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What is a Schedule B IRS Form? TurboTax Tax Tips & Videos

What is a Schedule B IRS Form? TurboTax Tax Tips & Videos

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Hello, I'm Jill from Turbo Tax with some interesting information about reporting gambling winnings on your tax return. If you enjoy gambling or playing the lottery, there's nothing better than beating the odds and winning some extra money. But did you know that the Internal Revenue Service expects you to report all of those winnings on your tax return? And in some cases, the gaming organization that pays your winnings must report it to the IRS on a W-2G form. Not all gambling winnings are subject to W-2G reporting. s and other gaming organizations will send you a W-2G when you win $1,200 or more on a slot machine or from bingo, keno jackpots of $1,500 or more, more than $5,000 in a poker tournament and all other games you win $600 or more at— but only if the payout is at least 300 times your wager. The IRS also requires other gambling winnings to be reported on a W-2G if the prize money is subject to tax withholding. Keep in mind, however, that just because your gambl

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AL Schedules A B Form 2023
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