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IL-5754 - tax illinois

IL-5754 - tax illinois-2026

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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 by filling out the Winnings Information section. Enter your street address, date of payment, type of winnings, total amount won, and any Illinois income tax withheld.
Next, provide details for each person receiving winnings. Include their taxpayer identification number (SSN or FEIN), name, and street address.
In the declaration section, confirm that all provided information is accurate. Sign and date the form to validate your submission.
Finally, ensure you save your completed form and share it with the payer of your winnings as required.

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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 the new gambling tax in Illinois?

The big picture: Illinois new state budget includes a tax hike for online sports gaming $0.25 for the first 20 million wagers, then $0.50 for every bet after that which will impact big sites like FanDuel and DraftKings, and their customers.

What is the 6.25% tax in Illinois?

Use Tax rates are 6.25% of the purchase price of general merchandise and 1% of the purchase price of qualifying food, drugs, and medical appliances.

How much tax do you pay on Illinois lottery winnings?

Lottery: Illinois withholds state taxes (4.95 percent) on lottery winnings of at least $1,000.

What is the new payroll tax in Illinois?

A number of Illinois senators have signaled support The legislation calls for a beginning payroll tax of 1.12% on wages to go into effect on January 1, 2027. Initially the employee would pay 40% of the payroll tax and employers with 25 or more employees would pay the remaining 60%.

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