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Not reporting a W2G?

Discussion in 'Misc. Vegas Chat' started by winner, Jul 22, 2018.

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  1. winner

    winner Low-Roller

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    Has anyone had a w2g say for around 2 grand and not claimed it on their taxes or what's the largest amount you didn't claim
     
  2. meyers67

    meyers67 VIP Whale

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    I’d also be interested to hear if anyone doesn’t claim them all.
     
  3. Texas Steph

    Texas Steph A Work in Progress...

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    Exactly.
    The IRS gets a copy of your W2, so if you don't claim it, you're just asking for an audit.
     
    • Agree Agree x 7
  4. JaxxLV

    JaxxLV Tourist

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    You either need enough w2g to itemize or just bite the bullet and report it. If you rarely play slots or if you rarely play high enough to get many w2g's you'd do better to have the fed tax withheld at win time. As stated above a copy goes to the IRS and the IRS's mentality is " if taxpayer fails to report a 2k win,what else are they forgetting".
     
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  5. merlin

    merlin MIA

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    It all gets reported now, if they have your SS #(which they do), and you dont report it, you'll be screwed(fines and interest). Pay what you owe, adjust your gambling practices if neccessary, but dont blame the iRS for your luck.
     
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  6. zoobrew

    zoobrew VIP Whale

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    Even if you don't get a full audit most likely you will get one of those computer generated IRS letters saying your records don't match theirs and please pay the following amount.
     
    • Agree Agree x 8
  7. vegasdev

    vegasdev VIP Whale

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  8. meyers67

    meyers67 VIP Whale

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    Responses agree with my understanding that the irs gets copies of W2gs and performs basic data checks on your return.
     
    • Agree Agree x 1
  9. Burnsie

    Burnsie VP Low-Roller

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    That is SO not advisable.
     
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  10. DDB

    DDB Low-Roller

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    I know someone who "forgot" about a W2G. Sure enough, a few months after filing their taxes, they got an IRS letter in the mail.
     
  11. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    No, because you will get a letter from this IRS stating that your tax return was invalid due to "mismatched W2-G". This happened to me but it was easy to resolve. You can either:

    1)Pay the amount of the taxes of the undeclared w2-G
    2)File an amended return with the previously unfiled w2-G and an updated loss amount.

    This did happen to me a couple of years ago when I had more than 20 W2-Gs and I missed a small one.
     
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  12. bnlphan

    bnlphan Degenerate In Training

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    The greedy bastages at the irs will wait ten years then stick you with a ton of interest and penalties. Dont think you got away with it if you tried. I know two people that this happened to.
     
    NYNY,Cannery,Sam's Town Jun4-11
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    • Wow! Wow! x 1
  13. FYMYAWF

    FYMYAWF VIP Whale

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    They'll always get you. I literally forgot about reporting one after my first handpay a few years ago, then a year or two later I got the bill. No sense not filing it, the gub'ment isn't going to let that stuff go, and the bill will usually come due at the worst time.
     
  14. HOUtoLAS

    HOUtoLAS High-Roller

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    Yep this happened to me as well, option 2 worked fine.
     
    • Agree Agree x 1
  15. jgates8

    jgates8 VIP Whale

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    I had a trip to Disney win that I never received the W2-MISC form on. It was approximately $7000 in value (and not just their overstated calculations lol). It included $1500 in Dick's Sporting GCs, airfare for 3, 5 day park tix for 4, 5 nights @ Beach Club etc. I called the sweeps company, I contacted Disney etc. I finally just filled it in on my form without the Fed ID # etc and put my calculated cost in. I was NOT going to risk it for that.

    Now I did also not receive a 1099 for an Atlantic City trip win from Caesars a few years back. Also requested from the sweeps company. Never received it. Emailed CET customer service. I calculated everything out on a scrap of paper and then laid it aside. So guess what. I didn't claim that. Luckily they must have never reported it either even though I filled out the form providing my SS# as I didn't receive any kickback on it. And I think that was 4?? years ago? Maybe 5?

    A W2 G though is easily replaceable from the casino. Wouldn't have the issues I was having. I would not dare to not claim it.
     
  16. Rush

    Rush MIA

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    Actually, the IRS give some of the best interest rates on these "short term loans"!
     
    • Agree Agree x 1
  17. nostresshere

    nostresshere Mr. Anti Debit Card

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    I have been doing 10-20 forms a year for many years. About 5 years ago, I opted to combine all of them from each casino when doing my taxes. I often wondered if it would cause an issue with the matching program, since the computer can not match individual W2Gs. Maybe they take the total from each casino and add up those filed? Now that I think about it, there is only one number that gets reported on your 1040 which is the total. So, they must do totals of all wins at all casinos.

    In any event, I report them all. And, not sure why one poster says you better get taxes taken out when you win. I see little reason for that in most situations. I have only done it twice and even then, I still did not pay taxes on the winnings. I just had other income and little to no witholding all year and needed to do so.
     
  18. DollyEnPrison

    DollyEnPrison Tourist

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    I have received up to 50 W2G's a year for the past 10 years and I have reported about 80% of them to the IRS. It's not that I am trying to avoid taxation, I just inevitably misplace a few of them each year. About six years ago I lost the entire envelope I was saving them in, so I just estimated the sum of the W2G's and added 10% for good measure and used that number as my gambling winnings. Naturally, I also deducted the same amount as gambling loses. In years I only lose a handful of W2G's, I will add $10K or so to my gambling winnings and as usual claim I lost the same amount I won.

    With all that being said, I have been audited 3 times over the last 10 years and none of that was gambling related. Once was for a large donation, once was for a health insurance penalty, and once was for using "round numbers." The round numbers came from some work I did for a company that disappeared off the face of the earth and so I couldn't get any income data from them so I just guessed they paid me $25,000. The IRS was suspicious of that, but apparently not from the random gambling totals I throw at them.

    That's not to say I won't be getting a letter from the IRS someday about unpaid gambling taxes. Perhaps since the IRS gets all your W2G's from the property you won at they don't raise any flags if you report the winnings (or slightly more) they were expecting but don't include the W2G's. If I had failed to report any gambling winnings, I think I would have certainly been flagged.
     
  19. SBTX

    SBTX Low-Roller

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    I forgot to claim one. Took two years but the irs finally caught it. Talk about a face-palm moment! I just forgot to put that little piece of paper in my file.
     
  20. Chuck2009x

    Chuck2009x VIP Whale

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    On the regular 1040, you just combine all your W2-Gs into a single number on line 21 and report it as Other Income - Gambling. You don't submit copies of the W-2Gs themselves, so you're correct the IRS doesn't try to match individual amounts, they're just looking for the total to match. Although I'm sure they could match them individually if they required you to submit a list or copies.

    I'm not sure what you mean when you say you opted to combine them, because I can't think of any other way anybody would do it, unless you attach a list or something, and I've never seen instructions where that's required.

    And then you offset them on Sch A (I haven't seen the 2018 forms, I presume you still would do it in the same place if you have enough, but most people won't be using Sch A anymore).

    This amount represented 3 separate W2-Gs from 3 different casinos:
    upload_2018-7-25_19-5-49.png

    Do you account for your W2-Gs as income somewhere other than line 21? Or did you used to attach a list or something?
     
    Last edited: Jul 26, 2018
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