Do I have to enter 72 different W2-G.? Also how do I enter my Win/ Loss Statement?

Yes, you can combine your 72 Form W-2G forms to report them in TurboTax. However, it is recommended that you:

1. Only combine W-2G's from the same casino (so the Casino's EIN matches).
2. Also, have a spreadsheet for documentation (if requested by the IRS) of calculation totals. 
   

Your win/loss statement does not get entered into TurboTax. Add your winnings from Form W-2g and if you itemize 

To add Form W-2G (gambling winnings)

To add a W-2g 

1. Sign In or Open TurboTax.

2. Select "Take me to my return"

3. Select "Search" or "Help" icon.

4. Type "W-2g" and select "Jump to W-2g" 

5. Answer "Yes" on the Gambling Winnings screen and follow the instructions to enter your W-2g.

6. Add your gambling Losses on the "Let us know if you had any gambling losses in 2017" screen.

Is it OK when combining from the same casino, that the cashier (box 😎 is different on the forms?

I just want to confirm I have this information correct. 

 

Example if I have 68 W2-G from the Peppermill Casino and they total 65,500.00 I can enter it as one (1) W-2G for the full amount? 

Yes please do and save yourself a lot of unneeded entering.

I understand that I can enter as a combined W2-G as long as they are from the same Casino. What would I enter as the winning date and casher?

Leave the date and cashier blank. 

 

 

So long as the EIN of the payor is the same on all W-2G's, you can combine them and make a single entry.

 

Understand this ... the IRS only gets the total of the winnings on the tax return.  All those entries in the program is for your use only and are not sent with the return at all.   The program just acts like a calculator adding up all those amounts.  You can skip the W-G entries all together and simply enter the total if you wish.   The IRS will match your total with the forms they get from the issuer. 

 

 

 

Don't combine by EIN!  I did this in 2019, and the IRS just reached out and rejected it.  I sent a response and showed exactly what I did, and they still rejected it.  My only recourse was to amend my return and enter every w2g separately.  I recently did this and am waiting on their response. 

30 years in the business and I have yet to enter one single W-2G form in any tax program ... simply put the total winnings on the appropriate line with zero IRS issues. 

 

Now if you have any withholdings on any of the forms, to get that in the program you will either need to make one W-2g entry  OR  put that in the other tax situations section next to the estimated payments.  

Same here, tried to find an easier way to input the hundreds of W2-G’s and now are under an audit for 2019. 

I just spoke to a Turbo Tax expert and she told me that you can only combine them if the EIN, date, cashier, and window number are the same. Is this true? 

NOT true ... only need the EIN to be the same. 

That is correct. You cannot combine them if they have different Federal EIN numbers or different state EIN numbers. The IRS get's copies of these too, so everything needs to match what they received.

Right, the EINs are the same, my question was regarding the date, window, cashier, etc.

So am I correct in interpreting that your answer is also that only the EINs have to match and not all of those other variables? I just don’t want to get red flagged for taking a shortcut. 

If the EIN's are the same, you can add them together.  Keep everything together with your 2022 tax records.

So I had 9 W2Gs and I added up my winnings and put that total into the box.  

 

My "winnings" end up being around 20,000, but when I pull up my win/loss statement it shows (these are estimated numbers, not exact)

 

Cash

- 62000

Results

66000

 

Win/Loss

3300

 

I sure as hell didn't gamble 62k of my own money, so do what do I put as my losses in TT? I'm also confused about that 20000 number from the W2Gs. Did I do something wrong?

It depends.

 

A Win/Loss statement estimates what an individual customer won or lost throughout a calendar year based on player monitoring data. The Win/Loss (Tax) Statement you will receive is only an unconfirmed estimate of your slot and table game win/loss that you may compare to your own records and is not a replacement for the records needed by relevant State and Federal tax regulations. Winnings from gambling are completely taxable, and you must disclose them on your tax return. This article from a CPA site has some good information.

 

Track your winnings by keeping accurate logs and receipts, such as:

• Entry tickets and fees
• Wager statements
• Payment slips

Such receipts also come in handy if you itemize tax deductions and can deduct your gambling losses. You can deduct gambling losses only up to the extent of gambling winnings, and the losses can't exceed the winnings. For example, if you wagered $5,000 and won $2,000, you can only deduct $2,000 in losses. 

 

See this tax tips article for more information.

I am not concerned with paying for gambling winnings. I want to know if I can add all the W2Gs won in a determined casino. I drive seniors to casinos as a volunteer and some days I have 8 W2gs myself. I have a box of those forms and I just don't want to input one by one. Also not concerned with "losses" because at the end of the day I use winnings from one jackpot to make others. 

 

Thank you 

If the EIN's are the same, you can add them together.  Keep everything together with your 2022 tax records.

 

So - in theory, if you leave the date blank, and combine all the winnings through the year - aren't you then required to divide up those winnings quarter by quarter - to calculate any penalty. In other words, if you won say 100,000 on Jan 1 2024 - you would theoretically be responsible for en estimated tax payment.  If you won on 12/31/2024, you would not.  If you take all of the winnings throughout the year - how is this handled?

If you expect to owe more than $1,000 in federal taxes for the tax year, you may need to make estimated quarterly tax payments using Form 1040-ES, or else face a penalty for underpayment. You could also have withholding taken from the larger winnings if it isn't already being done.

