Tax1099 Blog 1099 Forms What Is Form W-2G?

What Is Form W-2G?

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.

How to eFile W-2G for the Year 2020?

Tax1099 is the go-to source for your 1099 filings. You can eFile Form W-2G Online for the year 2020 using Tax1099. Don’t wait for the deadline eFile Now.!

Related Post