I am filing as a professional gambler using schedule c. Where do I report individual w-2gs ? ?
I understand that the total amount of my W-2GS is entered as business income on schedule c, but where are the individual W-2GS I received reported/itemized on the return ? I have about 100 of them and if I enter them under 'other income', my AGI goes thru the roof and I can't take the standard deduction. So where are the w-2gs individually reported ????
Answers
-
Hello gambler,
Since you are filing as a professional gambler on Schedule C, you do not need to enter your individual W-2G forms separately in the software. All of your gambling income is reported on Schedule C as business income. You should not enter the W-2Gs under Gambling Income or Other Income, as that would double-count your winnings and raise your AGI.0 -
Thank you, TaxMorgan. Should the W-2G forms be entered individually ANYWHERE on the 2025 return or documented in a file somewhere? I had to file an amended 2024 return using Schedule C because the AGI on my original return was so high that it resulted in a massive IRMMA penalty on my Medicare Part B charge. My accountant mentioned that it took his girl an hour to enter the W-2Gs when I paid him for preparing and filing the amended return. That gave me the impression that a record of the individual W-2Gs would have to be recorded somewhere on the return. So am I OK using the software to file and not reporting the W-2Gs anywhere else other than in the total of my Schedule C business income? Want to avoid any potential problems regarding the W-2Gs.
Thank you once again. I appreciate your help, gambler.
0 -
Hello Gamber,
No, in your case, the W-2G is not entered in the software. Keep of all your W-2G in your tax files if the IRS later asks for evidence.0
