That means your casino jackpot or tournament winnings just became significantly smaller. The IRS considers gambling winnings taxable income. Do Gambling Winnings Count as Earned Income? Yes, You’re Going to Take a Hit on Your Win Unfortunately, you’re going to see less money than you won in many instances. So, most players will take a check and cash hybrid payment. However, I understand that’s unrealistic for many gamblers. The most prudent play is taking the check and putting that money in the bank. You’ll be offered your prize via check, cash, or casino chips. The casino will then help you in procuring your wins, and typically you’ll get most of the cash immediately. If you left your social security card or passport at home, the casino would hold the money for you for up to 90 days. They don’t tie this form directly tied to any money it’s simply for the casino and the IRS to know who the casinos are paying. That allows the casino to file the standard W-9. The first thing casinos will ask you for on wins over $5,000 is two forms of identification. You’ve Just Won a Huge Pile of Cash, Now What? Conclusion – Do Gambling Winnings Count as Earned Income?.What Happens When Players Refuse to Pay?. It’s Vital That You Keep Detailed Records.Luckily, Your Gambling Losses Are Deductible.
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