Gambling Winnings & Losses
Are My Gambling Winnings From The Slot Machines Subject To Backup Withholding ?
If you do not provide your taxpayer identification number to the payer, the payer will not withhold tax. Winnings from slot machines, bingo or keno are not subject to the 28% income tax withholding rules. If you do not provide your taxpayer identification number to the payer, the payer will withhold tax at the 31% backup withholding rate.
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.