Casino Compliance: Managing W-2G and 1042-S Reporting for Gambling Winnings
Casinos in the U.S. have specific IRS reporting obligations when it comes to gambling winnings. The two primary forms involved […]
IRS Form W-2G
Understanding Form W-2G for Slot Machine Winnings
Form W-2G is an IRS tax form used to report gambling winnings, including those from slot machines, that meet certain
What if the gambling winnings are offset by losses—can this be reflected on the W-2G?
No, gambling losses cannot be used to offset gambling winnings directly on Form W-2G. The form is strictly used to
Is Form 1095-B still relevant after the individual mandate penalty was reduced to $0 federally?
Yes, Form 1095-B is still relevant despite the federal individual mandate penalty being reduced to $0 starting in 2019 under
Does an international winner receive a W-2G or a 1042-S form?
International (non-U.S.) winners of gambling prizes should only receive Form 1042-S, which is specifically designed for reporting U.S.-sourced income paid
TPE1132 – Failed Due To Checksum Validation Error
The TPE1132 – Failed Due To Checksum Validation Error occurs in the IRS AIR system when the checksum validation of
How should non-cash gambling prizes (such as cars or trips) be reported on Form W-2G?
Non-cash gambling prizes, such as cars, trips, or other items, must be reported on Form W-2G (Certain Gambling Winnings) based
Are winnings from online gambling subject to Form W-2G reporting?
Yes, winnings from online gambling can be subject to Form W-2G reporting if certain thresholds are met, just like with
What if the winner is a non-U.S. resident, and they win a gambling prize in the U.S.?
If a non-U.S. resident (nonresident alien) wins a gambling prize in the United States, specific tax rules apply based on