Under penalty of perjury, you’ll also need to sign the W-2G stating that the information listed on the form is correct. The amount withheld will be listed on Box 4 of the W-2G form you will receive.
Winnings from keno, bingo, slot machines, and poker tournaments are subject to special withholding rules. Generally, the IRS requires payers to withhold 24% of your winnings for income taxes if you win more than $5,000 on a bet and the payout is at least 300 times the amount of your wager. Are You a Lawyer? Grow Your Practice What Are the Tax Implications of Gambling Earnings?Īny earnings won from gambling, betting, and playing lotteries are taxable income, even if that income is from illegal activity.
