I’ve been doing some casual gambling online and I’ve won a considerable amount over the past year. I understand that the IRS requires reporting gambling winnings. I need to know where on Form 1040 I should record this income. I have searched through the form, but I can’t seem to figure out where it would be most appropriate to include my gambling income.
Additional details that may be important: This is my first year of winning and reporting a significant amount of money from gambling. Besides gambling, I also have a regular job where I draw a salary. I do not have any other types of income. This has caused me quite a bit of confusion as I’ve never dealt with this situation before. If anyone can guide me through this, it would be much appreciated.