Question

How do I enter the 1099 MISC from prize winnings (bad beat) and count it as a deduction when slot losses far exceed winnings?

Forum|Forum|4 years ago
April 12, 2022
1 reply
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Entered w-2G's and 1099 MISC. Turbotax tells me I can deduct the total amounts. When I deduct the total amount, I end up with a negative amount in Misc Income causing IRS reject. If I don't enter the total amount as a loss, it appears to me that I am failing to get a legitimate deduction for the prize winnings.

TurboTax Online

JohnB5677

You should not deduct losses from the 1099-MISC you received.

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return.

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