What is a W-2G Form?
Tue, 10/29/2013 - 9:40am — AMS
By Tom Douglass https://www.1099-etc.com
Form W-2G is used to report income and withholding related to gambling.
Slot machines and some other games such as bingo are an exception. If you win $1,200 or more from bingo or slot machines, you will receive this form.
If you are gambling at a casino or resort, and you make $600 or more in winnings and your payout is at least 300 times the amount of your wager, you will receive this form.
Slot machines and some other games such as bingo are an exception. If you win $1,200 or more from bingo or slot machines, you will receive this form.
All gambling winnings are subject to federal income tax withholding. The casinos or resorts WILL give you the W2-G and you are responsible for filing. The winnings are fully taxable.
Other gambling income could be but not limited to lottery winnings, prizes you may win such as cars, trips or even houses.
It is very important to keep a journal of your gambling winnings and losses.
Some losses in gambling may be reported as deductions.
Gambling losses are tax deductible, only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. Furthermore, the deduction for your gambling losses only applies if you are eligible to itemize your deductions. This is where the good and accurate record-keeping comes into play. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.
1099-Etc provides an easy to use software solution that will allow you to easily create and file Form W-2G.
