W2G - Gambling Winnings - TurboTax

In this video I go through how to report Gambling winning from a IRS Form W-2G on TurboTax. This specific video is from 2021 tax year however the software and rules I speak of here still apply.

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EA Tax Phone Number: 800-245-0596
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

#TurboTax #W-2G #GamblingWinnings

[eataxresolutions]

Hello Everyone! Just as a reminder if you have a question about TurboTax or filing I will be doing these Live Streams every Monday at 4PM PST. Be sure to stop by and ask your question in chat so I can help you out!
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[littlebug]

Friend....I have been gambling for years and never submitted to the IRS about my losses. Yes I won jackpots, did I keep track of winnings and losses? No. I didn't know I even had to! I know NO ONE who does this or has ever done this. My mom worked for H&R Block years ago and she is a gambler we went together all the time! I am really confused about all this.

[mikepark]

Tax laws are so skewed that you can win a $1, 200 jackpot which can put you in the next tax bracket and end up owing ~$32K more taxes than without the $1, 200 jackpot.
If anyone is near the higher limit of their tax bracket then they should not play slots. I got put into the next tax bracket but only a 2% increase resulting in ~$4K more tax than without my jackpot.

[Libra-Pisces]

If you have multiple W2G for gambling winning, do I enter them individually? Or can I add them all up? Say you have 10 winning which is about $1200 each. Can I just add all 10 of them to sum up at 1$12, 000 instead of individually entering each W2G?

[mykahunique]

i cant find what part of turbo tax where the gambling section is at

[meganh]

I got a 1099 Misc, not a W-2G (online slot game). I won more than I lost. How does that work?

[MrDavidyayi]

Hello, I did all of what you did in this video and it still says it needs review! Please help, thank you.

[bbpai]

I have subscribed to your channel awhile back and have not seen any new content. I do however have a few questions regarding filing taxes. I have NO OTHER INCOME for 2022. However only gambling income for 2022 (multiple W2G jackpots as income) total $32k won but blew it all back by the end of the year. First time trying to file my own tax on freetaxusa as I'm thinking it would be easy??? Straight forward? filing single and have now dependent.
Questions: 1 when filling in the tax form W2G info (other income) do I put the original address of the W2G receipt info when I won or my current different address today? - so it'll match up with what IRS has on file or it does matter?
Question:2 because I have multiple W2G winnings for 2022 "do I fill in separate W2G info on separate places? And if so, in schedule A section "do I have equal amount itemized deduction losses total"
I basically loss all what I won for my 2022. ( even more so but I'm just going to claim loss up to the amount I won )
Do u have any advice

[leslieelliott]

There isnt a locality on my w2-g( box 18) or a state( box 13, my state also is not in the drop down). Turbo tax wont let me proceed. Help?

[mike]

Hello - I won in a state that I don't live in. Line 13 on my form W-2G doesn't indicate the state, it just has numbers (which I googled and it didn't turn up anything). Will this be the state the casino is located in or my home state? I had state taxes taken out at the time of winning. I assume these would be for the state the casino is located in? Would I still have to pay my home state taxes on top of it? Thanks in advance.

[dustinho]

What happen if you loss can still deduct?

[carlosanaya]

Why does it not show that form on the app?

[sonny]

When filling out a W2G form at the caino after a big win, Can I choose to get the taxes taken out of my winnings at the caino so that when I get to do my tax returns, I would get money back because I already paied my taxes at the casino.

[avengfld]

If you have multiple W2G for gambling winning, do I enter them individually? Or can I add them all up? Say you have 10 winning which is about $1200 each. Can I just add all 10 of them to sum up at 1$12, 000 instead of individually entering each W2G? With that total can I take it times 24 percent to determine how much federal I’ll have to pay? Thanks!

[samdang]

Hi, I have Turbo tax deluxe which does not allow me enter loss amount. Can you help? thanks

[carolyndaniels]

Does this apply to winnings you earn from mobile games that reward real cash?