SHORT ANSWER Yes, you can file your taxes even without the physical W2-G forms, especially if you know they are on file with the IRS. Since your attempts to obtain the forms directly from the payers have been unsuccessful, you can rely on your IRS Wage and Income Transcript to retrieve the necessary details. Keep in mind that you are still required to report all gambling income, regardless of whether you have the forms in hand.
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I appreciate the response. My issue is that the complete fein number on the IRS transcript is not there (only 4 digits) therefore I am unable to accurately input the information.
This is the most reliable method, as the transcript will contain the exact figures the IRS has on file, preventing any mismatches that could trigger an audit.
Access your IRS account:Go to the IRS website and create or log into your online account to access the "Get Transcript" tool.
Request a Wage and Income Transcript:This transcript provides the data the IRS received from information returns, such as W2-Gs. The unmasked version will show the full details you need to file accurately.
Use the transcript for filing:Enter the figures from the transcript into your tax return when reporting your gambling winnings.
Option 2: Report your winnings based on your own records
If you are unable to get an IRS transcript in time, you can estimate your income based on your own records. However, this is less accurate and could increase the risk of an IRS inquiry if your figures don't match what the agency has on file.
Gather documentation:Collect any records you have from the gambling establishment. This may include win/loss statements, receipts, credit card statements, or bank records of withdrawals and deposits.
Estimate winnings and withholdings:Use your documentation to calculate the amount of your gross winnings and any federal tax that was withheld.
Report the income:Report the total gross winnings as "Other Income" on your tax return. Most tax software has a specific section for gambling winnings not reported on a W2-G.
Deducting gambling losses
You can use your gambling losses to offset your winnings and reduce your tax liability, but only if you itemize deductions instead of taking the standard deduction.
Important considerations:
Keep a paper trail:Since the IRS has these forms, they expect you to report the income. Keep all records of your attempts to contact the payer, as well as your documentation of winnings and losses, in case of an audit.
State and local taxes:Remember that state and local tax authorities may also have their own reporting requirements. Check with your state's tax department for information on how to handle missing W2-G forms.
File on time:The IRS recommends filing on time even with missing documents to avoid penalties. If you get the forms later and the numbers don't match, you can file an amended return using Form 1040-X.
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