See here for an overview of gambling income,.
To enter gambling winnings in TaxSlayer ProWeb, from the Federal Section of the tax return (Form 1040) select:
- Less Common Income
- Gambling Winnings
- Select Taxpayer or Spouse, if needed.
- Enter all information from Form W-2G.
- If there are any losses, enter those in the space provided.
As noted above, gambling losses related to the winnings reported on Form W-2G can be entered in the same menu as the W-2G, and the losses will flow to Schedule A. Otherwise, to enter gambling losses directly into Schedule A in TaxSlayer ProWeb, from the Federal Section of the tax return (Form 1040) select:
- Itemized Deductions
- Miscellaneous Deductions
- Gambling Losses to the Extent of Gambling Winnings - Enter the amount of the losses as a positive number.
Losses entered in the Form W-2G window are added to losses entered in Schedule A, so be careful not to duplicate your entries.
NOTE: This is a guide on entering gambling winnings and losses in TaxSlayer ProWeb. This is not intended as tax advice.