1099 for Winnings in the Casino

[Admin]

Hello cruisers! I was lucky enough to win about $2,300 on the Breakaway last February. At the time, the slot attendant filled out the tax form for me and I'm assuming they gave it to me but I can't find it anywhere. My question is, has anyone else ever lost the 1099 or needed to get a 1099 from NCL and if you did, who did you contact?

 

Thanks for reading!

[Casino Comp Chick]

Hello cruisers! I was lucky enough to win about $2,300 on the Breakaway last February. At the time, the slot attendant filled out the tax form for me and I'm assuming they gave it to me but I can't find it anywhere. My question is, has anyone else ever lost the 1099 or needed to get a 1099 from NCL and if you did, who did you contact?

 

Thanks for reading!

 

I would contact CAS for the 1099-G and also request a win/loss statement from all the casinos I played in last year to do an offset. Also lottery tickets from last year.

[mking8288]

More than lucky, that is :D with C.A.S.

We considered ourselves lucky when we break even - ours fell short of any 1099G but they wanted us back, LOL to refund them, LOL.

 

Okay, you can actually request W&L Statement - here it is http://www.ncl.com/sites/default/files/Win_Loss_Request_03192012.pdf

 

That should work and at NCL's site, there's a 877 # to call but it's listed for reservation purposes, fax or email the form into them should do it.

[cliffd64]

You will need to call NCL corporate and get someone to send you another copy. If they gave YOU one it means they also filed it with the IRS so their tax department should have a copy of it on file.

[Admin]

You all are fantastic! Thanks for the information.

[hpecorari]

I would contact CAS for the 1099-G and also request a win/loss statement from all the casinos I played in last year to do an offset. Also lottery tickets from last year.

 

NCL doesn't make it easy to do this. There's a form you need to d/w from their website, fill it out, get it motorized, and scan and e-mail it or snail mail it back to them. I have to do this *every* year for my win/loss statements.

 

Harriet

[tel2]

NCL doesn't make it easy to do this. There's a form you need to d/w from their website, fill it out, get it motorized, and scan and e-mail it or snail mail it back to them. I have to do this *every* year for my win/loss statements.

 

Harriet

 

Me too, and I spoke to the most annoying woman this week. I sent in my scanned notarized form, and I got back an email telling me it could not be processed because it was not an "original." I called them, and spoke with a woman who insisted they could not accept my emailed document because they must have an "original." I pointed her to the directions on their website that say scan, email or mail. I was on hold for at least 15 minutes while she checked with a supervisor, and she finally got back on the line and said it would be processed. Never had that problem before..... Hope it shows up by April....

 

Terry

[garycarla]

Some notes

 

1 - It was not a 1099. It was a W2-G that they issued you, assuming it was a slot win over $1,200.

 

2 - The win loss statement is not needed. Even if you are audited, it may not be accepted by the IRS. Based on most that I have read, it will not. So, spending time trying to get that is..... well, wasted time.

 

3 - You do not need the actual W2-G to file you taxes, but you do need the information from it. I get many every year and enter the information, but do not have to send them in.

[hpecorari]

NCL doesn't make it easy to do this. There's a form you need to d/w from their website, fill it out, get it motorized, and scan and e-mail it or snail mail it back to them. I have to do this *every* year for my win/loss statements.

 

Harriet

 

LOL - lots of typos here.....I should know better than try to talk to my husband, listen to the news and type at the same time.

 

d/w should be d/l and we're not getting anything motorized....we need to get it notarized.

 

Harriet

[hpecorari]

Me too, and I spoke to the most annoying woman this week. I sent in my scanned notarized form, and I got back an email telling me it could not be processed because it was not an "original." I called them, and spoke with a woman who insisted they could not accept my emailed document because they must have an "original." I pointed her to the directions on their website that say scan, email or mail. I was on hold for at least 15 minutes while she checked with a supervisor, and she finally got back on the line and said it would be processed. Never had that problem before..... Hope it shows up by April....

