{"id":30345,"date":"2022-01-21T04:21:22","date_gmt":"2022-01-21T10:21:22","guid":{"rendered":""},"modified":"2022-01-21T04:24:33","modified_gmt":"2022-01-21T10:24:33","slug":"taxes-on-casino-winnings","status":"publish","type":"post","link":"https:\/\/www.casino.org\/blog\/taxes-on-casino-winnings\/","title":{"rendered":"Do You Have To Pay Taxes On Casino Winnings?"},"content":{"rendered":"\n
You have finally gotten those sevens to line\nup in the window of your favorite slot machine, or maybe you laid down that\nRoyal Flush on Mississippi Stud you’ve been waiting years on. <\/p>\n\n\n\n
The taxman is probably the farthest thing from\nyour mind. <\/p>\n\n\n\n
But the sad reality is, you’re going to have\nto pay taxes on a slot jackpot of $1,200 and up, and most table games jackpots\nthat are more than 300 to 1.<\/p>\n\n\n\n
Strictly speaking, of course, all gambling winnings, no matter how small, are considered income in the US. <\/p>\n\n\n\n
And the IRS<\/a> expects you to report them – whether it is $1 or $10,000 – on your 1040 tax form<\/a> as “other income”. <\/p>\n\n\n\n But in certain situations like a slot or table games jackpot, the casino will generate a Form W-2G<\/a>, which outlines to the IRS what you’ve won and whether or not taxes were paid. <\/p>\n\n\n\n Federal Withholding is 24 percent on a W-2G for US citizens and 30 percent for non-citizens.<\/p>\n\n\n\n We certainly aren’t tax experts, but we can\nwalk you through the process of when casinos issue a W-2G and what you can expect.\n<\/p>\n\n\n\n But first off, “Congratulations on your big win!”<\/p>\n\n\n\n …which is precisely what you are likely to hear right before casino staff starts asking for ID and your Social Security Number (SSN). And in some cases, whether or not you’d like Federal Withholding tax withheld.<\/p>\n\n\n\nWhen To Expect A Form W-2G<\/strong><\/h2>\n\n\n\n