IRS Form W-2G walkthrough (Certain Gambling Winnings)
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- เผยแพร่เมื่อ 5 ก.ย. 2024
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Here are links to articles and videos we've created about other tax forms and schedules mentioned in this video or its accompanying article:
IRS Schedule A, Itemized Deductions
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IRS Schedule C, Profit or Loss from Business
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So on mine it says I won a lot of money but that’s from gambling on roulette on my phone. And it was 55 transactions. But I ended up losing it all. I never withdrew it from my FanDuel account so how does that work?
So say it says reportable winnings 100k but I lost 100k. I think I only net like 5k in winnings overall that year. So will I owe taxes federally and state?
@@ChampagneAnt23 So if you have Form W-2G, and you are not a professional gambler (see Schedule C below) you would have to declare the gambling winnings on Line 8b of Schedule 1 (see links below). If you have gambling losses, you can deduct them under the following circumstances:
1. You must itemize your deductions on Schedule A (see links below). If you take the standard deduction, then you cannot deduct gambling losses as a recreational gambler (see note below about Schedule C).
2. You cannot deduct *more* than your earnings in a year. Any excess losses cannot be taken.
Schedule C: If you meet certain criteria then you can treat gambling as if it were a business. Specifically, there is a Supreme Court case that serves precedent: Comm’r v. Groetzinger, 480 U.S. 23 (1987), the Supreme Court concluded that “if one’s gambling activity is pursued full time, in good faith, and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business.”
Even if you file Schedule C, you currently cannot take excess losses (you can't generate a net loss on Schedule C).
IRS Schedule 1, Additional Income and Adjustments to Income
Article: www.teachmepersonalfinance.com/irs-schedule-1-instructions/
Video: th-cam.com/video/TUMnegmniDI/w-d-xo.html
IRS Schedule A, Itemized Deductions
Article: www.teachmepersonalfinance.com/irs-schedule-a-instructions/
Video: th-cam.com/video/-7YUwQ6Q1LI/w-d-xo.html
Playlist: th-cam.com/play/PLYHzJrFFCrpy1rgmUyp_4JMBnBvphyqB6.html
IRS Schedule C, Profit or Loss from Business
Article: www.teachmepersonalfinance.com/irs-schedule-c-instructions/
Video: th-cam.com/video/T3KYF24chIg/w-d-xo.html
Hey, I just left a comment on your form 8857 video that you posted 11 months ago. I am a widow and would appreciate it if you could respond to my question I left for you on your other video. Thank you for making these videos!
OK. I think I just did.
If I have 10-15 W2G, do i need to enter them individually? Or can I add all the winnings together since it call came from the same casino. For example, I have 10 W2G that is worth $1200 each and 5 W2g that is worth $1300 each. Can i just add the total win and enter them on my gambling winning?
If you're using tax software, you might be forced into reporting each form separately...I'm not sure. However, the IRS expects the total gambling income to be reported on IRS Schedule 1, under the Other Income line.
If your tax software allows you to, I don't see a problem with entering the total gambling winnings.
IRS Schedule 1, Additional Income and Adjustments to Income
Article: www.teachmepersonalfinance.com/irs-schedule-1-instructions/
Video: th-cam.com/video/TUMnegmniDI/w-d-xo.html
Hello - I won in a state that I don't live in. Line 13 on my form W-2G doesn't indicate the state like in your video, it just has numbers (which I googled and it didn't turn up anything). Will this be the state the casino is located in or my home state? I had state taxes taken out at the time of winning. I assume these would be for the state the casino is located in? Would I still have to pay my home state taxes on top of it? Thanks in advance.
Congratulations for winning. Unfortunately, I don't think there's a universal answer here, since it depends on the tax laws for both the state where you won, as well as your state of residence. I believe that most states would tax winnings that you win in their state, regardless of whether or not you live there.
If you live in a state with an income tax, you probably can expect to report your winnings there as well. However, most states should give you a tax credit for income taxes that you paid to another state (to avoid double taxation at the state level).
To learn more, I would probably start by contacting the office that issued your Form W-2G, or either the state gambling commission or the state lottery office where you won.
What if I lost form from gambling win
If you lost your Form W-2G, you should try to obtain another copy from the establishment that issued it to you. If that's not possible, you may be able to contact the IRS for assistance.
Hello.... i receive W2G form from Irs and i did not participate in any gamble. and they want me to fax back w2g form, is it advisable to book for appointment or call them to explain i did not gamble.. please am waiting for your feedback thank you
Thank you for reaching out. Unfortunately, I am not able to schedule appointment.s
Can you double-check your Form W-2G? Some how, I don't think that you would have received this from the IRS, but from a casino, state lottery office, or another entity. It might be worth contacting the issuer to see why you received this form.
i think there was errors when filling my return, because am trying to figure it out. but still not getting it right... is it advisable to walk through irs office near me or avoid the letter.@@teachmepersonalfinance2169
50G’s! I wish!😂