 

Terry

 

Terry,

 

They e-mail me mine within two days after I scan/email them my notarized form. Truth be told....this year I filled out 5 of them, stated the year on each of them starting with 2014 through 2018, had them all notarized, scanned and e-mailed them to CAS and told them to e-mail me the correct one for the correct year by the end of January each year! If they don't....well, I'll just pull it up again from my 'scan folder' and resend it!

 

Harriet

[Admin]

Some notes

 

1 - It was not a 1099. It was a W2-G that they issued you, assuming it was a slot win over $1,200.

 

2 - The win loss statement is not needed. Even if you are audited, it may not be accepted by the IRS. Based on most that I have read, it will not. So, spending time trying to get that is..... well, wasted time.

 

3 - You do not need the actual W2-G to file you taxes, but you do need the information from it. I get many every year and enter the information, but do not have to send them in.

Hi! It was a $2,300 slot win and they did give me something but I couldn't find it when I got back from the cruise. I did take a picture of the slot machine with the dollar amount on it so I know the actual amount. I want to claim it as I should. Not trying to cheat the tax man. I just want to make sure it's accounted for but I also want to make note of the losses I had as well.

 

When I drop everything off with the accountant next week, I'll ask her if the amount is enough. Thanks!

Edited February 26, 2015 by Admin

[garycarla]

I do think you want a copy of the W2-G as the IRS does do some matching. Worse case is you report it. If they ever ask, you show them the picture. I am sure that would suffice to show the WIN. It is the losses they could question, but even that is challenging.

[johnsak123]

Congrats on the win

My goal has been to win enough to get a 1099

I didnt win enough to get @@@@@@@@@@

Hope you work out the issue before taxes are do

[EyeSeaEwe]

Some notes

 

1 - It was not a 1099. It was a W2-G that they issued you, assuming it was a slot win over $1,200.

 

2 - The win loss statement is not needed. Even if you are audited, it may not be accepted by the IRS. Based on most that I have read, it will not. So, spending time trying to get that is..... well, wasted time.

 

3 - You do not need the actual W2-G to file you taxes, but you do need the information from it. I get many every year and enter the information, but do not have to send them in.

 

1) The dollar amount is not what triggers a W2G/100G, it is the odds of hitting the prize in question. NCL may CHOOSE to issue the paper work based on prize amount but that is not what is required by IRS regs.

 

2) True

 

3) You need more than just the W2G/1099G info to correctly file your taxes. ALL gambling winnings are treated as taxable earned income. The W2G/1099G reporting is only the casinos responsibility to report. It in no way impacts the tax payers responsibility to report ALL winnings. Note that gambling loses (documented) can be written off up to the amount of winnings.

[garycarla]

1) The dollar amount is not what triggers a W2G/100G, it is the odds of hitting the prize in question. NCL may CHOOSE to issue the paper work based on prize amount but that is not what is required by IRS regs....

 

I will HALF agree.

 

On slots, any win over $1,200 requires a W2G. No matter what you win or odds. On table games, there is a ODDS thing which rarely happens anyways.

 

I can link you to the IRS regs, but I am 100% sure of this.

[garycarla]

...3) You need more than just the W2G/1099G info to correctly file your taxes. ALL gambling winnings are treated as taxable earned income. The W2G/1099G reporting is only the casinos responsibility to report. It in no way impacts the tax payers responsibility to report ALL winnings. Note that gambling loses (documented) can be written off up to the amount of winnings.

 

#3 is an open issue.

 

EXAMPLE #1 Say you sit down to a slot machine with $2000 dollars in your pocket. You play and play and play. Along the way you win $100 here, $200 there and overall win $4,000 in small hits. You keep playing, but by the end, you only have $50 left and go to bed. What is reportable?

 

EXAMPLE #2 - You sit down with the same $2000 and play for hours. You are down to $10 and finally hit for $1,200 and get a W2G. You lost almost $800 for the night. What do you report?

 

EXAMPLE # 3 - You sit down with $2,000 and play for 10 hours. You of course have lots of wins (none with a W2G). But, at the end of the night, you have have $100 left. What do you report?

[NMLady]

Hello cruisers! I was lucky enough to win about $2,300 on the Breakaway last February. At the time, the slot attendant filled out the tax form for me and I'm assuming they gave it to me but I can't find it anywhere. My question is, has anyone else ever lost the 1099 or needed to get a 1099 from NCL and if you did, who did you contact?

