Gambling taxes

You need to enter the winnings as gambling income in TurboTax. You can also enter the money you spent on gambling. The money you spent is deductible as an itemized deduction. If you have enough in total itemized deductions to exceed the amount of your standard deduction, then the gambling losses will be deducted along with your other itemized deductions from your taxable income. If your standard deduction is more than your itemized deductions, then you will benefit from using the standard deduction and your gambling losses will not be deductible.

You enter your gambling income and money spent on gambling in the Wages and Income section of TurboTax, then Less Common Income, then Prizes, Awards and Gambling Winnings.