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IRS Form W-2G gambling winnings

Form W-2G is used to report gambling winnings.  W-2G is different from Forms 1098 and 1099 in that the 1099 forms must be paper filed on red-ink forms while Copy A of Form W-2G can be printed on plain paper with black ink and mailed along with Form 1096 to the IRS.

If your gambling winnings are high enough, the payer must provide a IRS Form W-2G to you and to the IRS, reporting the amount of your gambling winnings.

The types of gambling fall under the following three headings:

  • Horse Racing, Dog Racing, Jai Alai, and Other Wagering Transactions Not Discussed
  • Sweepstakes, Wagering Pools, and Lotteries
  • Bingo, Keno, and Slot Machines

Form W-2G is used to report income and withholding related to gambling.  Generally, you will receive a Form W-2G if you receive:

  • $600 or more in gambling winnings and the payout is at least 300 times the amount of the wager (except winnings from bingo, keno, and slot machines);
  • $1,200 or more in gambling winnings from bingo or slot machines;
  • $1,500 or more in proceeds (the amount of winnings less the amount of the wager) from keno; or

Any gambling winnings subject to federal income tax withholding.

Who must file Form W-2G

The payer, namely, the organization sponsoring the gaming event, must file Form W-2G when an individual wins a prize over a specific value amount.  The form is used to report gambling winnings OR to report gambling winnings and any federal income tax withheld on the winnings.

Form W-2G due dates

Copy B and C is due to the winner by the end of January. Copy A is due to the IRS by the end of February.  If you are filing electronically, you have until March 31 (an additional month) to file and you can seek also seek an extension of time to file.

How do I complete Form W-2G?

Check the “Corrected” box at the top of the W-2G form if applicable.

Enter the payer’s name, address, federal identification number and telephone number.

Enter the winner’s name and address.

Box 1. Enter the gross winnings.

Box 2. Enter the Federal income tax withheld.  Federal income tax must be withheld at the rate of 25% on certain winnings less the wager.

Box 3. Select the type of wagers, which include: Horse track race, Dog track race, Jai-alai, State-conducted lottery, Keno, Bingo, Slot Machines and Other.

Box 4. Enter the date won!

Signature and Date. Sign and date Form W-2G if your are the only person entitled to the winnings.

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

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