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Massachusetts Form W-2G: What You Should Know

Feb 9, 2023 — New rules require that lottery winners report federal income tax and withholding on all lottery and wagering winnings of 600 or more. The total winnings reported in the W-2G form must exceed the annual taxable income reported on the tax form. (The annual taxable income is reported on Schedule E. Only taxes deducted before the winnings are reported on the W-2G are included in gross income.) Form W-2G (Rev. 01) — IRS March 4, 2023 — New income taxes withheld from prizes won at racetracks are not part of the winnings reported on Form W-2G (Rev. 01) and cannot be included in the income for reporting purposes. You are using a browser that does not support Flash. Please install the most recent Adobe Flash player available. Nov. 30, 2023 — Form W-2G (Rev. 01) — IRS. Nov 12, 2023 — Lottery and wagering winners will be able to take deductions in the form of taxes and withholding that exceed the annual taxable income. Form W-2G (Rev. 01) — IRS Dec. 12, 2023 — Lottery and wagering winners will no longer be able to take deductions in the form of taxes and withholding. The taxes and withholding included on this form must exceed the annual taxable income reported on the W-2G form. (The annual taxable income is reported on Schedule E. Lottery winnings only are included in income. If the winning amount is more than 800, you must file a Schedule C. Only taxes deducted before the winnings are reported on the W-2G are included in gross income.) Form W-2G (Rev. 01) — IRS. Lottery winners must file Form W-2G, Part G, to report winnings on March 4, 2022. The Forms W-2G (Rev. 01), 5754 (Rev. 01), 5755 (Rev. 01), and 5756 (Rev. 01) all provide the information and exemptions you need, no matter where you live.

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