Form W-2G is used for certain gambling winnings and serves as a way to report financial winnings and federal income tax withheld from your earnings.
What Does the Need to File Depend On?
- The ratio of how much you won to how much you wagered
- What kind of gambling it was
- The amount that was won gambling
There is certain information that it is important to get on your form correctly.
Important Information to Have on the Form
- Your reportable winnings, or the amount indicated of your gross winnings minus the amount you gambled in the first place
- What date you won the money on
- What kind of wager it was if it was anything other than a regular race bet
Important Dates For Filing W-2G
- File the recipient Copy by January 31st
- IRS paper filing is due by February 28th
- The IRS eFile should be filed by March 31st
If these dates fall on a holiday the due date will move to the next day.