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acroffut
New Member

W-2G for business?

I am a self employed poker (gambling) player.  I have a W-2G that I would like to associate with my "business", but option only comes up under "personal".  Also gambling is my main source of "business". Is there a way to fill that in under my self-employed "business" tab.
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IsabellaG
Expert Alumni

W-2G for business?

See this discussion about this issue with SuperUser TaxGuyBill. He outlines a way to report the income from your W-2G so that the IRS will see that it's reported, but then is subtracted from the return, so that you can "re-report" the income as Business income.

https://ttlc.intuit.com/questions/3393814-i-m-filing-sched-c-as-professional-gambler-for-winnigs-rep...

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6 Replies
IsabellaG
Expert Alumni

W-2G for business?

See this discussion about this issue with SuperUser TaxGuyBill. He outlines a way to report the income from your W-2G so that the IRS will see that it's reported, but then is subtracted from the return, so that you can "re-report" the income as Business income.

https://ttlc.intuit.com/questions/3393814-i-m-filing-sched-c-as-professional-gambler-for-winnigs-rep...

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acroffut
New Member

W-2G for business?

This is exactly the answer I was looking for.  Thank you!
IsabellaG
Expert Alumni

W-2G for business?

You're welcome!
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W-2G for business?

Is there a working link to this discussion?

Jmangum92126
Returning Member

W-2G for business?

I can't seem to get to the link in this discussion about Schedule C w-2G. Can you help?

MonikaK1
Expert Alumni

W-2G for business?

Yes, you can declare your W2G income as business income with TurboTax if you are a professional gambler.  Go to federal>wages and income> self-employment if using TurboTax Online.

 

After you are working in the self-employment section and enter the profile for your gambling business, then the program will ask you about your income. Here you will indicate this is "other self-employed income". You will enter the income in the self-employment section rather than in the W-2G section.

 

The next screen will ask what type of income it is.  Here you will indicate this is W2G Gambler income and the amount. It is critical to note the income came from a W2G because if it isn't mentioned, the IRS may question you later on asking why you didn't report your W2G as other income in your return. 

 

To receive credit for withholding on Form W-2G that you are reporting as self-employment income:

 

  1. With your return open, go to Federal > Deductions & Credits > Estimates and Other Taxes Paid > Income Taxes Paid.
  2. Click Start next to Withholding not already entered on a W-2 or 1099 under Other Income Taxes Paid in 2021.
  3. Click Yes.
  4. Enter your federal and state withholdings, if applicable. Click Add another if you want to report the withholdings from each W-2G separately.

Please see this thread for another discussion of this issue.

 

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