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W2g Instructions 2023 Form: What You Should Know

IF: The winnings are over 1,300 but less than 1,600, you should enter the total amount. You may also enter a total for the year. In addition, you may enter a date on which you entered the lottery. IF: The winnings are over 600 and do not fit in either of box 1 or 2, you should enter the total amount of earnings (all types of winnings) and enter the total date that you did so for each type of win if one or more dates. You may also enter a total for the year. If winnings of different types were not won during the year the total will not be correct and must be entered separately.  What It Covers The IRS Form W-2G determines whether your gambling income can be included in gross income (defined later in the guide) for the year. Box 1-Reportable winnings. If winnings are in cash, enter the amounts. If winnings are in property other than cash or if the casino or betting establishment was a financial interest in an unrelated business, enter the dates the winnings were paid (this does not apply to gambling winnings earned by the casino or betting establishment). The casino's or betting establishment's financial interests include a person who is not the casino or betting establishment. Box 2-Date won. Enter the date that you won the gambling activity. (Example : Jan 31, 2023 if the date of the win is the first day of the year) Box 3 — Total winnings. Count both of the following: The total amount reported on line A above; and, If multiple parties made a single win on the same gambling play, include only the largest of the wins for tax purposes. (See box 2 for rules and examples) These rules exclude any winnings you receive on the same gambling activity from determining your gain or loss (other than gambling winnings).

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