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This article provides an overview of how to add 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
Select Add Form.
Locate and select highlight Form W-2GW2-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.
The software requires a first and second id be entered on Form W-2G. 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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