tax forms for gambling winnings

Get the IRS W-2G 2019-2020

14 State winnings City or town province or state country and ZIP or foreign postal code 15 State income tax withheld For Privacy Act and Paperwork Reduction Act Notice see the 2018 General Instructions for Certain Information Returns. 16 Local winnings File with Form 1096 17 Local income tax withheld 18 Name of locality Copy A For Internal Revenue Service Center Under penalties of perjury I declare that to the best of my knowledge and belief the name address and taxpayer identification number...
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Comments and Help with w2g tax forms

Who uses Form W2-G?

A payer of gambling winnings must report them on Form W-2G if:

  1. The winnings from a bingo game or slot machine are equal to or exceeding $1,200 (not reduced by the wager);

  2. The winnings from a keno game are equal to or exceeding $1,500 (reduced by the wager);

  3. The winnings from a poker tournament are equal to or exceeding $5,000 (reduced by the wager or buy-in);

  4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:

  1. $600 or more, and

  2. At least 300 times the amount of the wager; or

  1. The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).

What is the purpose of the Form W2-G?

The purpose of this form is 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 winning, and the ratio of the gambling to the wager.

When is the Form W2-G due?

The payer is required to furnish Copies B and C of the W2-G form to the winner by January 31, 2017, and file Copy A of the form with the IRS by February 28, 2017. If the payer files electronically, the due date is March 31, 2017.

What information should be provided?

The W-2G report form requests the provision of the following information:

  • Details about the payer (name, address, FIN, phone number, state identification number);

  • Details about the winner (name, address, taxpayer identification number);

  • Winnings details (gross amount, date, amount of taxes withheld, transaction);

  • Type of wager;

  • Transaction;

  • Race;

  • Cashier, etc.

Where do I send the Form W2-G?

Each copy of the W-2G form has its own destination:

  • Copy A should be filed with the IRS service Center;

  • Copies B and C should be delivered to the winner;

  • Copy D is for the payer’s personal records;

  • Copy 1 is to be submitted to the State, City, or Local Tax Department; and

  • Copy 2 should be attached to the payer’s state, city, or local income tax return.

Video instructions and help with filling out and completing tax forms for gambling winnings
Instructions and Help about irs form w 2g 2018
Hello, I'm Jill from Turbo Tax with some interesting information about reporting gambling winnings on your tax return. If you enjoy gambling or playing the lottery, there's nothing better than beating the odds and winning some extra money. But did you know that the Internal Revenue Service expects you to report all of those winnings on your tax return? And in some cases, the gaming organization that pays your winnings must report it to the IRS on a W-2G form. Not all gambling winnings are subject to W-2G reporting. Casinos and other gaming organizations will send you a W-2G when you win $1,200 or more on a slot machine or from bingo, keno jackpots of $1,500 or more, more than $5,000 in a poker tournament and all other games you win $600 or more at— but only if the payout is at least 300 times your wager. The IRS also requires other gambling winnings to be reported on a W-2G if the prize money is subject to tax withholding. Keep in mind, however, that just because your gambling winnings are reported on a W-2G doesn’t automatically require the withholding of income taxes— reporting and withholding are two separate requirements. Withholding is only necessary on your net winnings— which is the payout minus your initial wager— from a sweepstakes or lottery that is more than $5,000.