What Information is Required to File Form W-2G Online?
- 1. Payer’s Information
- 2. Reportable winnings
- 3. TIN of winner
- 4. Date of winnings
- 5. Federal income tax withholding information
- 6. State and local income tax withholding information
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TaxBandits internal audit check ensures that your Forms are validated through IRS business rules, Basic Form Validation, and IRS Schema Validation.
TaxBandits helps reduce the chance of TIN errors by validating your employee's TIN against the SSA database.
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Frequently Asked Questions on Form W-2G Filing
What is a Form W-2G?
Form W-2G is used to report certain gambling winnings during a given tax year. The types of gambling activities included in this form are horse racing, dog racing, sweepstakes, wagering pools, lotteries, bingo and slot machine winnings, and poker tournament winnings.
When is the deadline to file Form W-2G?
January 31, 2023. is the due date to distribute copies of Form W-2G to a recipient. If you choose to file by paper, the deadline is February 28, 2023 for the 2022 Tax Year. The Form W-2G electronic filing deadline is on March 31, 2023.Unlike Form W-2, Form W-2G is filed with the IRS, not the SSA. As with other IRS tax forms.
Do I Need to Report my Gambling Winnings?
Depending on the total amount of winnings and the way in which they were won, this will determine whether or not you need to report them on Form W-2G. For example, you will need to report the following:
- $1200 or more from Bingo or slot machines
- $1500 or more from a keno game
- $5000 or more from a poker tournament
- Any other winnings of $600 or more or 300 times the amount wagered
- Winnings that are subject to federal income tax withholding.
How to file Form W-2G online?
Electronic filing is the preferred IRS method for Form W-2G. It is also an easier process that comes with many added benefits. For example, when you choose to e-file Form W-2G with TaxBandits, we audit your form using the IRS Business Rules to help you file accurately. We also provide instant IRS updates on the status of your form. To begin filing Form W-2G online, create a free TaxBandits account.