- Can Gambling Winnings Be Reported On 1099 Misc
- 1099 Form For Gambling Winnings
- Gambling Winnings On A 1099 Misc
- Gambling Winnings On 1099 Misc Filing
Jun 06, 2019 Are gambling winnings on income as 1099 misc? Normally gambling winnings are reported on form W-2G. However you need to report your gambling or prize winnings as income in TurboTax (even if you didn't receive a W-2G) by following these steps.
Sep 10, 2019 Form 1099-MISC Additional Items You May Find Useful Form 1099-MISC Additional Items You May Find Useful More In Forms and Instructions. Current Year; Prior Year. File this form to report gambling winnings and any federal income tax withheld on those winnings. About Form W-9, Request for Taxpayer Identification Number and Certification. Gambling Winnings. You may not receive a 1099-MISC (you might get a W-2G), but either way, you should include gambling winnings on your 1040. If any income tax was withheld, as sometimes happens with large payouts, you’ll also account for this on your 1040. If you had winnings, you can deduct gambling losses, but only up to the amount you won.
Joeman
![Gambling winnings reported on 1099 misc Gambling winnings reported on 1099 misc](/uploads/1/2/5/2/125201420/152957041.png)
I was at the local poker room last week, and they were running a high hand promotion that paid $1,300 to the winner. I asked the dealer if the winner would get a W2, but he said that any win over $600 got a 1099, not a W2. I didn't pursue it any further with him, and needless to say, I did not win the prize, but it got me wondering.
First, (and it may just be FL law) why is the threshold $600 and not $1,200? And more importantly, for income tax considerations, how would winnings reported on a 1099-MISC differ from those reported on a W2-G?
DRichFirst, (and it may just be FL law) why is the threshold $600 and not $1,200? And more importantly, for income tax considerations, how would winnings reported on a 1099-MISC differ from those reported on a W2-G?
Thanks for this post from:
The limit of $600 is standard for a 1099. A 1099 is for miscellaneous income not gambling income. The high hand is probably considered a promotion because it is not directly correlated to a fixed bet amount.
A 1099 may be more difficult to write your losses off against if you are not a professional player.
A 1099 may be more difficult to write your losses off against if you are not a professional player.
Joeman
Thanks for the info, DRich!
So, if I am not a professional, and I will be taking the standard deduction when I file, it sounds like there would be the same tax liability for 1099's vs. W2's?
I have received neither this year, so this wouldn't affect my taxes, but it might influence which promotions I try to go after in the future.
So, if I am not a professional, and I will be taking the standard deduction when I file, it sounds like there would be the same tax liability for 1099's vs. W2's?
I have received neither this year, so this wouldn't affect my taxes, but it might influence which promotions I try to go after in the future.
![Gambling winnings on 1099 misc 2017 Gambling winnings on 1099 misc 2017](/uploads/1/2/5/2/125201420/569205228.jpg)
DRich
Thanks for the info, DRich!
So, if I am not a professional, and I will be taking the standard deduction when I file, it sounds like there would be the same tax liability for 1099's vs. W2's?
I have received neither this year, so this wouldn't affect my taxes, but it might influence which promotions I try to go after in the future.
So, if I am not a professional, and I will be taking the standard deduction when I file, it sounds like there would be the same tax liability for 1099's vs. W2's?
I have received neither this year, so this wouldn't affect my taxes, but it might influence which promotions I try to go after in the future.
Disclaimer: I am not an accountant.
My understanding is that if you are not itemizing deductions, they will be the same.
Living longer does not always infer +EV
beachbumbabsAdministrator
Thanks for this post from:
I was at the local poker room last week, and they were running a high hand promotion that paid $1,300 to the winner. I asked the dealer if the winner would get a W2, but he said that any win over $600 got a 1099, not a W2. I didn't pursue it any further with him, and needless to say, I did not win the prize, but it got me wondering.
First, (and it may just be FL law) why is the threshold $600 and not $1,200? And more importantly, for income tax considerations, how would winnings reported on a 1099-MISC differ from those reported on a W2-G?
First, (and it may just be FL law) why is the threshold $600 and not $1,200? And more importantly, for income tax considerations, how would winnings reported on a 1099-MISC differ from those reported on a W2-G?
This is what the IRS instructs those who document via 1099-Misc:
Quote:
Can Gambling Winnings Be Reported On 1099 Misc
File Form 1099-MISC for each person to whom you have paid during the year:
at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
at least $600 in:
rents;
services performed by someone who is not your employee;
prizes and awards;
other income payments;
medical and health care payments;
crop insurance proceeds;
cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
payments to an attorney; or
any fishing boat proceeds,
If the House lost every hand, they wouldn't deal the game.
GWAE
My stupid local sent me a 1099 for a $200 high hand win last year.Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
DRich
My stupid local sent me a 1099 for a $200 high hand win last year.
That sucks, but it is not wrong on their part. They must file one if it is over $600, but if it is under it is up to them.
1099 Form For Gambling Winnings
Living longer does not always infer +EV
GWAE
That sucks, but it is not wrong on their part. They must file one if it is over $600, but if it is under it is up to them.
Gambling Winnings On A 1099 Misc
Gambling Winnings On 1099 Misc Filing
I know, I just wasnt expecting it and I already filed when I got it. I have not done an amendment and will see if the IRS sends me one if those nice letters like I got a few years ago when a similar thing happened.Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW