A W-2G is generated when a wager meets federal reporting criteria: payout over $2,000, winnings at least 300 times the wager, and wagers on the same track, race, and pool. The 2026 tax law update retroactively changes reporting, possibly removing some W-2Gs from accounts. Federal withholding of 24% applies if winnings minus wager exceed $5,000 and meet the 300x rule. W-2G statements summarize reportable wagers and taxes withheld, available annually by January 31, online or by mail.
When is a W-2G generated?
A W-2G is generated when a wagering transaction meets federal reporting requirements. These requirements depend on the type of wager, the amount won, and the ratio of the winnings compared to the amount wagered.
2026 W-2G Reporting Update
The tax law changed in 2026 regarding W-2G reporting requirements for the payor. The updated reporting logic is being applied retroactively to qualifying tickets beginning January 1, 2026.
Because of this update, you may see that a W-2G that was previously listed on your account is no longer available. If a W-2G is no longer listed on your account, it will not be reported to the IRS.
W-2G Reporting Requirements
A W-2G is required to be reported when all of the following apply:
- The payout is greater than $2,000;
- The winnings are at least 300 times the ticket price or amount wagered; and
- The wager or wagers are for the same track, race, and pool.
For W-2G reporting purposes, identical wagers may be combined when they are placed with the same payor and depend on the same event. For horse racing wagers, the wagers must also be placed in the same pari-mutuel pool.
Federal Tax Withholding
Federal tax withholding may apply when both of the following apply:
- The winnings, minus the wager, are more than $5,000; and
- The winnings are at least 300 times the amount wagered.
When federal withholding applies, the standard withholding rate is 24%.
W-2G Summary Statements
W-2G Summary Statements:
- Summarize all reportable wagers and taxes withheld, if applicable;
- Are mailed annually by January 31 for the prior tax year; and
- May also be available online for viewing, downloading, or printing.
How to View or Print W-2Gs Online
- Select the user icon.
- Choose Account History from the dropdown menu.
- Select Tax Documents.
- Select the applicable year.
- If reportable W-2Gs are available for that year, individual reports will be available to view, download, or print.
How to View or Print a Win/Loss Statement Online
- Select the user icon.
- Choose Account History from the dropdown menu.
- Use the calendars to select January 1 and December 31 for the preferred year.
- The profit and loss information will display on the right.
We cannot provide tax advice or determine whether you are required to report winnings when filing your taxes.
If you have questions about whether winnings should be reported on your tax return, please consult with your tax advisor.