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They detail when Form W-2G must be prepared for prizes at $600 (or Bingo at $1,200) and when winnings exceed 300 times the wager amount, with example calculations. The document also covers withholding on net winnings over $5,000, handling non-cash prizes using fair market value, Form W-9 requirements, backup withholding, EFTPS deposit procedures, filing timelines for W-2G and Form 1096, and retention and state-notice requirements.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/guidelines-for-the-proper-reporting-of-gambling-winnings-such-as-raffles-and-drawings-new-electronic-filing-requirements/302474/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/guidelines-for-the-proper-reporting-of-gambling-winnings-such-as-raffles-and-drawings-new-electronic-filing-requirements/302474.png","ImageObject",442,249,{"name":88,"@type":89},"Bill Black","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-27","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":47},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"When must organizations file information returns electronically starting in 2023?","Question",{"text":108,"@type":109},"If the total number of information returns (Form 1099-NEC and Form W-2G) plus the number of Forms W-2 you must file is at least 10 in a calendar year, all must be filed electronically.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What triggers preparation and issuance of Form W-2G for raffle or gambling winnings?",{"text":113,"@type":109},"When a parish or school pays gambling or raffle winnings valued at $600 or more (Bingo $1,200) and the winnings are at least 300 times the amount of the wager, a federal Form W-2G must be prepared and issued.",{"name":115,"@type":106,"acceptedAnswer":116},"How are non-cash prizes handled for withholding calculations?",{"text":117,"@type":109},"Non-cash prizes with fair market value exceeding $5,000 (after deducting the wager) are subject to withholding. The FMV must be supported by documentation, and withholding is computed using either the winner-pays method (24%) or the organization-pays method (31.58%).","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},302474,1790350736,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":47,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":76},24189269381491,"https://ap-avatar.wpscdn.com/avatar/160000cf11732dd8392?x-image-process=image/resize,m_fixed,w_180,h_180&k=1788146458752108895","GUIDELINES FOR THE PROPER REPORTING OF GAMBLING WINNINGS SUCH AS  \nRAFFLES AND DRAWINGS  \nNew Electronic Filing Requirements  \nStarting tax year 2023, if you have 10 or more information returns, you must file them electronically with the IRS. To determine whether you must file information returns electronically, you must add together the number of information returns (Form 1099-NEC and Form W-2G) and the number of Forms W-2 you must file in a calendar year. If the total is at least 10 returns, you must file them all electronically.  \nIf you are required to e-file but fail to do so, and you do not have an approved waiver, you may be subject to a penalty for failure to file electronically unless you establish reasonable cause. The maximum penalty is $330 per return.  \n1. When a Parish or School pays gambling or raffle winnings valued at $600 (Bingo $1,200) or more, and at least 300 times the amount of the wager, the winnings are subject to federal income tax withholding, a Federal Form W-2G must be prepared and issued.  \nExample: Mr. G buys a $2 raffle ticket from your organization. At the raffle, Mr. G’s number is drawn, and he wins $1,000. Because the winnings ($998) are greater than $600 and more than  \n300 times the amount of the wager, you must report Mr. G’s winnings to the IRS.  \nExample: Mr. S buys a $2 pull-tab and wins $600. You may reduce the winnings by the amount of the wager, in which case the winnings are $598. You do not have to report Mr. S’s winnings because the $600 threshold is not met.  \nExample: Ms. C plays bingo, wins the game and the jackpot of $1,200 . You must report Ms. C’s winnings because the winnings are $1,200 or more before deducting the amount of the wager.  \nExample: Mrs. R buys a $5 raffle ticket from your organization. At the raffle, Mrs. R wins $1,100. You do not have to report Mrs. R's winnings because the winnings ($1,095) are not 300 times the amount of the wager. It does meet the $600 threshold; however, it doesn't meet the  \n300 times the wager amount.  \n2. Net winnings in excess of $5,000 are subject to withholding of federal income tax. State income tax withholding is not required. The amount of federal tax is calculated at 24% of the NET WINNINGS. Net winnings are the total market value of the prize less the amount spent on purchasing chances.  \nExample: Your organization conducts a raffle, and Mr. L purchases a $1 ticket. At the drawing, Mr. L’s number is drawn, and he wins $6,000 . Because the proceeds from the wager are more than $5,000 ($6,000 prize minus $1 ticket), you must withhold $1,440 ($5,999 x 24 %) from the winnings.  \nA non-cash prize, such as a car, with a fair market value exceeding $5,000 after deducting the amount of the wager is also subject to withholding. The FMV is the amount for which the good or  \nservice would have been sold to a prospective buyer at that time. A good faith estimate of the FMV must be obtained by documentation that validates the FMV of the good or service. The tax is computed and paid under either of the following two methods:  \n• The winner pays the withholding tax to the organization conducting the gaming activity. In this case, the withholding amount is 24% of the fair market value of the non-cash item less the amount of the wager.  \n• The organization pays the withholding tax on behalf of the winner. In this case, the withholding amount is 31.58% of the fair market value of the non-cash item less the amount of the wager.(The withholding percentage in this case is higher, because the winner gets not only the value of the prize but also the value of having the taxes paid by the organization.)  \n3. If the amount won is $600 or more and at least 300 times the wager, a Form W-9 (Request for Taxpayer Identification Number and Certification) must be completed and returned to the parish. (see enclosed sample)  \n4. If a winner of $600 (Bingo $1,200) or more does not complete Form W-9, backup withholding tax must be withheld at a rate of 24%, unless","cbCaihMvC9UyZMyh","https://ap.wps.com/l/cbCaihMvC9UyZMyh","pdf",632416,9,"English","# New Electronic Filing Requirements\n## Federal e-file thresholds and penalties\n## When to prepare Form W-2G\n## Net winnings and non-cash prizes\n## Form W-9 and backup withholding\n## Payment, deposit, and filing timelines\n## Issuance and recordkeeping requirements","[{\"question\":\"When must organizations file information returns electronically starting in 2023?\",\"answer\":\"If the total number of information returns (Form 1099-NEC and Form W-2G) plus the number of Forms W-2 you must file is at least 10 in a calendar year, all must be filed electronically.\"},{\"question\":\"What triggers preparation and issuance of Form W-2G for raffle or gambling winnings?\",\"answer\":\"When a parish or school pays gambling or raffle winnings valued at $600 or more (Bingo $1,200) and the winnings are at least 300 times the amount of the wager, a federal Form W-2G must be prepared and issued.\"},{\"question\":\"How are non-cash prizes handled for withholding calculations?\",\"answer\":\"Non-cash prizes with fair market value exceeding $5,000 (after deducting the wager) are subject to withholding. The FMV must be supported by documentation, and withholding is computed using either the winner-pays method (24%) or the organization-pays method (31.58%).\"}]","Guidelines for the Proper Reporting of Gambling Winnings Such as Raffles and Drawings - New Electronic Filing Requirements | PDF",1789793315]