Form W-2G, Certain Gambling Winnings
Updated: 4/17/2013
Article ID: GEN12036
What is Form W-2G?
Gambling winnings are usually reported on Form W2-G, however, sometimes they are reported on Form 1099-MISC.
Gambling losses can be deducted as an itemized deduction up to the total of reported gambling and prize winnings.
For example, if you won $50 and lost $200, you can only deduct $50 in gambling losses. On the other hand, if you lost $200 but did not win any money, you cannot deduct gambling losses.
Also, you can only deduct losses if you itemize your deductions.
Note: Be careful that you don't confuse this form, W-2G, with a W-2 - the form on which your employer reports your income and withholdings.