 

Thanks for reading!

 

Congrats on your win.

 

I didn't lose one from cruise line but from land casino. Since forms do not have to be turned in, I simply put the amount and casino name on my tax return in the appropriate place. No problem.

[Admin]

Thanks everyone for the responses. I printed that form and will do the notary and send it in if the accountant tells me I should. I'll make sure it's reported but will see if just the correct dollar amount will do. I'm also going to claim losses up to the amount I won. I took four cruises last year and spent a week in Vegas for a conference. I lost more than $2,300. :o

 

I won the $2,300 the first night of a two night cruise to nowhere on the Breakaway last February then won another $1,500 total the next night but in a few separate machines. It was a profitable 2 night cruise. :D

Congrats on your win.

 

I didn't lose one from cruise line but from land casino. Since forms do not have to be turned in, I simply put the amount and casino name on my tax return in the appropriate place. No problem.

This is what I'll try first. My accountant can tell me if it's not enough. Thanks!

[EyeSeaEwe]

#3 is an open issue.

 

EXAMPLE #1 Say you sit down to a slot machine with $2000 dollars in your pocket. You play and play and play. Along the way you win $100 here, $200 there and overall win $4,000 in small hits. You keep playing, but by the end, you only have $50 left and go to bed. What is reportable?

 

EXAMPLE #2 - You sit down with the same $2000 and play for hours. You are down to $10 and finally hit for $1,200 and get a W2G. You lost almost $800 for the night. What do you report?

 

EXAMPLE # 3 - You sit down with $2,000 and play for 10 hours. You of course have lots of wins (none with a W2G). But, at the end of the night, you have have $100 left. What do you report?

 

 

As far as I recall from my CPA days any given session of gambling the $$ that matters is what you sit down with and what you stand back up with (roughly). It is kind of like owning stocks. If you buy XYZ at $10 (this being when you sti down at the slot machine) and it runs up to $100 you have not made or lost anything. You still have $10 a share into the stock. The only thing that matters is the price you get when you sell (this being when you stand back up).

 

 

In example #2 since the 1200 would be reported by the casino you would absolutely have to report that, however it would be a wash and offset by the losses (of course making the assumption that you itemize, etc). Remember with those wins are hand paid so you did technically stand up with that winnings. I do get the feeling that you have more than a passing knowledge of these things though and therefore know the difference between the spirit/intent of the IRS regs and the letter of the law so to speak.

[EyeSeaEwe]

I will HALF agree.

 

On slots, any win over $1,200 requires a W2G. No matter what you win or odds. On table games, there is a ODDS thing which rarely happens anyways.

 

I can link you to the IRS regs, but I am 100% sure of this.

 

 

You may well be right. I got a 1099G back when I hit $10k at a slot machine (bet was $20). However when I hit Let It Ride for a total of $12,500 in one hand (total bet was $61), the W2G was for only $1,200 of it as that was one of the side bets that was over the odds limit.

[NMLady]

You may well be right. I got a 1099G back when I hit $10k at a slot machine (bet was $20). However when I hit Let It Ride for a total of $12,500 in one hand (total bet was $61), the W2G was for only $1,200 of it as that was one of the side bets that was over the odds limit.

 

That was my experience at Let It Ride as well. On my $5000 win only $2000 was on the W2G because for table games only wins on odds of 300-1 are reportable and that amount was on the extra $1 side bet.

[teseo]

Thanks everyone for the responses. I printed that form and will do the notary and send it in if the accountant tells me I should. I'll make sure it's reported but will see if just the correct dollar amount will do. I'm also going to claim losses up to the amount I won. I took four cruises last year and spent a week in Vegas for a conference. I lost more than $2,300. :o

 

I won the $2,300 the first night of a two night cruise to nowhere on the Breakaway last February then won another $1,500 total the next night but in a few separate machines. It was a profitable 2 night cruise. :D

This is what I'll try first. My accountant can tell me if it's not enough. Thanks!

