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I have gambling income but was issued the wrong form 1042S instead of W-G2 and the casino withheld taxes. How do I report the winnings and withholdings?

 
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5 Replies
ColeenD3
Expert Alumni

I have gambling income but was issued the wrong form 1042S instead of W-G2 and the casino withheld taxes. How do I report the winnings and withholdings?

While TurboTax does not support this form, you could enter the winnings under "Other Income". I would advise you to mail the return and attach Form 1042-S sot the IRS can match up the figures.

 

  • Select Federal TaxesWages & IncomeI'll Choose What to Work On
  • Scroll to Less Common Income, and select Miscellaneous Income, 1099-A, 1099-C
  • Select Other Income not already reported on For W-2 or for 1099

To enter the withholding:

 

You'll find the link to Withholding not already entered on a W-2 or 1099 under Federal Taxes > Deductions & Credits > Estimates and Other Taxes Paid. (Click the first screenshot below to enlarge it for reference.)

To enter local income tax not already entered on your W-2 or 1099:

  • Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in, click Take me to my return, then click Pick up where I left off.)
  • Click My Account (top right of your screen).
  • Select Tools.
  • In the pop-up window, select Topic Search.
  • In the search bar, type estimated.
  • In the results box, highlight estimated tax paid, then click GO.
  • You'll land on the Estimates and Other Income Taxes page. 
  • Scroll down to Other Income Taxes Paid in 2019 and click Start next to Withholding not already entered on a W-2 or 1099. (Click the second screenshot below for reference.)
  • You'll be able to include Other Withholding Not Already Entered, in your case, local income tax. (Click the third screenshot below for reference.)

 

 

 

bb mata
New Member

I have gambling income but was issued the wrong form 1042S instead of W-G2 and the casino withheld taxes. How do I report the winnings and withholdings?

Hi, I'm in new territory here: In  August I won money in OK and was given a 1042s form. For the past 6 yrs I've been filing form 1040 with Turbotax; now with this 1042s form I'm reading that I have to file form 1040nr!

 

Please advise.

JohnB5677
Expert Alumni

I have gambling income but was issued the wrong form 1042S instead of W-G2 and the casino withheld taxes. How do I report the winnings and withholdings?

Okay,  there's a lot of information I don't know.  Is this referring to Federal or State.  If you are a US citizen you will not have to file a 1040 NR.  If you are not a citizen you should have been filing one all along.

 

Now I expect that this will end up being about the states.  If you do not live in OK and you won money in that state you will have to file a non resident return in OK.  If you happen to live in TX there is no state tax so that will be the end of it.  If you live in a different state that does have an income tax you will have to report your winnings there too.  But, you will get a credit for the tax you paid in OK.

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bb mata
New Member

I have gambling income but was issued the wrong form 1042S instead of W-G2 and the casino withheld taxes. How do I report the winnings and withholdings?

Thank you for replying. It's a federal return. Are you stating in need to file an OK tax return as well?

JohnB5677
Expert Alumni

I have gambling income but was issued the wrong form 1042S instead of W-G2 and the casino withheld taxes. How do I report the winnings and withholdings?

Yes, Oklahoma is an income tax state and you will have to file there also.

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