One copy needs to go to the IRS, as well.Īside from slot winnings, Form W-2G is issued to winners of the following types of gambling activities like: Either way, a copy of your Form W-2G should be issued, showing the amount you won alongside the amount of tax withheld. If, however, you didn’t provide your Social Security number (or your Tax Identification Number), in that case the withholding will be 28%. So, if the winnings are reported through a W-2G Form, federal taxes will be withheld at a rate of 25%. In case it happens to you and you snag that big win (which we hope one day you will), it’s useful to know that casino or other payer must give you a W-2G Form, listing your name, address and Social Security number.

In other words, all your gambling winnings have to be reported on your tax return as 'other income' on Schedule 1 (Form 1040), line 8. So, if the amount won on a slot machine is higher than $1200, the casino is required to report it. Apart from slot machines, the same applies to winnings from lottery, bingo, keno, poker or other games of chance. Do I Have to Report All Winnings?Īll gambling winnings received from slot machines are subject to federal taxes, and both cash and non-cash winnings (like a car or a vacation) are fully taxable. As the minimum legal age for gambling varies from state to state, be sure to check it out before you decide to play. When the casino checks for your identification they also look at your age to make sure you are officially and legally old enough to play. Of course, all winners are obliged to show a proper identification- a valid ID or passport. However, the IRS only obliges the casinos to report winnings that are larger than $1,200. In case it’s a large sum, it’s usually paid by check.

In the USA, when a lucky player hits a jackpot, there’s the option of receiving the winnings in cash or check. But one of the first questions every player asks is whether they have to pay taxes on casino winnings? Well, you’re about to find out! Taxes on Slot Machine Winnings in USA But, have you ever thought about what happens at that very moment after successfully beating the slot machine? Usually, the slot machine locks up and, in most cases, you hear the music and see the flashing lights on top of the machine. We all love to read stories about big wins and imagine ourselves in the shoes of those winners.

Casino slot wins