Archive for the tag: winnings

W2G – Gambling Winnings – TurboTax

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In this video I go through how to report Gambling winning from a IRS Form W-2G on TurboTax. This specific video is from 2021 tax year however the software and rules I speak of here still apply.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

#TurboTax #W-2G #GamblingWinnings

Do you have to pay taxes on casino winnings?

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Ever wonder what happens if you hit the jackpot?

If you win a jackpot of ,200 or more, then the casino’s going to give you a W2-G that you have to take home and report on your income taxes.

But in the same miner, you can deduct your gambling losses against those winnings.

What’s the biggest win you ever had?