Any other gambling winnings subject to federal income tax withholding. $600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager or More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament $1,500 or more in winnings (reduced by the wager) from keno $1,200 or more in gambling winnings from bingo or slot machines The payer must furnish a Form W-2G if they receive: A printscreen of the Form can be seen bellow: The IRS also receives a copy of this form, so it is important to make sure that the information on it is accurate. When you receive your gambling winnings, the casino or other gambling establishment will typically issue you a Form W-2G, which reports the amount of your winnings and the taxes that were withheld. In any case, you will report your winnings using the SCHEDULE 1 (Form 1040):

Depending on where you live, you may also be required to pay state and local taxes on your gambling winnings. This means that any money you win from gambling must be reported on your tax return and is subject to federal income tax. According to the Internal Revenue Service (IRS), gambling winnings are considered taxable income.

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