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Il 5754 Form

Il 5754 Form

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Video instructions and help with filling out and completing Il 5754 Form

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Instructions and help about Il 5754 Form

okay for this video i wanted to cover the irs form 5754 which is used to split the reporting of gambling winnings across multiple persons so i've got a slide in front of us which is going to outline some of the rules and an example that we'll look at and then we'll run through the 5754 sample form here to see how everything kind of works so who needs to complete this form well if you're a u.s taxpayer you are tax on your worldwide income right so gross income from whatever source derived and that includes prize money gambling winning so all of that's got to be reported on your tax return and you pay taxes on it now in order to ensure reporting a lot of payers are required to issue w2gs if the payout winnings exceed certain thresholds right so the reason why this 5754 is important is because there are a lot of individuals that pool their funds to participate in prizes and so in order to make sure everything is accurate accurately you know split amongst everyone you might need this 5754

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