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Criminal Law/If a person wins less

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Question
If a person wins less than $600.00 in gambling is the casino required to give the person W-2G when the person asks for a W-2G form and asks the casino to deduct taxes.

Answer
The answer is no.  According to the IRS guidelines a person is required to report gambling winnings on Form W-2G if:

The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,

The winnings (reduced by the wager) are $1,500 or more from a keno game,

The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,

The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:

$600 or more, and

At least 300 times the amount of the wager, or

The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).

Remember that payments of gambling winnings to a nonresident alien individual or a foreign entity are not subject to reporting or withholding on Form W-2G.  

Criminal Law

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Jeffrey Hauck

Expertise

I would welcome the opportunity to answer questions relating to or related to the field of criminal law.

Experience

Criminologist. Professor of Criminal Justice. Licensed Private Detective with expansive clientele base encompassing hundreds of cases. Donates resources and time to the Children's Rescue Network in Orlando, FL.

Education/Credentials
Associate of Science; Bachelor of Arts; Master of Science, Doctor of Jurisprudence Degree.

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