Gambling Winnings & Losses
Are My Gambling Winnings From The Lottery Subject To Backup Withholding ?
Generally, backup withholding applies to slot machine winnings and bingo for winnings of $1,200 or more. The amount of the winnings and withholding will be reported on Form W-2G.
Note If you need professional help with "Gambling Winnings & Losses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.