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W2G winnings

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  • #1

    W2G winnings

    When you fill in your W2G winnings on the turbotax program, it automatically deducts money from your tax refund. When you get to the next question and fill in your losses (zeroing out the winnings), the program still continues to deduct about 25% of the winnings in taxes.

    Is this right? I thought if you had proof of the losses, it was a clean sweep!! Thanks.
    Last edited by SteveBourieOLD; 09-13-2008, 05:52 PM.
    Tags: money, winning
  • #2
    Re: W2G winnings

    You can only deduct losses (from winnings and up to the amount you won) if you itemize.
    Last edited by SteveBourieOLD; 09-13-2008, 05:52 PM.

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