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Reporting Your Winnings

REPORTING YOUR WINNINGS HOW MUCH WILL YOU HAVE TO PAY? %24 GENERAL IRS INFORMATION The IRS requires players to report their winnings in line 21 of Form 1040. Depending on how much players win, the casino will file a Form W2-G and withold 25-28% of their winnings for the IRS. Unless you reach a certain amount, though, casinos are not responsible for reporting your winnings. That amount differs by game. WINNING LIMITS BY GAME BLACKJACK NO W2-G FORM REQUIRED ROULETTE NO W2-G FORM REQUIRED CRAPS NO W2-G FORM REQUIRED BACCARAT NO W2-G FORM REQUIRED SLOT MACHINES $ 1200 BINGO $ 1200 12 5 6. 8 10 11 12 KENO $ 1500 13 14 15 16 17 18 1920 21 22| 23| 24 POKER TOURNAMENT $5000 Even though casinos aren't required to file W-2G forms for table games, they still report winnings and may withhold up to 28%. PERCENTAGE OF WINNINGS YOU MUST PAY The amount that you pay the IRS at the end of the year depends on how much income you earn in addition to your winnings. Most casinos, however automatically deduct 25% of qualified earnings for players who provide their social security number. If you don't provide a social security number, expect to pay 28%. AUTOMATIC TAXES AND TAKE-HOME EARNINGS BY GAME SLOT MACHINES 7 7 77 AUTOMATIC AUTOMATIC ТАКЕ НОМЕ EARNINGS TAX WITHOUT TAX WITH SSN EARNINGS SSN $500 NONE NONE $500 $1,000 NONE NONE $1000 $900 / $864 $1,200 $300 $336 $1,500 / $1,400 $2,000 $500 $560 $1,872 / $1,800 $2,500 $628 $700 $3,750 / $3,600 $5,000 $1,250 $1,400 $7,500 / $7,200 $10,000 $2,500 $2,800 12 3 ΚΕΝΟ 7 8. 10 11 12 AUTOMATIC 13 14 15 16 AUTOMATIC ТАКЕ HOMЕ EARNINGS TAX WITHOUT TAX WITH SSN EARNINGS 17 18 19 20 SSN 21 22 23| 24 25 26 27 28 29 30 31] 32 33 34 35 36 $500 NONE NONE $500 37 38| 39| 40 41 42 43 44 45 46 47] 48 49 50 51 52 $1,200 NONE NONE $1,200 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 $1, 125 / $1,080 69 70 71 72 $1,500 $375 $420 73 74 75 76 77 78 79 80 $1,500 / $1,400 $2,000 $500 $560 $1,872 / $1,800 $2,500 $628 $700 $3,750 / $3,600 $5,000 $1,250 $1,400 $15,000 / $ 14,400 $20,000 $5,000 $5,600 POKER TOURNAMENT AUTOMATIC AUTOMATIC ТАКE HOMЕ EARNINGS TAX WITHOUT TAX WITH SSN EARNINGS SSN $500 NONE NONE $500 $1,000 NONE NONE $1,000 $2,500 NONE NONE $2,500 $3,750 / $3,600 $5,000 $1,250 $1,400 $7,500 / $7,200 $10,000 $2,500 $2,800 $18,750 / $18,000 $25,000 $6,250 $7,000 $ 12,500 $37,500 / $36,000 $50,000 $14,000 $75,000 / $72,000 $100,000 $25,000 $28,000 Sources: http://www.irs.gov/taxtopics/tc419.html http://www.lasvegasdirect.com/taxes.html http://www.blog.turbotax.intuit.com/2012/03/30/how-are-gambling-winnings-taxed/

Reporting Your Winnings

shared by kryshana31 on Apr 07
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An infographic designed to help casino-frequenters with how to report their winnings when it comes down to tax reporting.

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