Jan 28, 2025 · 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.

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.

File Form W-2G for every person to whom you pay $600 or more in gambling winnings if the winnings are at least 300 times the amount of the wager. If the person presenting the ticket for payment is the sole owner of the ticket, complete Form W-2G showing the name, address, and TIN of the winner.

Mar 13, 2025 · If you've gambled over the past year, you may receive Form W-2G when it's time to file. This form is used to report gambling winnings and losses and determine your tax liability. Generally speaking, you're responsible for taxes on winnings but may also be eligible for deductions on losses.

Feb 26, 2025 · IRS Form W-2G is an Internal Revenue Service document sent to gamblers to report their winnings and the amount that was withheld for taxes at the time of the payout.

Mar 9, 2025 · Here is how to add a W-2G TurboTax Online: Click on Federal Taxes , Wages & Income , scroll down to Less Common Income > Gambling Winnings > Start or Revisit Enter the information from the W-2G.

Jan 11, 2025 · Form W-2G is a tax document issued by gambling establishments to individuals who receive specific types of gambling winnings. It details the amount, type of gambling activity, and any federal income tax withheld. This information is crucial for accurate tax reporting by both taxpayers and the IRS.

Here's where you enter Form W-2G (Certain Gambling Winnings) in TurboTax: Open or continue your return. Locate the W-2G section: TurboTax Online/Mobile: Go to W-2G. TurboTax Desktop: Search for W2G (don't include any hyphens) and select the Jump to link. Answer Yes on the Did you win money or other prizes in 2024? screen and follow the ...

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.

Nov 8, 2024 · A W-2G form is an IRS tax document used to report income from gambling winnings. Gaming facilities must report winnings above a certain threshold or subject to withholding requirements, and recipients must report this income on their tax returns.