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Gambling Winnings & Losses

Are My Gambling Winnings From The Lottery Subject To Backup Withholding ?

Generally, backup withholding applies to slot machine winnings and bingo for winnings of $1,200 or more. The amount of the winnings and withholding will be reported on Form W-2G.

Note If you need professional help with "Gambling Winnings & Losses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.