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To complete Form W-2G, use: • The current General Instructions for Certain Information Returns, and • The current Instructions for Forms W-2G and 5754. To order these instructions and additional forms, go to www.irs.gov/OrderForms.
Information about Form W-2 G, Certain Gambling Winnings, including recent updates, related forms and instructions on how to file. File this form to report gambling winnings and any federal income tax withheld on those winnings.
Specific Instructions for Form W-2G. File Form W-2G, Certain Gambling Winnings, to report gambling winnings and any federal income tax withheld on those winnings. The requirements for reporting and withholding depend on the type of gambling, the amount of the gambling winnings, and generally the ratio of the winnings to the wager.
Form W-2G is an Internal Revenue Service (IRS) document that a casino or other gambling establishment sends to customers who had winnings during the prior year. It details the amount that must be...
How to Use the W-2G Tax Form to Report Gambling Income. Whether you play the ponies or pull slots, your gambling winnings are subject to federal income tax. By the end of January, you may receive tax Form W-2G Certain Gambling Winnings from the casino or other payer that provided your winnings.
How winnings are reported to the IRS: Form W-2G. The payer must provide you with a Form W-2G if you win: $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by the wager) $1,200 or more (not reduced by wager) in winnings from bingo or slot machines
Form W-2G reports gambling earnings and tax withholdings. Generally, you will receive a Form W-2G if you receive any of the following: Any gambling winnings subject to federal income tax withholding. To view a sample Form W-2G, click here.
What is Form W-2G? How to Fill Out Form W-2G. 1. Amount of Your Gambling Winnings; 2. Date; 3. Type of Wager; 4. Income Tax; 5. Withholdings; 6. Identification; 7. Initials and Location; 8. Information About The Individual Receiving The Winnings; Benefits of Working With a Trusted Tax Advisor
Box 1. The payer must furnish a Form W-2G to you if you receive: Any other gambling winnings subject to federal income tax withholding. Generally, report all gambling winnings on the “Other income” line of Schedule 1 (Form 1040 or 1040-SR).
If you receive a Form W-2G for gambling winnings, you must report the full amount of income shown on the W-2G on your tax return. The W-2G will also show any federal and state income tax withheld from your winnings. You cannot report your actual net winnings (winnings less buy in).