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Form W-2G Texas: What You Should Know
However, the IRS discourages people to claim all the gambling winnings from all sites they play on. Instead, they recommend claiming one-half of the income earned on the site, even if the winnings are large. The following are some tips for reporting and calculating gambling income. Some tips are specific to the federal income tax withholding laws. The amounts you owe are based on income. What this means is the person who collects your wager is getting paid the same amount you received based on your winnings; the only difference, depending on whether you are reporting gambling winnings based on total winnings from all gambling activities. The gambling laws and rules vary by state. We offer several resources (for example, this tutorial) to help you learn which rules may apply to your specific scenario, as well as other resources where you will find more information. If you are not sure how to use each section, start reading the information in the following sections: Tax Forms Step 1: Fill out your federal, state, and territorial forms. Step 2: Fill out the Social Security Number section, using the numbers listed in Step 3. You do not need to input the exact name and Social Security Number(s) used. Use any valid Social Security Number(s) you have. Do not use your spouse's Social Security Number for Social Security purposes. See the Federal Law for more information. Step 3. Enter your Social Security number on page 2. Step 4. Enter the amount of gambling winnings shown on the W-2G form, and the IRS withholding amounts you are paid. Step 5. Add up all the total amounts shown on the W-2G form, which is the total of all your winnings from gambling activities. Step 6. Add all the amount of taxes withheld from your gambling winnings, then add your child's taxes (if applicable). If you are a non-dependent spouse : This is the parent who received all of your income. Enter the total amount received from gambling activities, then add your child's taxes. Step 7. Subtract the amount of taxes withheld that was in addition to the amount of income reported on your W-2G form. Then subtract the amount received from gambling activities.
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