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Fullerton California online Form W-2G: What You Should Know

The information on the tax form includes your name, address and Social Security number and the payer's name and address.  The tax form is available online from your state tax agency. WILLFUL UNDERMINING OF INCOME OR ACTUAL COST. This report has a field for reporting income that you do not recognize as income and a field for reporting losses you or your spouse has incurred in an amount not more than what you, or they earned during the tax year. You may recognize these losses because of the losses incurred by you or your spouse or your dependent spouse.  If your income is more than your losses, and you have had a break in your employment (for example, you took a new job or joined a new trade or business), you may also recognize these losses, even if they are more than the average net income (before and after taxes) for this tax reporting year. This amount is the “recovery” loss which for you or your spouse is the lowest of: (i) your adjusted gross income for the tax year (after deductions for certain income tax withheld that are based on your source of income rather than your employer); or (ii) your “reduction” in excess of net income for the tax year for income taxes withheld on wages, interest, and dividends. When you or your spouse reports this recovery loss, the employer will withhold the tax at the least of 20% or the amount of the recovery that you or your spouse has reported as a deduction on a Form 1040. If you have filed more than one Form 1040, you must attach two sets of the information. Please see IRS Publication 523, Business Expenses, as well as the information on page 21 of this publication. The IRS Form 1040-C tax form and publication provide information on recoveries. See IRS Publication 524, General Instructions for the U.S. Income Tax, available at the tax agency's Website or at. Your Form W-2G Certain Gambling Winnings will report profits that include the full fair market value of any winnings. Other forms such as Form 1099 or Form W-2G can provide information only on the gambling winnings. These forms do not indicate whether any losses were incurred.

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