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2018 Instructions for Forms W-2G and 5754

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2018 Instructions for Forms W-2G and 5754 Userid: CPM Schema: instrx Leadpct: 90% Pt. size: 9 Draft Ok to Print AH XSL/XML Fileid: … IW-2G&5754/2018/A/XML/Cycle08/source (Init. & Date) _______ Page 1 of 6 10:30 - 23-Jan-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Department of the Treasury 2018 Internal Revenue Service Instructions for Forms W-2G and 5754 Section references are to the Internal Revenue Code unless New Rules for Determining the Amount of the otherwise noted. Wager for Certain Gambling Winnings Future Developments All wagers placed in a single parimutuel pool and represented on a single ticket are aggregated and treated as a single wager for Information about any future developments affecting Form W-2G purposes of determining the amount of the wager with respect to or Form 5754 (such as legislation enacted after they were winnings from parimutuel betting on horse racing, dog racing, or published) will be posted at IRS.gov/FormW2G and IRS.gov/ jai alai. These new rules affect boxes 1 and 4 under the Form5754, respectively. Information about developments instructions for Horse Racing, Dog Racing, Jai Alai, and Other affecting these instructions will be posted on both pages. Wagering Transactions Not Discussed Later. See Regulations What’s New section 31.3402(q)-1(c)(1)(ii). Amounts paid with respect to identical wagers are treated as New regular withholding rate paid with respect to a single wager for purposes of calculating Effective for taxable years beginning after December 31, 2017, the amount of proceeds from a wager. Two or more wagers are the withholding rate under Section 3402(q) applicable to identical wagers if winning depends on the occurrence (or winnings of $5,000 or more from sweepstakes, wagering pools, non-occurrence) of the same event or events; the wagers are certain parimutuel pools, jai alai, and lotteries (formerly 25%) is placed with the same payer; and, in the case of horse races, dog now 24%. This change affects the rate listed in the Withholding, races, or jai alai, the wagers are placed in the same parimutuel Regular Gambling Withholding for Certain Games, Noncash pool. These new rules affect boxes 1, 4, and 7 under the payments, and Backup Withholding sections under Specific instructions for Horse Racing, Dog Racing, Jai Alai, and Other Instructions for Form W-2G; the Withholding section under 1. Wagering Transactions Not Discussed Later and for Horse Racing, Dog Racing, Jai Alai, and Other Wagering Sweepstakes, Wagering Pools, and Lotteries. See Regulations Transactions Not Discussed Later; the Withholding section section 31.3402(q)-1(c)(1)(iii)(A). under 2. Sweepstakes, Wagering Pools, and Lotteries; and the Withholding and Forms W-2G for Multiple Winners section under Reminders Specific Instructions for Form 5754. See P.L. 115-97, Title I, In addition to these specific instructions, you should also use the Subtitle A, Part I, Section 11001(a) for more information. 2018 General Instructions for Certain Information Returns. Those general instructions include information about the New backup withholding rate following topics. Backup withholding. Effective for taxable years beginning after December 31, 2017, Electronic reporting requirements. the backup withholding rate under Section 3406 applicable to Penalties. certain winnings where the winner doesn't furnish a correct When and where to file. taxpayer identification number (TIN) (formerly 28%) is now 24%. Taxpayer identification numbers. This change affects the rate listed in the Withholding, Regular Statements to recipients. Gambling Withholding for Certain Games and Backup Corrected and void returns. Withholding sections under Specific Instructions for Form W-2G; Other general topics. the Withholding section under 1. Horse Racing, Dog Racing, Jai Alai, and Other Wagering Transactions Not Discussed Later; You can get the general instructions at IRS.gov/OrderForms. and the Withholding section under 2. Sweepstakes, Wagering Pools, and Lotteries. See P.L. 115-97, Title I, Subtitle A, Part I, Payee identification rules for bingo, keno, and slot ma- Section 11001(a) for more information. chines. A payee of bingo, keno, or slot machine winnings must present two forms of identification, one of which must include the Expanded Payee Identification Rules payee's photo and one of which may be a properly completed Form W-9. For more information, see the instructions for boxes Except for a payee of winnings of a state-conducted lottery, a 11 and 12 under Bingo, Keno, and Slot Machines. payee of gambling winnings meeting the withholding thresholds from horse racing, dog racing, jai alai, sweepstakes, wagering Optional reporting method for bingo, keno, and slot ma- pools, lotteries, and certain other wagering transactions must chine winnings. A payer may use