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The payer must furnish a form w-2g to you if you receive: 1. $1,200 or more in gambling winnings from bingo or slot machines; 2. $1,500 or more in winnings (reduced by the wager) from keno; 3. More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament; 4. $600 or more in gambling winnings (except winnings. Both cash and the value of prizes are considered “other income” on your form 1040. If you score big, you might even receive a form w-2g reporting your winnings. The tax code requires institutions that offer gambling to issue forms w-2g if you win: $600 or more on a horse race (if the win pays at least 300 times the wager amount);. You use form w-2g to report certain gambling winnings. When you gamble and win more than a threshold amount – which varies according to the specific gambling activity – the casino or another gambling establishment deducts from your winnings an irs-prescribed withholding amount. What to do with a form w-2g, certain gambling winnings. In most cases, there won’t be much for you to do, actually. The party that pays out the winnings to you, a casino, sportsbook, lottery, etc. , is responsible for sending a completed form w-2g to you. Reportable gambling winnings report gambling winnings on form w-2g if: 1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine, 2. The winnings (reduced by the wager) are $1,500 or more from a keno game, 3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament, 4. Gambling winnings from bingo, keno, or slot machines received by a payee in a 24-hour calendar day or "gaming day" on a single information return. For more information, see the instructions for box 1 under bingo, keno, and slot machines. Specific instructions for form w-2g file form w-2g, certain gambling winnings, to report gambling
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