See here for an overview of gambling income,.
To enter gambling winnings in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Other Income (W-2G, 2555)
- Gambling Winnings (W-2G)
- New - If prompted, select Taxpayer or Spouse.
- Enter all information from Form W-2G.
Before exiting the W-2G menu you will have the opportunity to enter the gambling losses associated with the winnings on the W-2G, if desired.
To enter gambling losses in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Itemized Deductions
- Other 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 into the TaxSlayer Pro program. This is not intended as tax advice.