Gambling winning has a different reporting requirement.Įver wonder why some casinos have slot or And in some cases, whether or not you’d like Federal Withholding tax withheld. …which is precisely what you are likely to hear right before casino staff starts asking for ID and your Social Security Number (SSN). Walk you through the process of when casinos issue a W-2G and what you can expect.īut first off, “Congratulations on your big win!” We certainly aren’t tax experts, but we can Strictly speaking, of course, all gambling winnings, no matter how small, are considered income in the US.Īnd the IRS expects you to report them – whether it is $1 or $10,000 – on your 1040 tax form as “other income”.īut in certain situations like a slot or table games jackpot, the casino will generate a Form W-2G, which outlines to the IRS what you’ve won and whether or not taxes were paid.įederal Withholding is 24 percent on a W-2G for US citizens and 30 percent for non-citizens. To pay taxes on a slot jackpot of $1,200 and up, and most table games jackpots The taxman is probably the farthest thing fromīut the sad reality is, you’re going to have Royal Flush on Mississippi Stud you’ve been waiting years on. ![]() Up in the window of your favorite slot machine, or maybe you laid down that ![]() You have finally gotten those sevens to line
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