I recently won $1,000 at Saratoga at the slots.
I received my W-2 while cashing out.
However a couple of years ago I also won and didn't know I had to pay a N.Y. tax also, so I had to pay, plus a fine.
Where do I get the forms to do this?
Also, does N.H. (my residence) also have this tax (someone told me they did, but it was new).
If so, where do I get those forms? I do declare it on my federal taxes?
Gambling winnings are reported on Form W-2G. This is reflected on Federal Form 1040 line 21, other income. If you are not a professional gambler, which I assume from 1,000 in slot winnings would not qualify you as, you can deduct your gambling expenses on schedule A line 29. If, however, you are a professional gambler, this income and related expenses would be reported on Schedule C or C-EZ.
answered 01 Dec '10, 02:54
You are required to report all your gambling winnings on your federal tax return. You do not need any special forms to do this. You just enter the number on the gambling winnings line of whatever tax return you would be filing anyway.
answered 03 Dec '10, 02:59