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Easily manage key IRS forms like Form W-9, Form 8655, FinCEN BOIR and more.
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General
What is Form W-2G?
Form W-2G, is used to report gambling winnings and any federal income tax withheld on those winnings. It must be filed by casinos, racetracks, lotteries, or any other entities that award qualifying gambling prizes
This form helps the IRS and winners accurately track and report gambling income. Winners must include the information from Form W-2G when filing their federal tax returns.
Important Deadline for filing Form W-2G
| Filing type | Deadlines |
|---|---|
| Sending winner’s copy | January 31, 2025 |
| Paper filing | February 28, 2025 |
| IRS e-filing | March 31, 2025 |
Penalties
| Scenario | Penalty per return | Penalty per year |
|---|---|---|
| Failure to file on time | $60 | $683,000 ($239,000 for small business) |
| after 30 days before August 1 | $130 | $2,049,000 ($683,000 for small business) |
| after August 1 or not filed | $340 | $4,098,500 ($1,366,000 for small business) |
| Intentional Disregard | $680 | No limit |
Filing Form W-2G with TaxZerone
Step 1: Login to your TaxZerone Account
Step 2: Choose Form W-2G and the Tax year including details of payers and winner’s name, address and TIN along with the Gambling Winnings information
Step 3: Submit the form to the IRS and issue the winner’s copy via ZeroneVault or send it to the mail.
About TaxZerone®
TaxZerone® is an IRS-authorized e-file service provider that helps businesses and individuals file multiple IRS forms, such as excise, employment tax, extension, information returns, and tax-exempt forms, easily and securely.
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