W2-G threshold raised to $2k
July 22nd, 2025 at 4:46:55 AM
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https://www.wfla.com/news/national/jackpot-irs-threshold-for-slot-wins-changing-to-2000-officials-confirm
Report claims that in Trump's Big Bill the w2-g reporting threshold will be increased to $2k:
'a change tucked away in the “One Big, Beautiful Bill” that passed on July 3 will update the threshold'
Interesting that no one saw/reported this yet lots of people saw the reduced gambling deduction to 90% in the same bill?
Report claims that in Trump's Big Bill the w2-g reporting threshold will be increased to $2k:
'a change tucked away in the “One Big, Beautiful Bill” that passed on July 3 will update the threshold'
Interesting that no one saw/reported this yet lots of people saw the reduced gambling deduction to 90% in the same bill?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
July 22nd, 2025 at 6:31:25 AM
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Nobody found it because it does not appear to be in any version of the bill.
Strange - neither the United States Code nor the Code of Federal Regulations seem to have the $1200 W-2G mandate in them; in fact, the Internal Revenue Code (part of the U.S. Code) specifically says, "The tax imposed under paragraph (1) shall not apply to winnings from a slot machine, keno, and bingo."
(Paragraph 1 says that winnings of $5000 or more from a lottery or 'wagering pool' or any pari-mutuel bet that pays 300-1 or higher odds are subject to withholding.)
Also, the IRS's "Instructions for Form W-2G" say that the $1200 withholding for slot machines is "backup withholding," and "should" be done only if the winner does not supply "a correct taxpayer ID number," although the instructions also say to "report gambling winnings on Form W-2G if...the winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine." It may not be a law, but an IRS requirement of some sort, in which case, there is no law to change; it would be up to the IRS itself to change the reporting "requirement."
The code in question is Title 26, Section 3402(q).
Strange - neither the United States Code nor the Code of Federal Regulations seem to have the $1200 W-2G mandate in them; in fact, the Internal Revenue Code (part of the U.S. Code) specifically says, "The tax imposed under paragraph (1) shall not apply to winnings from a slot machine, keno, and bingo."
(Paragraph 1 says that winnings of $5000 or more from a lottery or 'wagering pool' or any pari-mutuel bet that pays 300-1 or higher odds are subject to withholding.)
Also, the IRS's "Instructions for Form W-2G" say that the $1200 withholding for slot machines is "backup withholding," and "should" be done only if the winner does not supply "a correct taxpayer ID number," although the instructions also say to "report gambling winnings on Form W-2G if...the winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine." It may not be a law, but an IRS requirement of some sort, in which case, there is no law to change; it would be up to the IRS itself to change the reporting "requirement."
The code in question is Title 26, Section 3402(q).
July 22nd, 2025 at 11:13:13 AM
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The 1099's were raised to $2,000, not the W-2G's. If you win a casino contest. This amount will go up with inflation from 2027 on. Poker tournament wins under $5,000.
The amount of backup withholding on W-2G's was raised to $2,000. People who don't fork over their ID with a sub-$2K hand pay won't be subject to backup withholding. But most casinos don't know the laws anyway so it's a bad idea to withhold ID, casino may not pay the JP
The threshold for W-2G's has not changed from $1,200.
Explained in this video at 17 min 8 sec. or 1028 sec. under the 1099 changes, W2G backup withholding section
The amount of backup withholding on W-2G's was raised to $2,000. People who don't fork over their ID with a sub-$2K hand pay won't be subject to backup withholding. But most casinos don't know the laws anyway so it's a bad idea to withhold ID, casino may not pay the JP
The threshold for W-2G's has not changed from $1,200.
Explained in this video at 17 min 8 sec. or 1028 sec. under the 1099 changes, W2G backup withholding section
July 22nd, 2025 at 11:33:23 AM
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Quote: 100xOddshttps://www.wfla.com/news/national/jackpot-irs-threshold-for-slot-wins-changing-to-2000-officials-confirm
Report claims that in Trump's Big Bill the w2-g reporting threshold will be increased to $2k:
'a change tucked away in the “One Big, Beautiful Bill” that passed on July 3 will update the threshold'
Interesting that no one saw/reported this yet lots of people saw the reduced gambling deduction to 90% in the same bill?
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I don't believe it and hope it is not true. I hope it eventually goes the other way and any wins and losses are reported.
You can't know everything, but you can know anything.
