This article was updated for Tax Year 2023, last edited on December 18th, 2023.
The Form W-2G reports gambling winnings. The requirements for reporting gambling depend on the type of gambling, the amount of winnings, and the ratio of winnings to the wager.
Per the IRS, amounts that need to be reported in box 1 are the following:
$1,200 or more in gambling winnings from bingo or slot machines
$1,500 or more in winnings (reduced by the wager) from keno
More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament
$600 or more in gambling winnings such as from sweepstakes, wagering pool, raffles, charity drawings, or lottery, including a state-conducted lottery, and the payout is at least 300 times the amount of the wager
Does not include winnings from bingo, keno, slot machines, and poker tournaments as they have their own amounts as listed above
Any other gambling winnings subject to federal income tax withholding are reported on box 4.
If state or local tax was withheld, that information would be reported in boxes 13-18.
Note that you’re still required to claim all gambling winnings as income on your tax return, per the IRS, regardless of if you receive a Form W2-G or not.
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