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Category: W2's

Form W-2G: Gambling Winnings

If you received a Form W-2G for winnings from gambling, you can enter this in your TaxSlayer account by going to the Federal Section > Income > Enter Myself > Other Income > Gambling Winnings (W-2G) .

If you happen to have lost money gambling, you can generally list your losses as a deduction to help reduce your income and lower your tax bill. To enter your gambling losses in our program go to Deductions > Enter Myself > Itemized Deductions > Miscellaneous Deductions . Enter the amount of your losses in the field "Gambling losses to the extent of gambling winnings".

Note: You can only report losses to the extent of your winnings, meaning you cannot claim more losses than you actually won.

Do I Need To Claim My Gambling Winnings and Can I Deduct My Gambling Losses?