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Form W-2G online LA: What You Should Know
Do I Have to Include The Gross Amount of the Win in Income? Form W-2G “Certain Gambling Winnings”, Tax Guide for Individuals ‒ Do You Need an Estate Tax Return? For information on filing a federal estate tax return, please see Estate tax information for executors, trustees and administrators. What happens if I do not file a W-2G? If you do not file a W-2G by the due date, you will not owe any income taxes on the winnings. If you do owe taxes, you will receive a 1099 in the mail with additional information. You may be required to file an amended tax return. For additional information, read our complete article on reporting and paying taxes on gambling winnings. Do You Need to File an Estate Tax Return? For information on filing an estate tax return, please see For executor, trustees and administrators: Form 1041, Estate Tax Return — Filing the IRS Form 1041 can tell you more about your options when filing your tax return. The form is also designed for executors, trustees and administrators to report an estate's estate tax liability (including estate gifts) when they file a separate Form 1040, U.S. Estate. For more complete information about your options, check out the information on filing an estate tax return under Estate Planning, Estate Planning Tools, and Special, Inland Revenue Topics. Do You Have to File an Estate Tax Return to Avoid Paying Taxes? A common question is, do you have to file an estate tax return if you do not pay taxes on the winnings? The answer is yes. In Louisiana, if you are not required to file an estate tax return and have taxable gross income (before credit), you owe federal tax on your winnings as if it were taxable income. As a result, your winnings will add up to the federal estate tax liability, and you will owe the federal estate tax on the federal estate tax liability. Depending on how you earned the winnings, the amount the federal estate tax or federal alternative minimum tax (AMT) will add up to in 2015. The amount of federal estate tax will only be adjusted for inflation each year, so if you think it will be significant when your tax return is assessed, you might want to file now to get your tax return assessed this year.
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