TaxBandits Knowledge Base

What is Form W-2G?

Form W-2G is an IRS tax form used by gambling establishments to report certain gambling winnings to the IRS during a given tax year.

The form is used to report winnings from gambling activities such as slot machines, table games, keno, bingo, horse racing, dog racing, sweepstakes, wagering pools, and certain types of lotteries.

The W-2G form is typically issued to anyone who receives gambling winnings of $600 or more and is subject to federal income tax withholding. The form includes information such as the recipient's name, address, and Social Security number, as well as the type of gambling activity, the date and amount of the winnings, and the amount of federal income tax withheld.

However, it's important to note that different rules may apply for reporting gambling winnings on state tax returns, so it's important to check with your state tax agency to determine what reporting requirements apply to you.