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Form W-2G ND: What You Should Know
The individual has to report this information even if the amount won is zero, as the information on Form W-2G is used to compute tax liability on future winnings. Federal income tax withheld on taxable winnings from any slot machines, craps, or similar betting devices as of November 12, 1991. Qualified gambling winnings. W2G (Forms W-2G and 5754). May be used to calculate taxes on any gambling winnings if the following conditions apply: The individual won a wage, salary, commission, tip, or other regular pay or compensation for doing work which the individual can prove to be gambling winnings, including wagers or wagering of money or other valuable property. The earnings report the first three pages of the form. All other information on form W-2G (Forms W-2G and 5754) should be submitted with all non-business-related income. There are many forms you can use the form on. Just fill it out as directed and submit it to the IRS.
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