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Indeed, there's a size limit on reportable winnings that trigger the necessity of a W-2G. There's also potentially different requirements that trigger tax with
by jdmichal 3y ago
Indeed, there's a size limit on reportable winnings that trigger the necessity of a W-2G. There's also potentially different requirements that trigger tax withholding by the payer.
It's generally $600 for winnings, and $5000 for withholding.
https://www.irs.gov/pub/irs-news/at-01-17.pdf https://www.irs.gov/pub/irs-news/at-01-17.pdf
https://www.irs.gov/pub/irs-tege/gaming_withholding_reporting_threshold.pdf https://www.irs.gov/pub/irs-tege/gaming_withholding_reportin...