Submit the completed Forms W-2G and 5754 to the IRS by mail or electronically. For mailing, use the address provided in the IRS instructions. Electronic submissions can be made through the IRS e-file system. Make sure to provide statements to the winners and keep copies for your records. If you have any questions, contact the IRS at their official contact number or visit the IRS website at IRS.gov for more information.

The important dates for filing Forms W-2G and 5754 in 2024 and 2025 include the annual deadline for submitting the forms to the IRS. Make sure to file the forms by April 15th each year to comply with federal tax regulations.

The purpose of Forms W-2G and 5754 is to report gambling winnings and withhold the correct amount of federal income tax. These forms help ensure that gambling winnings are accurately reported to the IRS and that the appropriate amount of tax is collected. By following the instructions provided, payers can comply with federal tax regulations and avoid potential penalties.

• 1. Box 1: Enter payments of $600 or more if the payment is at least 300 times the wager.
• 2. Box 2: Enter the date of the winning event. This isn't the date the money was paid if it was paid after the date of the race (or game).
• 3. Box 3: Enter the type of wager if other than a regular race bet, for example, Daily Double or Big Triple.
• 4. Box 4: Enter any federal income tax withheld, whether regular gambling withholding or backup withholding.
• 5. Box 5: Not applicable.
• 6. Box 6: Enter the race (or game) applicable to the winning ticket.
• 7. Box 7: Enter the amount of additional winnings from identical wagers.
• 8. Box 8 or 10: Enter the cashier and/or window number making the winning payment.
• 9. Box 9: This is required information. Enter the TIN of the person receiving the winnings. For an individual this will be the social security number (SSN) or individual taxpayer identification number (ITIN). If the winner fails to give you a TIN, backup withholding applies.
• 10. Boxes 11 and 12: As verification of the name, address, and TIN of the person receiving the winnings, enter the identification numbers from two forms of identification, one of which must include the payee's photo.
• 11. Boxes 13 Through 18: These boxes are provided for your convenience only and need not be completed for the IRS. See State Tax Information and Local Tax Information, earlier.

Failing to submit Forms W-2G and 5754 can result in penalties and interest charges.

• Penalties: You may be subject to financial penalties for failing to file the required forms on time or for providing incorrect information.
• Interest Charges: Interest may accrue on any unpaid taxes if the required forms are not submitted in a timely manner.

• 1. Reporting Gambling Winnings: Use Form W-2G to report gambling winnings when the payment meets or exceeds the reporting thresholds.
• 2. Withholding Federal Income Tax: Use Form W-2G to withhold federal income tax from gambling winnings when required.
• 3. Payee Identification: Ensure payees provide the necessary identification information to comply with federal regulations.
• 4. Backup Withholding: Use Form W-2G for backup withholding when the winner does not provide a correct taxpayer identification number.
• 5. Nonprofit Gaming Activities: Nonprofit organizations conducting gaming activities may be required to use this form for tax withholding and reporting.