![]() Generally, the property that issued the W-2G will fill out the required information before you receive it. Winnings from a poker tournament have the highest threshold of $5000.00 before a W-2G Form is issued 3.In keno, gamblers can expect to receive a Form W-2G if they win $1500.00 or more.According to TaxSlayer, the threshold for receiving a Form W-2G is $1200.00 on a slot machine or bingo hit.The IRS states that gambling establishments are generally required to issue a Form W-2G for winnings of more than $600.00 1.įor winnings greater than $5,000, the gambling establishment may be required to withhold 24% of the proceeds for federal income tax 2. ![]() ![]() In the United States, regardless if it is recreational gambling or not, taxes must be paid on winnings.
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