not know the law or was a scam to collect and pocket withholding. 6. To remove the MS return select the State Taxes tab and then Delete next to the MS return. Am I allowed to deduct my gambling losses from Las Vegas to offset the income on my OK non-resident state return? I offset my winnings on my federal tax return with gambling losses but the losses don't seem to carry over when the Oklahoma non-resident tax return is set up by TurboTax. Click the "Skip W-2G" button. Yes, but it depends on the type of "gambling" winnings you received. 6. IL sent back a correction removing the credit. 1 Best answer. You have clicked a link to a site outside of the TurboTax Community. The IRS very specifically states that "Gambling winnings are fully taxable and you must report the income on your tax return. On the next screen, click 'This was prize winnings'. Once again, keep in. Alternatively, you can contact the IRS at 1-800-829-1040 and ask them to send you a copy. Enter any winnings. But the IRS wants to see that W-2G, so. If you had to repay. Yes, You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. For this reason, prepare the Delaware return first in order to have this credit correctly calculated in TurboTax. Under $1,000 isn't reported unless. I had a series of W-2Gs for gambling winnings that I input one at a time into Turbotax. turbotax. On Gambling Winnings, click the start or update button. File this form to report gambling winnings and any federal income tax withheld on those winnings. Your gambling loss deduction cannot be more than the amount of gambling winnings. If there are expenses, click on the line for Gambling Winnings. If you haven't submitted payment, deducted the TurboTax fee from your refund, or registered your product, you can still restart your return. I got a 1099-misc from MA for that amount, no taxes withheld. Select the Jump to Other Income link in the search results. If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings. Turbo Tax Gambling Winnings : Friday, 5 January 2021. If you receive a Form W2-G (in Illinois anything over $1,200 gets one. 6. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. However, if Connecticut withheld any state taxes on your gambling winnings (as seen on your W-2G), then if you want that withheld returned to you, you will need to file a Connecticut tax return to get that. 4. Specific Instructions for Form W-2G File Form W-2G, Certain Gambling Winnings, to report gambling Reporting Gambling Winnings. In TurboTax gambling winnings show on line 8 of your form 1040 as other income. If there is a dollar amount in box 14 or 15, then in order to e-file, you will need a state id number in box 13. No, those forms are not the same. 3. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Click on Jump to gambling winnings on w-2g. If there is a dollar amount in box 14 or 15, then in order to e-file, you will need a state id number in box 13. 00 as a federal decuction. With your return open, select My Info in the menu. Enter the same Federal ID number and select the State you won the money in. The requirements for reporting and withholding depend on: the type of gambling, the amount of the gambling winnings, and. By law, gambling winners must report all of their winnings on their federal income tax returns. Additionally, you should still be able to efile your return with this income information (you will not have to file your 1042-S with your return). 95% and allows ZERO deduction for tax paid to Indiana. If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings. You can enter your winnings, and then keep clicking through the interview to enter gambling losses. When you have gambling winnings. If accepted, you would need to amend your return to correct or add information to your return. You must report your gambling winnings even if Wisconsin income taxes are not withheld. The 1099-k will reflect what has been paid to you. You do need to file a Delaware return reporting the gambling winnings. Once you finish the questions for this area you will then be able to enter your gambling losses. This Continued Back and forth until they made a final determination stating that prior to 2019, IL did NOT allow a deduction for tax paid to another state for gambling income. Answer Yes on the Gambling Winnings screen and follow the onscreen instructions to enter your W-2G form. Unfortunately, in Wisconsin, all gambling income is subject to WI state income tax, however the threshold for filing a WI state income tax return is $2000 or more gross income, including gambling winnings. Critter. Gambling losses get entered into TurboTax after you first enter your gambling winnings, following these steps: In your return, select Federal Taxes. generally the ratio of the winnings to the wager. The total amount of the gambling winnings are required to be reported as taxable income. That means you might have to pay taxes on those winnings. you cannot offset any of your winnings. If married, the spouse must also have been a U. 2021 STANDARD DEDUCTION AMOUNTS. Log into your TurboTax Online Account and enter your Tax return through Tax Timeline. Select the Jump to Other Income link in the search results. The amount on Line 37 is due by 04/15/21, but the penalty is not due until the date on the bill. Search for Other Income with the magnifying glass tool on the top of the page. unless you are engaged in the business of gambling and you carry on that business in New York State; compensation you received for active service in the United States military; income you earned in New York State as a military spouse. To. You must report all gambling winnings as "Other Income" on Form 1040, Schedule 1. