About Form 5754, Statement by Person(s) Receiving - IRS-2025

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The document outlines the requirements for completing Form IL-5754, which is necessary for individuals receiving Illinois lottery or gambling winnings over $1,000. It details the information needed about the winnings and recipients, provides contact information for assistance, and emphasizes the importance of accurate reporting under penalties of perjury. The form is effective from January 1, 2022.

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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.

What is a CP 575 notice issued by the IRS?

What Is a CP 575 Form? In the US, the Internal Revenue Service (IRS) issues a CP 575 EIN Confirmation Letter to confirm the unique Employer Identification Number (EIN) issued to a business.

How do I prove my gambling losses to the IRS?

You should keep accurate records. If you are going to deduct gambling losses, you must have receipts, tickets, statements and documentation, such as a diary or similar record of your losses and winnings.

Do I have to pay taxes on a non-qualified annuity?

With a nonqualified annuity, you do not have to pay taxes on the principal (the money you pay in), only on any growth that takes place.

How do I get the IRS form 575?

Ordering tax forms, instructions, and publications. Go to IRS.gov/OrderForms to order current forms, instruc- tions, and publications; call 800-829-3676 to order prior-year forms and instructions. The IRS will process your order for forms and publications as soon as possible.

How do I get a new EIN confirmation letter from the IRS?

You can contact the IRS directly and request a replacement confirmation letter called a 147C letter. Start by calling the IRS Business Specialty Tax Line toll free at 1-800-829-4933 (or if you are calling outside the United States at 267-941-1099) between 7:00 AM and 7:00 PM EST.

What are the new IRS rules for gambling winnings?

If you have won more than $5,000, the payer may be required to withhold 28% of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 31%. The full amount of your gambling winnings for the year must be reported on line 21, Form 1040.

How does IRS know how much you win in ?

Depending on the amount you win and the kind of wager you place, you may receive a Form W-2G reporting your winnings to both you and the IRS. You are required to report your winnings even if you dont receive a Form W-2G.

How do I get a copy of CP 575 from the IRS?

Even though the IRS will not replace the original CP-575 letter you received, if you need a copy, you can request the EIN Verification Letter (147-C). To obtain a 147-C, youll need to contact the IRS at 1-800-829-4933 between 7:00 AM to 7:00 PM, Monday through Friday, in your local time zone.

About Form 5754, Statement by Person(s) Receiving - IRS-2025

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