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The money you win through gambling - whether that's through gambling sites or apps, casinos, raffles or fantasy sports leagues - is considered taxable income by the Internal Revenue Service. Typically, when you win $600 or more, gambling businesses will send you and the IRS tax forms, commonly a W-2G, but sometimes a 1099-MISC for raffle or sweepstake prizes. The IRS can use these forms to verify your total income when it processes your tax return. If the winnings are $5,000 or greater, the business that processed your bet might withhold up to 31% of the proceeds for federal income tax, according to the IRS. This will be indicated in Box 4 of your W-2G. Fortunately, many gambling and casino sites have a downloadable record of your bets. Once you have your records together, you'll need to report your winnings as "gambling income" on line 8 of your Form 1040, Schedule 1, which is used to report types of income not listed on the primary 1040 tax form. That total is then added to Form 1040 line 8, under "other income. faux saint laurent bagthe tote bag replica
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