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Click Gambling winnings. I won $4,550 on this wager, putting my balance at $9,550 in total. gov, click "Sign In To Your Account" on the home page and then create an account. In fact, every dollar you win gambling is taxable. Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too. - We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000. At tax time, you’ll receive Form W-2G for all reported winnings showing the amount you won and the taxes withheld. Estimated take-home winnings = Gross payout – tax withheld; Estimated take-home winnings = $600,000 – $173,700; Estimated take-home winnings = $426,300; AnnuityGambling winnings are reported as income. 1 Best answer. Vegas World Casino has TONS of games. Click on Jump to gambling winnings on w-2g. Casinos and other gaming organizations will send you a W-2G when you win $1,200 or more on a slot machine or from bingo, keno jackpots of $1,500 or more, more than $5,000 in a poker tournament and all other games you win $600 or more at, but only if the payout is at least 300 times your. You cannot report withholding without documentation. You can do this by subtracting the estimated tax withheld from the gross payout, as shown below. You enter the losses in the "Wages and Income" section, but they do show as itemized deductions. Gambling losses show on line 16 of Schedule A as an itemized deduction. To enter your gambling or prize winnings in TurboTax (even if you didn't receive a W-2G), please follow these steps: Click on Federal Taxes > Wages & Income [If you're in TT Self-Employed: Personal > Personal Income] In the Less Common Income section , click on the Start/Update box next to gambling winnings. The winnings (reduced by the wager or buy-in) are more than $5,000 from a. 1. If you aren't able to get a copy from them, you can log on to the IRS website at irs. On Gambling Winnings, click the start or update button. My gambling losses equaled my gambling winnings. 4. To report your gambling winnings on your tax return, complete the following steps in TurboTax: Open your return. TurboTax security and fraud protection. You may deduct gambling losses only if you itemize your deductions on Form 1040, Schedule A. Turbo Tax Gambling Winnings And Losses Premium, Poker Dortmund Hohensyburg, Lenny Kim Casino De Paris, 10 No Deposit Casino Bonus 120. Gambling facilities are required to document your winnings with a Form W-2G under certain circumstances: $1,200 or more in winnings from bingo or slot machines. ”. Nothing has changed except the threshold for 1099-K reporting. 1 Best answer. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine; 2. No, you cannot deduct your gambling losses from North Carolina (the deduction was eliminated in 2014). First, all income from gambling is taxable and must be declared. By clicking "Continue", you will leave. 40). Additionally, you should still be able to efile your return with this income information (you will not have to file your 1042-S with your return). Hello, I did not report my gambling winnings for 2021 because I was told I did not have to if I had a net loss. ago. DianeW. . Any other gambling winnings subject to federal income tax withholding. For more information, see the instructions for box 1 under Bingo, Keno, and Slot Machines. And then depending on what other type of gambling you're doing, like, if it's slot machines, the threshold is at $1,200 or more. In prior years if you had received a 1099-Misc, Turbotax would ask what the nature of the 1099-Misc was. ; On the Gambling. You don't want to waste time trying to remember how it all works when deciding whether to ride out a cooler streak at lower stakes or hit the machine hard. To enter the W-2G or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings. 5. No-Television5148 • 5 mo. The W-2G will also show any federal and state income tax withheld from your winnings. In the Less Common Income section , click on the Start/Update box next to gambling winnings. If you are taken straight to the MS questions without seeing the option to delete the state select the State Taxes tab. January 26, 2021 8:55 AM. You reported gambling losses of $10. To add gambling winnings please follow the instructions below: Open (or continue) your return in TurboTax. Gambling losses can be deducted, but they can’t exceed the winnings you report as income. Gambling income includes, but is not limited to, lottery, raffle winnings, horse races, and casinos. The guy who did my tax return said that I would be taxed on the $9,550 gross amount. You cannot net the winnings and losses for tax years 2020 and prior. View solution in original post. A. If I take away one W-2G at a time, my Federal and state taxes decrease. Currently, under Federal law, these types of winnings in addition to fantasy sports are considered games of skill rather than gambling. At the Did you make money in any other states? question, answer Yes and make sure your nonresident state (s) are selected from the drop-down. Gambling losses can be deducted up to the amount of gambling winnings. If you hav. Yes, you can report this gambling income in TurboTax as though you received a W2G. [See Screenshot #1, below. Continue with the interview questions. My home state is Colorado. - We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000 and the. If you do not have enough itemized deductions to use them on your tax return, then your gambling losses have no effect at all. Click the "Skip W-2G" button. Repayments under claim of right. For example, for a $2000 W-2G Indiana takes out 3. sign and file your taxes, so you can. In the search box, search for W-2G or W2G (lower-case also works) and then click the "Jump to" link in the search results. In fact, every dollar you win gambling is taxable. Select Gambling Winnings - please follow the prompts. The next screen asks if you won money from gambling or lotteries, click the "Yes" button. About Form W-2 G, Certain Gambling Winnings. citizens or resident aliens for the entire tax year for which they're inquiring. 