- Gambling Winnings Reporting
- Gambling Winnings On 1099 Misc Tax
- Gambling Winnings Reported On 1099 Misc
- Form 1099 Gambling
- Gambling Winnings On 1099 Misc Calculator
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?
Jan 03, 2020 Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. Mar 23, 2019 Just putting 'gambling winnings reported on 1099-MISC' on Line 21 of the new Schedule 1 of the 1040 might be enough, but it might not. Getting a W-2G does not cause any confusion. The only way to offset gambling winnings with losses is to: 1. Have documentation of losses.
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.
Gambling Winnings Reporting
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 Tax
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:
Gambling Winnings Reported On 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,
Form 1099 Gambling
My stupid local sent me a 1099 for a $200 high hand win last year.My stupid local sent me a 1099 for a $200 high hand win last year.
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.
I know, I just wasnt expecting it and I already filed when I got it. I have not done an amendment and will see if the IRS sends me one if those nice letters like I got a few years ago when a similar thing happened.