 

If you were handed $2300, you still have to report it but you do not need the W2 because taxes were not withheld, if you received less is because taxes were taken and then you need the W2 for your CPA to report those as paid taxes. You still might need the W/L report from all the casinos you played to write off the winnings. for the other $1500 in small amounts you do not need to report it because W2 was no generated.

 

 

#3 is an open issue.

 

EXAMPLE #1 Say you sit down to a slot machine with $2000 dollars in your pocket. You play and play and play. Along the way you win $100 here, $200 there and overall win $4,000 in small hits. You keep playing, but by the end, you only have $50 left and go to bed. What is reportable?

 

EXAMPLE #2 - You sit down with the same $2000 and play for hours. You are down to $10 and finally hit for $1,200 and get a W2G. You lost almost $800 for the night. What do you report?

 

EXAMPLE # 3 - You sit down with $2,000 and play for 10 hours. You of course have lots of wins (none with a W2G). But, at the end of the night, you have have $100 left. What do you report?

 

The answer is the same YOU LOST! in all 3 cases :(:(, but at least you had a lot of fun :D:D. and the only case you need to report anything is case #2 because the W2 was issued.

[EyeSeaEwe]

for the other $1500 in small amounts you do not need to report it because W2 was no generated.

 

 

Absolutely 100% false. The fact a W2G/1099G is or is not issued has ZERO impact on the reportability of the gambling winnings by the winner. The issuing of documentation is governed by the rules for the casino to report, not the winner. The winner (by law) is required to report ALL gambling winnings. That is the letter of the law. Which means that technically when you win $5.00 on a scratch off lottery ticket you are supposed to report it.

 

The spirit of the law and the common every day practice may well be different, but by the letter of the IRS regs you are required to report ALL gambling winnings as earned income.

[EyeSeaEwe]

The answer is the same YOU LOST! in all 3 cases :(:(, but at least you had a lot of fun :D:D. and the only case you need to report anything is case #2 because the W2 was issued.

 

 

Again wrong. It is reportable because you were actually handed cash and thus you won. The issuing of a W2/1099 is not relevant in any way what-so-ever.

 

BTW this is all US federal tax law. State tax regs vary from state to state.

[teseo]

Absolutely 100% false. The fact a W2G/1099G is or is not issued has ZERO impact on the reportability of the gambling winnings by the winner. The issuing of documentation is governed by the rules for the casino to report, not the winner. The winner (by law) is required to report ALL gambling winnings. That is the letter of the law. Which means that technically when you win $5.00 on a scratch off lottery ticket you are supposed to report it.

 

The spirit of the law and the common every day practice may well be different, but by the letter of the IRS regs you are required to report ALL gambling winnings as earned income.

 

OK, WAIIIIIIIT A MINUTE!!! ON WHICH PLANET THIS IS SUPPOSED HAD HAPPENED? not on my planet. The letter of the law as yo mentioned, allow small amounts as not taxable, that is why a W2 is not issued, therefore is not need to report that amount. that will be reported on the W/L statements given by the casinos, if the winnings are higher than the loses, then you need to report the excess amount.

 

Again wrong. It is reportable because you were actually handed cash and thus you won. The issuing of a W2/1099 is not relevant in any way what-so-ever.

 

BTW this is all US federal tax law. State tax regs vary from state to state.

 

once again, which planet is this? according to you, and using the same example, if I've left my room with $2000 and play at the casino for hours and then i come back to my room with $800 i need to report that amount because i received that from the machine. how is that a winning? what i see is that i lost $1200, no matter how you look at it.

 

so I guess the way you play at the casino is that you put $2000 in the left pocket and only take money from that pocket to feed the machines, and then anything that you win you put it on the right pocket, you continue playing for hours and you continue with the same strategy, only taking money from the left pocket and cashing out any winnings and putting them in the right pocket. by the end of the night, you have $0 in the left pocket and $800 in the right pocket, but you are morally obligated by the law to report $800 because according with you, you won. Really? good luck finding somebody doing that. I am glad you are not my CPA.

 

the OP clearly stated she is planning to report the loses up to the point of the $2300 she won and got the W2, she has not other intentions and neither did I suggested to "cheat" the tax law.