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Enter your total winnings from Federal Forms W-2G. Line 2. Enter your total winnings from all other gambling, betting, and lottery activities. Include cash and the fair market value or stated value of property, trips, services, etc. (except Pennsylvania Lottery noncash prizes) Line …
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Any winnings subject to a federal income-tax withholding requirement If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 25%. If you didn’t give the payer your tax ID number, the withholding rate is 28%.
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Though you may not be able to deduct all your losses. For example, if your gambling winnings totaled $5,000 in 2017, but you lost $6,000, you can only deduct $5,000 of those losses. Keep in mind, itemizing your deductions may not afford you the maximum tax benefit.
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Game of chance: Many don't report gambling winnings to the IRS ...