Gambling Winnings and Losses

You may or may not receive Form W-2G, Certain Gambling Winnings, but you can report all gambling winnings in the same place in the TaxAct program. Gambling winnings are reported as Other Income on Schedule 1 (Form 1040) Additional Income and Adjustments to Income, Line 8. If you are able to itemize your deductions, gambling losses can be reported on Schedule A (Form 1040), Itemized Deductions, (gambling winnings are not directly offset by gambling losses in your tax return, and losses can only deduct up to the amount of your gambling winnings). Make sure to enter your gambling winnings before attempting to enter any gambling losses.

For gambling winnings, see Form W-2G - Entering Gambling Winnings in Program.

For gambling losses, follow the steps below.

Online

Dashboard

From within your TaxAct return, click Deductions & Credits.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Other Deductions & Credits drop-down.
Click Add beside Other Deductible Expenses.
Complete the rest of the interview process.

Classic

From within your TaxAct return, click Federal.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Itemized or Standard Deductions drop-down, then click Gambling expenses.
Complete the rest of the interview process.

Desktop

From within your TaxAct return, click Federal.
Click the Itemized or Standard Deductions drop-down, then click Gambling expenses.
Complete the rest of the interview process.