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

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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"?

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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. Form 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.
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