Gamblers often don’t report taxable winnings

Gambling winnings must be included in taxable income. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) found many taxpayers with gambling income didn’t file tax returns. This occurred even though they received Forms W-2G (Certain Gambling Winnings). A TIGTA analysis covering three tax years showed that 148,908 persons who were sent Forms W-2G for winning more than $15,000 each failed to file returns. The nonfilers are associated with roughly $13.2 billion in gambling winnings. Among other issues, TIGTA said hundreds of Forms W-2G reviewed were missing a Taxpayer ID Number needed to trace winnings to recipients. Here’s the report: https://bit.ly/3BA51uK