Richard Gordon wrote:
>Speaking of gross winnings, does anyone know whether it is too late to
>submit Form 5754 (to divide winnings) after a W2-G has been issued by a
>casino; or can they cancel the W2-G and reissue W2-Gs to those named on the
>form?
The instructions on the form say for the person who hit the jackpot to
take it back to the casino and have them reissue w-2gs. I've always
assumed this meant after the original w-2g was issued, which matches
my limited experience. I've almost never done it this way, either.
Going back to the casino may be the technically correct way to do it,
but, for practical purposes, it's a waste of time. I've almost always
used them as the person whose income the jackpot is supposed to be
filling it out and giving it to the person who hit it, who then shows
it to the IRS if s/he's asked why it's not included in taxable income.
I have extensive experience with that and have never had a problem,
with the occasional exception of a shockingly huge tax bill being sent
to the one who hit the jackpot and didn't include it in his/her
income, which has always been an easy matter to clear up.
Posted by: 007 <007@embarqmail.com>
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