What is a W-2G?
Form W-2G is used to report gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machines, sweepstakes, wagering pools, poker tournaments, etc.
Why do I file form W-2G?
The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.
Who needs to file 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. File W-2G with the IRS. You must provide a statement to the winner (Copies B and C of Form W-2G). See the official IRS instructions.
What to report on form W-2G
Gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machines, sweepstakes, wagering pools, poker tournaments, etc.
Amount to report on Form W-2G
Generally, $600 or more; $1,200 or more from bingo or slot machines; $1,500 or more from keno.
