Have you recently won playing the lottery or slot machines? Or perhaps that horse you bet on finally came in first place? If so, congrats! Now, don’t forget that Uncle Sam generally requires a cut of your earnings. Indeed, certain gambling winnings are considered taxable income. Taxpayers who have gambling winnings must report all such income on Form 1040, U.S. Individual Income Tax Return, or Form 1040-SR, U.S. Tax Return for Seniors. And, depending on the amount, the payor may be required to issue you Form W-2G, Certain Gambling Winnings. Contact us if you have questions regarding the tax reporting requirements of your gambling winnings. For more from the IRS: https://bit.ly/43GZAT7 . Contact us with any questions. © 2023