 

If your federal income tax withholding (plus any timely estimated taxes you paid) amounts to at least 90 percent of the total tax that you will owe for this tax year, or at least 100 percent of the total tax on your previous year's return (110 percent for AGIs greater than $75,000 for single and separate filers and $150,000 for married filing joint), you most likely will not need to make estimated tax payments.

 

See this TurboTax tips article for more information.

 

Taxpayers have the option to prepare estimated tax forms 1040-ES and complete the amounts. The IRS does not prepare them, though they have some good resources for estimating taxes due (see here for more information). 

 

If you have an underpayment penalty on your return, visit or revisit the Other Tax Situations section and review the Underpayment Penalty information to confirm it is correct. Go through the interview and follow the prompts; when you get to the Penalty Waivers screen, answer "yes" if you qualify for a disaster exception, then "yes" at the next screen to request a waiver of the penalty, in all or part. Enter the reason in the field provided.

 

If your federal income tax withholding (plus any timely estimated taxes you paid) amounts to at least 90 percent of the total tax that you will owe for this tax year, or at least 100 percent of the total tax on your previous year's return (110 percent for AGIs greater than $75,000 for single and separate filers and $150,000 for married filing joint), you most likely will not need to make estimated tax payments.

 

See this TurboTax tips article for more information.

 

Taxpayers have the option to prepare estimated tax forms 1040-ES and complete the amounts. The IRS does not prepare them, though they have some good resources for estimating taxes due (see here for more information). 

 

If you have an underpayment penalty on your return, visit or revisit the Other Tax Situations section and review the Underpayment Penalty information to confirm it is correct. Go through the interview and follow the prompts; when you get to the Penalty Waivers screen, answer "yes" if you qualify for a disaster exception, then "yes" at the next screen to request a waiver of the penalty, in all or part. Enter the reason in the field provided. You could also have withholding taken out of some of the larger winnings. If gambling winnings are a significant source of income, withholding makes sense. You could also 

 

If TurboTax is showing an underpayment penalty on your return, visit or revisit the Underpayment Penalty section under Other Tax Situations and answer the interview questions. The penalty calculation may change based on your answers, including information about when your withholding was applied. In addition, if you believe you qualify for a waiver of the penalty, you can request a waiver in that section.

 

The IRS may reduce an underpayment penalty if any of the following apply:

• You or your spouse (if you file a joint return) retired in the past 2 years after reaching age 62 or became disabled and you had reasonable cause to underpay or pay your estimated tax late. See Waiver of Penalty in Instructions for Form 2210PDF.
• You had most of your income tax withheld early in the year instead of spreading it equally through the year. 
• Your income varies during the year. Complete Form 2210, Schedule AI, Annualized Income Installment Method PDF(found within the form).

The penalty for underpayment of estimated tax can also be removed to the extent that the underpayment is the result of a casualty, local disaster, or other unusual circumstance such that it would not be fair to impose the penalty.

 

See here for information about different TurboTax tools you can use to calculate withholding and estimated taxes.

 

@mm1111 

 

 

If you expect to owe more than $1,000 in federal taxes for the tax year, you may need to make estimated quarterly tax payments using Form 1040-ES, or else face a penalty for underpayment. You could also have withholding taken from the larger winnings if it isn't already being done.

 

If your federal income tax withholding (plus any timely estimated taxes you paid) amounts to at least 90 percent of the total tax that you will owe for this tax year, or at least 100 percent of the total tax on your previous year's return (110 percent for AGIs greater than $75,000 for single and separate filers and $150,000 for married filing joint), you most likely will not need to make estimated tax payments.

 

See this TurboTax tips article for more information.

 

Taxpayers have the option to prepare estimated tax forms 1040-ES and complete the amounts. The IRS does not prepare them, though they have some good resources for estimating taxes due (see here for more information). In TurboTax, visit Form W-4 and Estimated Taxes under Other Tax Situations to prepare quarterly estimates or prepare a Form W-4.

 

If you have an underpayment penalty on your return, visit or revisit the Other Tax Situations section and review the Underpayment Penalty information to confirm it is correct. Go through the interview and follow the prompts; when you get to the Penalty Waivers screen, answer "yes" if you qualify for a disaster exception, then "yes" at the next screen to request a waiver of the penalty, in all or part. Enter the reason in the field provided.

 

If your federal income tax withholding (plus any timely estimated taxes you paid) amounts to at least 90 percent of the total tax that you will owe for this tax year, or at least 100 percent of the total tax on your previous year's return (110 percent for AGIs greater than $75,000 for single and separate filers and $150,000 for married filing joint), you most likely will not need to make estimated tax payments.

 

See this TurboTax tips article for more information.

 

The IRS may reduce an underpayment penalty if any of the following apply:

• You or your spouse (if you file a joint return) retired in the past 2 years after reaching age 62 or became disabled and you had reasonable cause to underpay or pay your estimated tax late. See Waiver of Penalty in Instructions for Form 2210PDF.
• You had most of your income tax withheld early in the year instead of spreading it equally through the year. 
• Your income varies during the year. Complete Form 2210, Schedule AI, Annualized Income Installment Method PDF(found within the form).

The penalty for underpayment of estimated tax can also be removed to the extent that the underpayment is the result of a casualty, local disaster, or other unusual circumstance such that it would not be fair to impose the penalty.

 

See here for information about different TurboTax tools you can use to calculate withholding and estimated taxes.

 

@mm1111