Form To Report Gambling Winnings

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November 01, 2017

Have you recently won some cash at the casino or racetrack? Congratulations! While it is very exciting, keep in mind there are tax implications and you should be prepared to pay federal, state and local income taxes on the winnings.

You can anticipate that the casino or other party that provides the payout to give or send you a Form W-2G. The information reported on this federal form includes the date you won, the reportable winnings, type of wager, federal and state taxes withheld and other details about the transaction.

Gambling

You will file a W-2G if you won money from any of the following sources (please note, the list is not exhaustive):

The IRS requires U.S. Nonresidents to report gambling winnings on Form 1040NR. Such income is generally taxed at a flat rate of 30%. Nonresident aliens generally cannot deduct gambling losses. Dec 05, 2018  If a payer of gambling winnings withholds income tax when they pay you, you should receive a Form W-2G, Certain Gambling Winnings showing the amount you won and the amount withheld. Not all amounts or wagers are subject to withholding at the time of payment so you may have winnings to report even if you did not receive a Form W-2G. You must use Form 1040 to report your gambling winnings and losses. Tax forms image by Chad McDermott from Fotolia.com.

What

When Do Casinos Report Winnings

  • Horse/dog track or off track betting
  • Jai-alai
  • State-conducted lottery
  • Keno • Bingo
  • Slot machines
  • Poker winnings
  • Any other type of gambling winnings
Form

Keep in mind, even if you win money at a charity event that is hosted by a church or other type of non-profit organization, those winnings are taxable. If you paid money to participate in the event, such as purchased cards for a game of bingo at your church, you cannot claim the funds you spent as a donation to a non-profit organization when you file your income taxes.

Gambling Income Tax Form

If you find yourself on the losing end of a game of chance, you may wonder if you can report a gambling loss on your tax return. Generally, it is not allowable, but there are exceptions. It is advisable that you consult with a tax professional if you find yourself in such a situation or have questions.

Irs Gambling Tax Form

For rules, laws and other information pertaining to gaming in Indiana, visit the Indiana Gaming Commission website at http://www.in.gov/igc/.