When will Twinspires generate a W2G and report it to the IRS?
The reporting threshold for sports wagering and table games is: 300-to-1 Odds and a $600 payout.
The reporting threshold for slots and video poker is: $1,200
When is there automatic withholding?
The reporting threshold for sports wagering is: 300-to-1 Odds and a $5,000 payout
Am I still responsible for paying income tax on gambling winners?
You should consult with a tax professional with questions, but just because Twinspires is not reporting winnings to the IRS DOES NOT mean you’re not responsible for paying taxes on certain winnings.
Where I can view my W2G or Win/Loss Statements?
After clicking on your name at the top right of the website, you choose Tax Statements from the drop down menu. Here you will be able to search for either a Casino or Sportsbook W2G or create a Net Win/Loss Statement based on your date selection. (W2G’s will be mailed from us by the end of January each year)
