Guide to IRS Form W-2G Certain Gambling Winnings – TurboTax Tax Tip Video


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.

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3 thoughts on “Guide to IRS Form W-2G Certain Gambling Winnings – TurboTax Tax Tip Video

  1. You may feel like you’re bombarded with TurboTax emails, reminders, commercials etc, I know that’s how I feel. I want to make it clear that they are doing this bombarding for ONE reason… and that is to keep you believing that you need to file federal return. I know this might sound crazy but I want to encourage you all to do your research and realize that if your an American citizen working for an American company and live in America you do not have to pay federal income tax! Stop waste your money and stop funding the beast. Thank you for reading America and God bless.

  2. I won roughly $1,500.00 with a 50 cent bet on a horse race through an online service (TVG) I never received a W2-G. I have called them numerous times, they said "we will get back to you". (but they never do) Tomorrow is jan 31 and I still dont have one. Can I just Claim the winnings as extra earnings without a W2G??

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