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You must report all gambling winnings as “Other Income” on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040) PDF ), including winnings that aren’t reported on a Form W-2G PDF. When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax. 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, bet cryptocurrency sport ice hockey withdrawal.
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