Transcription of Gaming Withholding and Reporting Threshold - IRS tax …
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Gaming Withholding and Reporting Threshold Forms Needed Game Form 1099 Required Form W-2G Proceeds Not Reduced by Wager Form W-2G Proceeds Reduced by Wager Form W-2G Withholding Required (1) Form 1042-S Foreign Payouts Verifiable Payments(2) Excise Tax (Based on the Wager) Slot Win (slot tourna ments with entry fee) $1,200 Yes No Bingo Win (Bingo Tournaments with entry fee) $1,200 Yes No Keno Win (1-20 games) $1,500 Yes No Keno Win (over 20 games) $1,500
blackjack, craps, roulette, baccarat, or big wheel 6 are exempt from withholding and reporting.) (3) See Revenue Procedure 2007-57 for poker tournament filing and withholding requirements. (4) For tournaments other than poker tournamens, entry fees must be analyzed to see if the entry fee is a wager, and if the proceeds
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