Client gave me W-2G's for just about every week in 2013. They are yellow in color. Same have 2014 printed on them. I looked at about 20 so far and they are issued under the same Fed ID. Does the Casino mail out a summary adding up all these W-2G's issued throughout the tax year and if so what is that form #?
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They may issue a summary as a courtesy to their customers, but they're not required to. -
W-2g forms
1.The casino/gambling facility issues a W-2G when required by IRS at the time of payout for each 'payout' required so even if the TP has 3 payouts subject to reporting during the gambling session TP will get 3 W-2g forms.Originally posted by AZ-Tax View Post
2. Thus having more than 1 or 2 w-2G's even from the same establishment is not unusual.
3. Your facts indicate TP provided w-2G's form 2014: those, of course, are reported on the 2014 tax return.
4. As an aside, yearly statements or summaries from casinos are, imho, notorious for over simplification of losses and over emphasis on alleged winnings. Taxpayer should be advised to keep a session log for their casino/establishment gambling activities. Relying only on such statements is a great way to guarantee a CP2000 letter to the TP you will have to deal with in a later year.Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.Comment
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Do I need to add up each individual W-2G per payout or...
[QUOTE=mastertaxguy;166567]1.The casino/gambling facility issues a W-2G when required by IRS at the time of payout for each 'payout' required so even if the TP has 3 payouts subject to reporting during the gambling session TP will get 3 W-2g forms.
2. Thus having more than 1 or 2 w-2G's even from the same establishment is not unusual.
3. Your facts indicate TP provided w-2G's form 2014: those, of course, are reported on the 2014 tax return.
4. As an aside, yearly statements or summaries from casinos are, imho, notorious for over simplification of losses and over emphasis on alleged winnings. Taxpayer should be advised to keep a session log for their casino/establishment gambling activities. Relying only on such statements is a great way to guarantee a CP2000 letter to the TP you will have to deal with in a later year.[/QUOTE
Do I need to add up each individual W-2G per payout or did the Casino add up all W-2G's on one W-2G and mail to the winner shortly after the 1st of the year OR will I need to enter each W-2G the winner/taxpayer received in my tax software?Last edited by AZ-Tax; 10-09-2014, 12:24 PM.Comment
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Multiple w-2's
1. You may do whatever you wish or want to do.
2. Of course IRS will be looking for a document match(es).
3. Since these types of documents are normally line 21 (form 1040) entries, your software probably will allow you to enter each one and compute the total with a worksheet or separate listing for those w-2's you enter. If you are doing this by hand on paper, I suppose you could list the total amounts and maybe attach a list. If the W-2G's do not show any federal withholding there is no need to attach them to a paper-filed return.
4. If you decide to simply add up the totals (and ignoring session loss subtractions), I suppose you do that. However, there is a risk that at some point down the road you will need to show that you entered the correct total, which is why most tax professionals will enter each w-2G and either time stamp the form and/or initial the form showing that they both saw the form and entered the data. But you are, or course, welcome to do whatever you want.
5. As you know, if the TP had other gambling winnings for which he did not receive a w-2G those amount(s) are also reported on line 21.
6. Losses, outside of session losses, as you know, are listed on Schedule A, form 1040, line 28.
7. Your scenario isn't clear as to the last question you posted, but I doubt any casino issues a year end W-2G for its customers.Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.Comment
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It's my understanding the Casino's issue them with each win. I have a client that gets lots of them each year and I enter them singly.Comment
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I was afraid of that
I was afraid of that. I may end up entering 30 to 50 individually.Originally posted by Vickie View PostComment
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