Does anyone know information about sportsbook winnings and reporting. The casino told me w2g was not reported on my winnings because it didn’t meet the criteria.Any info?

Forum|Forum|3 years ago
August 23, 2022
2 replies
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TurboTax Online

Bsch4477

Level 15

You probably won less than $600. This article should answer your questions.

https://blog.turbotax.intuit.com/income-and-investments/heres-how-gambling-on-college-and-professional-sports-affects-your-taxes-42523/?amp=1

pipettes-pinnaclAuthor

Level 2

Unfortunately I won not 600 but 6 figures.

Critter-3

Level 15

No matter if a tax reporting form is issued or not it is still reportable taxable income just like a $2 winning lottery ticket is ... so you report it in the TT program as winnings where a tax form was not issued.

Opus 17

Level 15

You owe income tax on all your winnings, and if you itemize your deductions, you can deduct losses. If audited, you may be required to prove the amount of your winnings and the amount of your losses. The fact that the casino did not issue the correct paperwork does not mean the winnings are tax-free. It might make it harder for the IRS to catch you, but if they do catch you for under-reporting a six-figure income, the penalties and late interest payments will be substantial.