Gambling earnings on IRS transcript - Will transcript show all income even if not reported?
Need to know if my transcript will show everything I made in 2023 including casino winnings or does it only show what I actually reported? Haven't filed yet but wondering if the IRS already knows about my gambling earnings.
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Sophia Carson
Tax professional here - Your transcript will show ALL income reported to the IRS through W2G forms (gambling winnings over $1,200 in a single win). Casinos are required by law to report these. Even if you don't report it, the IRS already knows about those wins through the W2G forms they received.
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Ana Erdoğan
•damn fr? even the smaller wins add up to like 50k 😭
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Sophia Carson
•Yep, and don't forget you can deduct your losses up to the amount of your winnings if you itemize and have proof (keep those receipts!
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Elijah Knight
You should check out taxr.ai - it'll analyze your transcript and show you exactly what the IRS sees about your income. It costs $4.99 but worth every penny to know where you stand. I used it to see all my reported income before filing https://taxr.ai
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Brooklyn Foley
•Does it actually show gambling stuff? Trying to figure out how much the casinos snitched on me lol
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Elijah Knight
•Yeah it shows everything! All W2Gs, 1099s, literally anything reported to IRS. Saved me from a nasty surprise 👀
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Brooklyn Foley
•just tried it and holy moly 😱 they know EVERYTHING. at least now i know what i need to report
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Jay Lincoln
bruh ur asking for an audit posting this 🤡
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Jessica Suarez
in the same boat lol win big at slots last year and tryna figure out what shows up
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Marcus Williams
•better report it all fam, IRS don't play about gambling money 💯
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Lily Young
Remember that gambling income is taxable even if you didn't get a W2G form. The IRS requires you to report ALL gambling winnings, even small amounts. Player cards at casinos can also track your activity.
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Ana Erdoğan
•what about online gambling?
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Lily Young
•Online casinos still report to IRS if you win over $1,200 in one go. They have your SSN when you signed up.
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Nia Wilson
The IRS gets copies of all W-2G forms that casinos issue for winnings over $1,200 (slots/bingo) or $5,000 (poker tournaments). Your transcript will definitely show these reported amounts even before you file your return. If you had $50k in wins, that's likely already in their system. Best to get your transcript now and see exactly what they have on file - you can request it free directly from IRS.gov. Don't risk penalties by underreporting what they already know about.
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