1099-K for Gambling. Community: Discussions: Taxes: State tax filing: I live in SC and received gambling winnings from NC. 1 Solution. the whole point of playing for real money at online casinos is the thrill of betting and the chance of winning some cash. For more information, see the instructions for box 1 under Bingo, Keno, and Slot Machines. Charcoal 100% Polyester Upholstery. You can do this by subtracting the estimated tax withheld from the prize amount. Click the "Skip W-2G" button. $600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager; or 5. As you enter of your Form W-2G s for your gambling winnings, the state section is coded to box 13. Search for w2g in the search box (upper-right corner). Level 15. Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. If you were ever questioned, you can easily explain your method and justify the numbers that you entered. To enter the W-2G For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings. You can't reduce your. 4. If you have gambling losses, you can deduct those up to the extent of your gambling winnings. Do I still have to file their state tax form?. If you claim the standard deduction, you are still obligated to report and pay tax on all winnings during. For all the W-2G's from the same casino, enter the information from each of the W-2G's into a spreadsheet (or otherwise total them) and enter the totals into TurboTax as though you received a single W-2G. To enter your gambling winnings and losses in TurboTax Online(for TurboTax Online sign-in, click Here) or Desktop, please follow these steps: Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home. [See Screenshot #1,. Gambling winnings. 5k, how much of that is truly just withdrawing your same investment vs receiving gambling winnings. Gambling Losses. Turbo Tax Gambling Winnings And Losses - Lucky Creek casino pleases with an abundance of slots, bonuses, free spins, I am very comfortable gambling with them, I hope I am lucky to win;). View solution in original post. Gambling income includes when isn't limited at einnahmen from lotteries, draws, pony races, and casinos. Yes, you can enter the gambling winnings and losses (up to the amount of winnings) on your federal return. To edit gambling winnings using TurboTax:. $2040 in federal (8. But even if you don’t receive a form reporting your winnings, you are still. 1 Best answer. Select Federal Taxes, Wages & Income, I'll Choose What to Work On; Scroll to Less Common Income, and select Miscellaneous Income, 1099-A,. There are no extra taxable actions on the 1099-K. Unfortunately, in Wisconsin, all gambling income is subject to WI state income tax, however the threshold for filing a WI state income tax return is $2000 or more gross income, including gambling winnings. It will be taxable income no matter the name. According to Turbo Tax, I owe $64 in MN state taxes, but this is under the MN minimum filing requirement ($12,400), so do I still need to submit a MN state return to pay the $64?. A 1099-K is just a statement of transactions. Enter your prize as other income as described above. Fantasy sports winnings of $600 or more are reported to the IRS. generally the ratio of the winnings to the wager. Click "Delete selected form" and press "continue". Phone (909) 931-9056. Why. If you did not have any gambling winnings, just enter 12/31/2017 when asked for the date. To report your gambling winnings on your tax return, complete the following steps in TurboTax: Open your return. You may review your Michigan tax summary in this way: Open or continue your return. You will be asked if you received form W-2G as that's how winnings are usually reported. Payments of gambling winnings to a nonresident alien individual or a foreign entity aren't subject to reporting or withholding on Form W-2G. Additionally, if you itemize, you can include your gambling losses (up to the extent of your winnings) on Schedule A. File this form to report gambling winnings and any federal income tax withheld on those winnings. I appealed it. TurboTax will guide you in entering this. If you receive your winnings through PayPal. Select No to the question Did you get a 1099-MISC? Scroll down to Gambling Winnings under Less. The next screen asks if you won money from gambling or lotteries, click the "Yes" button. My gambling losses equaled my. Please see the following TurboTax FAQ for instructions on how to enter a W-2G in your return: Form 1099-G reports certain types of government payments you received during the tax year. Gambling. Claim your gambling losses up to the amount of winnings, as "Other Itemized. Sign In to TurboTax (Online). Log into your TurboTax Online Account and enter your Tax return through Tax Timeline. If you lose money or investments in a Ponzi scheme, the loss is deductible as a theft loss of income-producing property. However, you can deduct losses up to the amount of your winnings. Here is an FAQ with additional information on why it is necessary to file nonresident state returns (note second bullet point):. in September of 2021, I deposited then wagered $5,000 on a sports betting platform. More Topics Less Topics. Schedule H Household. If you reported your $5,661 of income as 'hobby income', you would still need to itemize to deduct the $1,300 to offset any income.