Gambling Winnings On 1099 Misc
Jun 06, 2019 Are gambling winnings on income as 1099 misc? Normally gambling winnings are reported on form W-2G. However you need to report your gambling or prize winnings as income in TurboTax (even if you didn't receive a W-2G) by following these steps. Identify when to use Form W-2G and when to use Form 1099-MISC and how to report gambling winnings including slots, bingo, keno, table games, sweepstakes, lotteries, wagering pools, drawings, contests, tournament prizes and other events; Withhold the correct amount of tax from gaming winnings, for your U.S. Players and for your foreign visitors.
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First, (and it may just be FL law) why is the threshold $600 and not $1,200? And more importantly, for income tax considerations, how would winnings reported on a 1099-MISC differ from those reported on a W2-G?
A 1099 may be more difficult to write your losses off against if you are not a professional player.
So, if I am not a professional, and I will be taking the standard deduction when I file, it sounds like there would be the same tax liability for 1099's vs. W2's?
I have received neither this year, so this wouldn't affect my taxes, but it might influence which promotions I try to go after in the future.
Thanks for the info, DRich!
So, if I am not a professional, and I will be taking the standard deduction when I file, it sounds like there would be the same tax liability for 1099's vs. W2's?
I have received neither this year, so this wouldn't affect my taxes, but it might influence which promotions I try to go after in the future.
Disclaimer: I am not an accountant.
My understanding is that if you are not itemizing deductions, they will be the same.
Administrator
Gambling Winnings On 1099 Misc 2017
I was at the local poker room last week, and they were running a high hand promotion that paid $1,300 to the winner. I asked the dealer if the winner would get a W2, but he said that any win over $600 got a 1099, not a W2. I didn't pursue it any further with him, and needless to say, I did not win the prize, but it got me wondering.
First, (and it may just be FL law) why is the threshold $600 and not $1,200? And more importantly, for income tax considerations, how would winnings reported on a 1099-MISC differ from those reported on a W2-G?
This is what the IRS instructs those who document via 1099-Misc:
File Form 1099-MISC for each person to whom you have paid during the year:
at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
at least $600 in:
rents;
services performed by someone who is not your employee;
prizes and awards;
other income payments;
medical and health care payments;
crop insurance proceeds;
cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
payments to an attorney; or
any fishing boat proceeds,
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Casino Winnings 1099
My stupid local sent me a 1099 for a $200 high hand win last year.
Gambling Winnings 1099 Minimum
That sucks, but it is not wrong on their part. They must file one if it is over $600, but if it is under it is up to them.That sucks, but it is not wrong on their part. They must file one if it is over $600, but if it is under it is up to them.