64 W2-G's SIXTY FOUR!

[GodFather]

Client went on an online gambling binge.  Has nearly $365,000 in winnings.  He provided confirmation that his losses exceed his winnings. He has a full time job besides his online addiction so he is not a professional (in his mind he may be) Gambling problem?  Who am I to judge. 

Anyway, please confirm my understanding that there is no need for me to enter all 64 W2-G's individually.  I summarized the amounts in the spreadsheet and just plan to enter one W2-G with the total amount of the winnings using 12/31/2023 as the date.  I'll show the total losses (up to total winnings) on Schedule A.  I assume adding the spreadsheet as a pdf is useless?

[IRonMaN · Accepted solution]

As long as the W-2Gs are all from the same payer, you are good to go.  If not, group the like ones together.  And no need to attach a pdf.

[GodFather]

Thanks...yes, all from the same source.  Appreciate you chiming in and confirming.  

[IRonMaN]

You betcha!

[rbynaker]

Is there any withholding?

IMO the only reason I might split them out is so the IRS can match withholding easier.

Rick

[GodFather]

Thanks for mentioning that.  There are no withholdings, even on some winnings in excess of $25,000.  

[IRonMaN]

He was pretty confident he would lose it all and not have to pay any tax on any winnings this year so he didn't want anything withheld.  I have a client that didn't rack up the winnings that yours does but for years she has brought in her W2Gs and the ins/outs of her slot machine activity at the casino.  I really don't know how someone can possibly sit in a casino that long to dump that much money into one of those contraptions.

[GodFather]

On the W2-G, Box 3 Type of Wager shows "Slots - $6,797.7"  Box 1 shows $25,045.59.  I've never seen an amount in Box 3 before.  Does that reflect the amount they played during that session?   

[IRonMaN]

To be honest, I haven't seen that before either.