IL-5754 Statement by Person Receiving Gambling Winnings Statement by Person Receiving Gambling Winni-2025

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The document is the IL-5754 form from the Illinois Department of Revenue, which must be completed by individuals receiving gambling or lottery winnings over $1,000. It serves to record the recipient's information for tax purposes and assists the payer in preparing Form W-2G. The form requires details such as taxpayer identification numbers, amounts won, and addresses. It also provides contact information for assistance and emphasizes the importance of accurate information to avoid penalties.

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Click ‘Get Form’ to open the IL-5754 in the editor.
Begin with the 'Winnings Information' section. Fill in your street address, date of payment, type of winnings, total amount won, and any Illinois income tax withheld.
Next, provide the taxpayer identification number (SSN or FEIN) for each person receiving winnings. Ensure you include their name and address accurately.
In the declaration section, confirm that all provided information is correct. Sign and date the form to validate your submission.
Finally, download or print your completed form directly from our platform and submit it to the payer of your winnings.

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Versions	Form popularity	Fillable & printable
2022	4.9 Satisfied (37 Votes)
2021	4.2 Satisfied (44 Votes)
2005	4.5 Satisfied (43 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How much do I have to win to get a W2G?

Tax Form W-2G should be given to you if you have a gambling win of: $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by the wager) $1,200 or more (not reduced by wager) in winnings from bingo or slot machines.

What is a 5754 tax form?

Internal Revenue Service. Statement by Person(s) Receiving Gambling Winnings. Recipients of gambling winnings should see the instructions on the back of this form. Payers of gambling winnings should see the separate Instructions for Forms W-2G and 5754. Go to .irs.gov/Form5754 for the latest information.

What triggers a gambling tax form?

Casinos and other gaming organizations will send you a W-2G when you win $1,200 or more on a slot machine or from bingo, keno jackpots of $1,500 or more, more than $5,000 in a poker tournament and all other games you win $600 or more at, but only if the payout is at least 300 times your wager.

Is it worth it to claim gambling losses?

Gambling losses for most people arent worth as much as they think they are at tax time. You can claim gambling losses up to the amount of your winnings only if you itemize all your deductions. Most people dont itemize these days because they get a better tax break by taking the standard deduction.

What is form 5754 used for?

This form provides a record of who received winnings and to whom the winnings are taxable. The payer will use this information to prepare Form W-2G.

What is a form 5754 statement by person receiving gambling winnings?

You must complete Form 5754 if you receive gambling winnings either for someone else or as a member of a group of two or more people sharing the winnings, such as by sharing the same winning ticket.

What is a gambling win loss statement?

What is a Win/Loss Statement? A Win/Loss statement is a report that provides an estimated play (amount of money that is won and loss) for the calendar year based when a Players Club card is properly inserted into the gaming device during play.

How do I prove gambling winnings on my taxes?

Form W-2G. Both cash and the value of prizes are considered other income on your Form 1040. If you score big, you might even receive a Form W-2G reporting your winnings.

IL-5754 Statement by Person Receiving Gambling Winnings Statement by Person Receiving Gambling Winni-2025

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