See here for an overview of gambling income.
Gambling winnings
To enter gambling winnings in the individual tax return in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Income
- Other Income (W-2G, 2555)
- Gambling Income (W-2G)
- If the taxpayer received Form W-2G, click New, if prompted select Taxpayer or Spouse, and enter all the information on Form W-2G.
- If the taxpayer did not receive Form W-2G, select "Amounts Not Reported on W-2G" and enter for the taxpayer (and/or spouse, if applicable) their respective winnings and losses.
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.
Gambling losses
To enter gambling losses in the individual tax return in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Deductions
- Itemized Deductions
- Other Itemized 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.