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Jackpot Tax Form Advice -- 5754 vs 1099

#1

5e. Re: Jackpot Tax Form Advice -- 5754 vs 1099
Posted by: "vp_wiz" harry.porter@verizon.net vp_wiz
Date: Wed Aug 26, 2009 10:10 am ((PDT))

Form 5754 provides the means by which the W-2G can be issued in your name and
your friend need not record the jackpot on their return. I suggest calling the
slot manager, explain your friend was gaming on your card and money, and seek
agreement that they'll accept the form and issue the W-2G and winnings to you.

Form 5754 is available at the IRS website; be sure to print both sides. The second side has the instructions for completion (and, as I recall, some of the blanks to be filled in). If the casino is not familiar with the form, they can read the instructions. The form does not go to the IRS; it stays with the payor, and is their "justification" for making a payment to more than one person and issuing multiple W2Gs for the payout, which then, of course, ARE the forms that go to IRS.

I don't know if it can be used to make a payment ONLY to a single different person than the one that hit the jackpot, but if so, just give him $1 on the form and don't worry about it.

If they say they "can't" do it, although it's not exactly what the instructions say, there's a phrase in there that suggests that they MUST (it doesn't actually say that) - and I've had success showing them that phrase and threatening to turn them into the IRS for failing to comply with IRS regs -- that will get the attention of any casino slob.

The accounting dept. will be able to understand and process the form, but you will need to complete it.

In the future, of course, travel with one of these in your pocket AND make sure anyone you're "sharing" with has their SS # with them (or on the form ahead of time).

--BG

···

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#2

Thaks everyone for their advice on the 5754 form. That is likely what I will do. Does anyone know if I need to fill out these forms when my wife hits a jackpot. I am filing as a pro gambler, but she has a fulltime job.

#3

I thought anyone could use this form to redirect a w2 form win or portion of it to another individual absent
the willingness of the casino to issue it correctly based on the situation,

We used this form to correct and redirect to me a w2 issued to my sons SS number by mistake and we did not involve the casino at all.

···

--- On Thu, 8/27/09, Barry Glazer <b.glazer@att.net> wrote:

From: Barry Glazer <b.glazer@att.net>
Subject: [vpFREE] Re: Jackpot Tax Form Advice -- 5754 vs 1099
To: vpFREE@yahoogroups.com
Date: Thursday, August 27, 2009, 10:11 AM

5e. Re: Jackpot Tax Form Advice -- 5754 vs 1099
Posted by: "vp_wiz" harry.porter@ verizon.net vp_wiz
Date: Wed Aug 26, 2009 10:10 am ((PDT))

Form 5754 provides the means by which the W-2G can be issued in your name and
your friend need not record the jackpot on their return. I suggest calling the
slot manager, explain your friend was gaming on your card and money, and seek
agreement that they'll accept the form and issue the W-2G and winnings to you.

Form 5754 is available at the IRS website; be sure to print both sides. The second side has the instructions for completion (and, as I recall, some of the blanks to be filled in). If the casino is not familiar with the form, they can read the instructions. The form does not go to the IRS; it stays with the payor, and is their "justification" for making a payment to more than one person and issuing multiple W2Gs for the payout, which then, of course, ARE the forms that go to IRS.

I don't know if it can be used to make a payment ONLY to a single different person than the one that hit the jackpot, but if so, just give him $1 on the form and don't worry about it.

If they say they "can't" do it, although it's not exactly what the instructions say, there's a phrase in there that suggests that they MUST (it doesn't actually say that) - and I've had success showing them that phrase and threatening to turn them into the IRS for failing to comply with IRS regs -- that will get the attention of any casino slob.

The accounting dept. will be able to understand and process the form, but you will need to complete it.

In the future, of course, travel with one of these in your pocket AND make sure anyone you're "sharing" with has their SS # with them (or on the form ahead of time).

--BG

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[Non-text portions of this message have been removed]

#4

John Clark wrote:

I thought anyone could use this form to redirect a w2 form win or
portion of it to another individual absent the willingness of the
casino to issue it correctly based on the situation,

We used this form to correct and redirect to me a w2 issued to my
sons SS number by mistake and we did not involve the casino at all.

Form 5754 instructions indicate the form's intent as being for you to provide information to the casino to assist is the identification of the proper recipient of W-2G forms for reported winnings. The casino holds the 5754 on file; it's not submitted to the IRS.

I find it uncertain how the IRS would handle a 5754 submitted directly to them by a taxpayer. It may be the case that they would adjust their records accordingly. But the safest bet is to ensure that W-2G's are filed by the casino consistent with how you'll file your return.

- H.