Do I need the W-2Gs?

[Ismail]

Hell all, I have a client who is high frequency gambler (over 1/2 million activities). He did not come with W-2G form, the casino gave him a statement with total numbers. Do I need to ask for the W-2Gs (it will be a lot)  or  can I just enter the total winnings in 1040 Line 8 (Gambling winnings) and Sch A line 16 (Gambling losses)?

In that case, will I still use one W-2G form with casino details and the total winnings?

 

Thank you!

[Pacun]

For matching proposes, you should get the W-2Gs from your client.  Not everything on the casino report has a W-2G.  So it is on the best interest of the tax payer to list them.

By the way, start a new topic vs hijacking someone else's post with different topics.

[Max W]

A W-2G is only issued for payouts that exceed $1200.   There are going to be quite a few into the several hundreds.

Imagine how much time it will take to enter all of those.  If it were my client I would put them on extension and when the transcripts come out in late May, paper file the return.   If you get the Summary transcript, you won't even have to add them up.

I found a shortcut to entering the W-2G's.  The only items that need to be entered are the Winnings, Date, and Type of bet (slots, poker, etc).  and back up withholding, if there is any.  (it is 24% for slots, bingo, keno for payouts of $5000+; for anything else, the withholding starts at $600)

You can bet  this one gets audited.

[Abby Normal]

I don't think you need type of bet, but I can't be sure until I look at one of the few I do each year.

As a general rule, I always enter the bare minimum and the see if there are any red errors.