The form itself will have a number of boxes, but for purposes of preparing your tax return, boxes 1, 2 and 14 are the most important. You should receive all of your W-2Gs by January 31st of each year. If you don't provide your Social Security number, the withholding will be at 28% and start at lower payment amounts. If the gaming facility does withhold taxes, it normally does so at the rate of 25 percent. In addition, payouts of more than $5,000 from any game with odds of at least 300-to-1 are subject to withholding.

Withholding is only necessary on your net winnings, which is the payout minus your initial wager, from a sweepstakes or lottery that is more than $5,000.

Keep in mind, however, that just because your gambling winnings are reported on a W-2G doesn't automatically require the withholding of income taxes reporting and withholding are two separate requirements. The IRS also requires other gambling winnings to be reported on a W-2G if the prize money is subject to tax withholding. Casinos and other gaming organizations will send you a W-2G when you win $1,200 or more on a slot machine or from bingo, keno jackpots of $1,500 or more, more than $5,000 in a poker tournament and all other games you win $600 or more at, but only if the payout is at least 300 times your wager.

Not all gambling winnings are subject to W-2G reporting. But did you know that the Internal Revenue Service expects you to report all of those winnings on your tax return? And in some cases, the gaming organization that pays your winnings must report it to the IRS on a W-2G form. If you enjoy gambling or playing the lottery, there's nothing better than beating the odds and winning some extra money. Hello, I'm Jill from TurboTax with some interesting information about reporting gambling winnings on your tax return.

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