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Tax.appeal.168
Tax.appeal.168, Tax Accountant
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What is W-2G, and W2G form A member of golf organization puchased

Resolved Question:

What is W-2G, and W2G form? A member of golf organization puchased a $450 "hole in One" program. A golfer had a hole in one. Is the puchaser of the insurance for "hole in one" will be taxed? What is the procedure for paying the winner the $10,000.00 "hole in one"?

How much is it going to cost me for the answer?

Sincerely,
S.A. Unpingco
Submitted: 2 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 years ago.
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

The winner will get taxed on the $10,000.00. A W2-G is the form issued for gambling, raffle, lottery, sweepstakes winnings, things of that nature. As these winnings are considered taxable income, the payer is required to report the winnings on this form to the payee. Please note that the winnings have to be reported to the IRS as well. The winner is required to declare this income on his/her tax return.

http://www.irs.gov/pub/irs-pdf/fw2g.pdf Form
http://www.irs.gov/pub/irs-pdf/iw2g.pdf Instructions

The procedure for paying the winner is issue the person a check, report the winnings on the W2G. A copy of the W2G goes to the winner, the payer keeps a copy, and the IRS gets a copy. Refer to the above instructions for more detailed information.
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2533
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and 3 other Tax Specialists are ready to help you
Customer: replied 2 years ago.
I have not read your answer yet.

S.A.Unpingco
Expert:  Tax.appeal.168 replied 2 years ago.
Did you receive my answer?
Expert:  Tax.appeal.168 replied 2 years ago.
As far as the cost, it looks as though you selected the $30 value, which means the answer will cost you $30.00 should you accept.

Thank you.

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