1099 forms from online gambling
I gambled online through the various sites, and I will be receiving multiple 1099 forms. Will I be able to file using this service?
Best Answer
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If you have gambling winnings not reported on a Form W-2G, you can enter those gambling winnings on the Other Sources of Income screen by going to Income > Uncommon Income > Other Income.
If you itemize your deductions, you can deduct your gambling losses (up to your gambling income amount). For example, if you report $5,000 in gambling income on your W-2G, you can deduct up to $5,000 of your gambling losses. However, if you use the Standard Deduction instead of Itemized Deductions, gambling losses cannot be deducted.
Answers
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Yes! Typically, you will receive a W-2G that reports your gambling income. Our software supports entering multiple W-2G forms. You will find it under the Income section of the software.
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Thank you for the answer. These winnings are from sweepstakes winnings, that is how the online slots work around laws I guess. They may still send w2g even though there may be a difference technically between gambling and sweepstakes. I just wanted to be sure that I will be able to deduct money put in from the money received.
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Thanks.
