Generally, if you win more than $5,000 on a wager, and the payout is at least 300 times the amount of your bet, the IRS requires the payer to withhold 24% of your winnings for income taxes. Gambling Taxes: Withholding Might Be Required But if your bet was just a friendly wager with a friend or you won an office pool … well, don't count on it. In any event, if your bet was with a casino, we're fairly certain you'll get the W-2G. Otherwise, for 2022 winnings, the payer must send the form to you by January 31, 2023. In some cases, you'll get the W-2G on the spot.
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