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Form W-2G North Carolina: What You Should Know

If you have won money playing a gambling game, you may  file Form W-2G to report tax withheld on these winnings (with W-4s) when you file your federal tax return. Form W-2G For Other Taxpayers‥ In North Carolina, you do not need to file Form W-2G to report payouts from winning games and wagering pools. You must report winnings (on wagering transactions, sweepstakes, wagering pools, lotteries, gambling games, and gambling exclusions) when you file your Federal tax return. Form W-2G For Certain Gambling Winnings Form W-2G ‐ Certain Gambling Winnings reports gambling winnings (on wagering transactions, sweepstakes, wagering pools, lotteries, gambling games, and gambling exclusions) to state and federal tax authorities for withholding. If you have won money playing a gambling game, you may  file Form W-2G to report tax withheld on these winnings (with W-4s) when you file your North Carolina state tax return. Form W-3, North Carolina Lottery Form, Report Gambling Winnings The North Carolina lottery tax rate is 7%. Lottery winnings, including cash, winnings from lotteries, and wagering winnings are taxed (or withheld) at the North Carolina state tax rate. The lotteries in North Carolina are called National Lottery. Enter an Amount For Your Lottery Winnings: Enter amount entered for your lottery winnings on the form above. Enter how many prizes you won for each type of lottery, and for each state. Calculate Your Exclusion Amount: If you would not have paid state income tax for each month if you had not won any prizes at the North Carolina lottery, you should deduct the amount you won from your total winnings. Example: If you won 200, but you also had 100 in sales tax, you would deduct 200 from your total gain for the year. You could use this same calculation to figure the 100 exclusion for North Carolina.

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