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Form W-2G, Certain Gambling Winnings

What is Form W-2G?

Gambling winnings are usually reported on Form W2-G, however, sometimes they are reported on Form 1099-MISC.

Gambling losses can be deducted as an itemized deduction up to the total of reported gambling and prize winnings.

For example, if you won $50 and lost $200, you can only deduct $50 in gambling losses. On the other hand, if you lost $200 but did not win any money, you cannot deduct gambling losses.

Also, you can only deduct losses if you itemize your deductions.

 

Note: Be careful that you don't confuse this form, W-2G, with a W-2 - the form on which your employer reports your income and withholdings.

 
 

 

Entering W-2G into TurboTax

Don't worry! When you use TurboTax to file your return, we will ask you about any gambling winnings you might have, enter them into the correct form, and perform all the calculations for you.

If you've already gone through the step-by-step interview and want to jump directly to the entry screen for this topic, follow these directions.

  1. Select the Federal Taxes tab (the Personal tab in the Home & Business edition).
  2. Select the Wages & Income subtab.
  3. Scroll down the Wages & Income screen until you see the Less Common Income group.
  4. Click on the Start/Update button to the right of the Gambling Winnings category.
  5. Follow the prompts.

If you received a 1099-MISC rather than a W2-G, please click here for instructions.

NOTE: Do NOT enter the information in the W-2 section of the program.

Important: Remember, you must enter gambling winnings to be able to deduct gambling losses.

What if I received two or more W-2Gs?

After you have entered your first W-2G, you will be given the opportunity to add any additional W-2Gs you might have received. Simply click on the Add Another W-2G button, and we will walk you through step-by-step adding all your W-2Gs.

If you have yet to receive your W-2G, please click here to explore your options.

Additional Questions

 If you need to correct or change any information you have entered from your W2-G, the steps you take depends on if you have already filed your tax return.

  • If you have yet to file your return, simply follow the navigation instructions above, and correct or change your information.
  • If you have already filed your return, you will need to amend your return. Please click here for instructions.

For questions about printing, please click here.

If you have questions about the availability of form W2-G, please click here.

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