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This article provides an overview of how to complete Form W-2G. |
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About Form W-2G
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The requirements for reporting gambling winnings on Form W-2G depend on the type of gambling, amount of gambling winnings, and the ratios of winnings to the wager.
Taxpayers will receive Form W-2G for gambling income they received during a tax period.
Taxpayers with gambling winnings may write off their losses up to the amount they won, on SCH A as an itemized deduction.
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Completing Form W-2G
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Select Add Form.
Begin by typing W-2G, into the search bar at the bottom of the All Forms and Schedules Menu.
- Select Form W-2G
Locate and highlight Form W2-G in the All Forms & Schedules Menu. Double-click to add the form.
If a joint return, choose New Taxpayer's or New Spouse's Occurrence.
Complete the W-2G, filling in all applicable sections.
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The software requires a first and second id be entered on Form W-2G
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Form W2-G must be linked to the appropriate form either Form 1040 Other Income or SCH C (Profit or loss from a business). Unless the taxpayer is a professional gambler link the W-2G to Form 1040 Other Income.
Select the Link to (1040 or SCH C) box in box 1 of Form W-2G.
Select Choices from the Active Options Window.
Select either 1040 Other Income-Gambling or SCH C.
If linked to 1040 Other Income- Gambling you can view the linked income on Line 8b.
First ID and Second ID
The software requires a first and second id be entered on Form W2-G.
Enter driver's license or other state id.
Enter the taxpayer's SSN.
. Use the taxpayer’s SSN as one and their driver’s license or id number as their second id.
Be sure to enter any state information in boxes 13-18. If that state taxes gambling income, ensure you file the appropriate state tax forms.
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