the optional aggregate present two forms of identification, one of which must include the reporting method to report more than one payment of reportable payee's photo. A completed and signed Form W-9 is acceptable gambling winnings from bingo, keno, or slot machines received as the other form of identification. Gaming establishments by a payee in a 24-hour calendar day or "gaming day" on a owned or licensed by a tribal government of a single information return. For more information, see the federally-recognized Indian tribe may waive the photo ID instructions for box 1 under Bingo, Keno, and Slot Machines. requirement for payees who are members of that tribe and present a tribal member identification card issued by the same tribe. Specific Instructions for Form W-2G File Form W-2G, Certain Gambling Winnings, to report gambling These new rules affect boxes 11 and 12 under the winnings and any federal income tax withheld on those winnings. instructions for Horse Racing, Dog Racing, Jai Alai, and Other The requirements for reporting and withholding depend on the Wagering Transactions Not Discussed Later and for type of gambling, the amount of the gambling winnings, and Sweepstakes, and Wagering Pools, and Lotteries. See generally the ratio of the winnings to the wager. File W-2G with Regulations section 31.3402(q) -1(e)(1)(v), (2)(ii), and (3). the IRS. You must provide a statement to the winner (Copies B and C of Form W-2G). Jan 23, 2018 Cat. No. 27989I Page 2 of 6 Fileid: … IW-2G&5754/2018/A/XML/Cycle08/source 10:30 - 23-Jan-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. The types of gambling are discussed in these instructions 1. The winner pays the withholding tax to the payer. In this under the following four headings. case, the withholding is 24% of the FMV of the noncash payment 1. Horse Racing, Dog Racing, Jai Alai, and Other Wagering minus the amount of the wager. Transactions Not Discussed Later. 2. The payer pays the withholding tax. In this case, the 2. Sweepstakes, Wagering Pools, and Lotteries. withholding is 31.58% of the FMV of the noncash payment 3. Bingo, Keno, and Slot Machines. minus the amount of the wager. 4. Poker Tournaments. If you use method 2, enter the sum of the noncash payment Reportable Gambling Winnings and the withholding tax in box 1 of Form W-2G and the withholding tax paid by the payer in box 4. Report gambling winnings on Form W-2G if: 1. The winnings (not reduced by the wager) are $1,200 or Backup Withholding more from a bingo game or slot machine, 2. The winnings (reduced by the wager) are $1,500 or more You may be required to withhold 24% of gambling winnings from a keno game, (including winnings from bingo, keno, slot machines, and poker tournaments) for federal income tax. This is referred to as 3. The winnings (reduced by the wager or buy-in) are more backup withholding. You should backup withhold if: than $5,000 from a poker tournament, The winner doesn't furnish a correct taxpayer identification 4. The winnings (except winnings from bingo, slot machines, number (TIN), keno, and poker tournaments) reduced, at the option of the Regular gambling withholding hasn't been withheld, and payer, by the wager are: The winnings are at least $600 and at least 300 times the a. $600 or more, and wager (or the winnings are at least $1,200 from bingo or slot machines or $1,500 from keno or more than $5,000 from a poker b. At least 300 times the amount of the wager, or tournament). 5. The winnings are subject to federal income tax withholding (either regular gambling withholding or backup Figure any backup withholding on the total amount of the withholding). winnings reduced, at the option of the payer, by the amount wagered. This means the total amount, not just the payments in Tax-Exempt Organizations excess of $600, $1,200, $1,500, or $5,000, is subject to backup A tax-exempt organization conducting gaming activities may be withholding. required to withhold income tax and report on Form W-2G. See Report the amount you withheld in box 4 of Form W-2G. Also Pub. 3079, Tax-Exempt Organizations and Gaming. file Form 945 to report all backup withholding. You may use Form W-9, Request for Taxpayer Identification Number and Withholding Certification, to request the TIN of the recipient. There are two types of withholding on gambling winnings: (a) regular gambling withholding at 24% (31.58% for certain See the following instructions for each type of gambling for noncash payments) and (b) backup withholding at 24%. If a detailed rules on backup withholding. payment is already subject to regular gambling withholding, it isn't subject to backup withholding. Foreign Persons Regular Gambling Withholding for Certain Games Payments of gambling winnings to a nonresident alien individual or a foreign entity aren't subject to reporting or withholding on You may be required to withhold 24% of gambling winnings for Form W-2G.
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