I gambled online through the various sites, and I will be receiving multiple 1099 forms. Will I be able to file using this service?
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.
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.
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.
Thanks.
