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Gambling winnings are reported as Other Income on Schedule 1 (Form 1040) Additional Income and Adjustments to Income, Line 8. While you may be able to deduct your gambling losses, gambling winnings are not directly offset by gambling losses in your tax return. You must be able to itemize deductions on Schedule A (Form 1040) Itemized Deductions to deduct gambling losses and can only deduct an amount up to the amount of your gambling winnings. You may or may not have received a Form W-2G Certain Gambling Winnings for your gambling winnings.

To report gambling winnings in the TaxAct® program:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Other Income in the Federal Quick Q&A Topics menu to expand, then click Gambling winnings.
  3. Continue with the interview process to enter all of the appropriate information.

If you need to enter information from more than one Form W-2G, click + Add Form W-2G on the screen titled Gambling Winnings - W-2G - Summary to create a new copy of the form, or click Edit to review a form already created.

To enter gambling losses in the TaxAct program:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Itemized or Standard Deductions in the Federal Quick Q&A Topics menu to expand, then click Gambling expenses.
  3. Continue with the interview process to enter all of the appropriate information.

The screen titled Did you have any gambling losses? has information regarding the amount you can deduct, as well as the documentation needed for the deduction.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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