IRS Form W-2G Instructions for 2022
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How to fill out IRS Form W2-G for 2022 Tax Year?
Updated on August 29, 2022 - 10:30 AM by Admin, TaxBandits
Form W-2G is an IRS form to report certain gambling winnings and federal income withholding on those winnings. To help you fill Form W-2G for the tax year 2022, we have provided step-by-step instructions in this article.
In this article, we cover the following topics:
1. What is the purpose of W2-G?
The main purpose of Form W-2G is to report income that comes from gambling and the federal withholding on the gambling winnings. The gambling activities include racing, sports, lotteries, bingo and slot machines.
Gambling establishments must send Form W-2G to their customers who had winnings as following:
- $1200 or more from Bingo or slot machines
- $1500 or more from a keno game
- More than $5,000 from a poker tournament
- $600 or more from any type of gambling activity and at least 300 times the amount
of the wager.
Note: All winnings from gambling are subjected to federal withholding.
2. Line by Line Instructions for filing Form W-2G
Form W-2G has 18 boxes to complete. The following section will explain the instructions to
fill each box.
-
Box 1 - Reportable winnings
Enter the amount you won from the gambling activity.
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Box 2 - Date Won
Enter the date when you won the gambling.
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Box 3 - Type of wager
Enter the applicable type of wager. There are 9 wager types.
| Category | |
|---|---|
| Horse racetrack | Dog racetrack |
| Jai-alai | State-conducted lottery |
| Keno | Bingo |
| Slot machines | Poker winnings |
| Raffle | Any other type of gambling winnings |
-
Box 4 - Federal income tax withheld
Enter the federal income tax withheld, whether regular gambling withholding or backup withholding.
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Box 5 - Transaction
Enter the values in box 5 only if applicable. Box 5 is applicable only if you have selected State-conducted lottery, Keno, Bingo, Slot machines, or Poker winnings. If you selected Horse racetrack, Dog racetrack, Jai-alai, or Any other type of gambling winnings, Box 5 is not applicable.
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Box 6 - Race
Enter the race related to the winning ticket if applicable. Box 6 is not applicable if State-conducted lottery, Keno, Bingo, Slot machines or Poker winnings are selected in Type of wager (Box 3).
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Box 7 - Winnings from identical wages
Enter the amount in Box 7 only if applicable. Box 7 is not applicable.
3. When is the deadline to file Form W2-G?
The deadline to file Form W-2G with the IRS is March 31. This is the deadline to file this form with the IRS, it is also the deadline to distribute copies of Form W-2G to recipients.
4. How to E-file W2-G Forms with TaxBandits?
E-filing Form W-2G with TaxBandits is a simple process that can be completed in minutes! Once you have gathered all of the required information for Form W-2G, follow these steps.
- Enter the Form W-2G Details
- Review Form W-2G Information
- Transmit it to the IRS
TaxBandits offers the e filing solution as low as $0.80/form. We also support online access services and electronic signature options. Also you can use our postal mailing option to send recipient copies to your recipients.