What is W-2G Tax Form?
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IRS Form W-2G - A Complete Overview
Updated on August 29, 2022 - 10:30 AM by Admin, TaxBandits
Form W-2G is mainly for Certain Gambling Winnings, to document playing winnings and any federal earnings tax withheld on the ones winnings. The necessities for reporting and withholding rely on the form of playing, the quantity of the playing winnings, and normally the ratio of the winnings to the wager.
1. What is Form W-2G?
Form W-2G is used to report money won through gambling and any federal income taxes that were withheld from these winnings. Form W-2G is a tax document that a casino or other gambling establishment sends to customers who won money in the previous year and had to report it to the IRS.
2. Who is Required to file Form W-2G?
The requirements for filing Form W-2G are based on the following conditions, the type of gambling activity, the winnings, and the winnings to wager ratio. Some of these gambling activities include poker tournaments.
3. When is the Deadline to file Form W-2G?
The deadline to file Form W-2 G is March 31 of the year following when the money was won. TaxBandits supports the secure and accurate filing of Form W-2G Forms with the IRS.
4. Form W-2G Filing Methods
There are two different filing methods that the IRS will accept for Form W-2 G. You can either mail a paper copy of the form to the IRS or file your Form W-2G electronically. The IRS actually prefers e-filing to paper-filing in general. There are also several benefits of e-filing Form W-2G, for example, the IRS will provide status updates on forms that are e-filed. E-filing is also proven to yield more accurate forms compared to paper forms.
5. E-File Form W-2G With TaxBandits in Minutes
- Step 1: Enter the Form W-2G Details
- Step 2: Review Form W-2G Information
- Step 3: Transmit it to the IRS
TaxBandits offers the e-filing 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.