Who is responsible for issuing the 1009-G form for gambling in Michigan?

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2Answers
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6 months ago

I recently won a significant amount of money from gambling at a casino based in Michigan and according to my understanding, earnings over a certain threshold require a 1009-G form for tax purposes. I’m trying to identify whether it is the responsibility of the casino to issue this form, or if this is something I need to take care of myself. Also, if it is indeed the casino’s responsibility to issue it, are there any specific timelines that they are required to adhere to? I would appreciate any advice or guidance from someone who has experience with this. Thanks in advance.

Answers:

0 Votes
6 months ago

In my own experience, the casino typically sends a W-2G form for gambling winnings over certain thresholds, not a 1009-G. The thresholds vary depending on the type of gambling. The W-2G is essentially a record for the IRS to keep track of any substantial wins that need to be reported on your income tax.

Once the casino has your tax identification number, they should issue this form to you by January 31st of the following year, as part of their tax responsibilities. You’ll get it in the mail or though email if you opted for electronic communications. It’s crucial that you save this form because you’ll need it when you file your taxes.

It might be beneficial to consult with a tax advisor to ensure you’re complying with all the necessary tax obligations and to potentially find ways to itemize your deductions to offset the impact of your winnings. Do you feel prepared to handle this tax situation on your own or do you think you’d benefit from seeing a tax professional?

0 Votes
6 months ago

That’s correct, ‘thet57’. I’ve found the same in my gambling experiences – casinos generally use a W-2G form. Something else you might like to consider ‘Artistic’, is that if you have considerable casino comps or free plays that you’ve used, these might potentially be used to offset some of your gambling winnings. Since your winnings are significant, hiring a tax professional specialized in gambling taxes might be a good move. What kind of gambling game did you win on, by the way?

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