What Is Form W-2G: Certain Gambling Winnings?
Form W-2G is an Internal Revenue Service document that a casino or other gambling establishment sends to players who had winnings during the prior year that must be reported as income to the Internal Revenue Service (IRS). Its full title is Form W-2G, Certain Gambling Winnings.
The form contains information that the taxpayer needs to file taxes for the year. It includes the total amount of winnings, the date or dates they were won, the type of wager, and how much federal and state income tax has already been withheld.
All gambling winnings are taxable but only some gambling winnings are recorded with a Form W-2G.
It’s possible the IRS could ask you to substantiate wins and losses. If that happens, the following documentation will be helpful:
- Form(s) W-2G
- Wagering tickets with dates and location. The names of people who were with gambling with you at the time. Amounts won and lost.
- Canceled checks and casino credit records
- Relevant bank statements
If you would like more information regarding W2G forms, or have any questions please contact customer support via email email@example.com or on Live Chat.