A W-2 is a form used to report poker tournament winnings, and the poker room will give you a 1099 if your poker winnings for the year exceed $600. You should collect any documents detailing poker winnings, including W-2s from poker tournaments and 1099 forms from poker rooms. In order to successfully file your taxes, the proper documents will required in order to so. GATHER DOCUMENTS FOR FILING YOUR POKER TAX It is important to note that poker players are responsible for keeping track of their own poker winnings throughout the year, as this information may be requested by the IRS during an audit. If you are an amateur, your poker winnings will be classified as “other income” by the IRS and must be reported on Line 21 of your 1040 form. Depending on where you live, poker professionals may be required to obtain a gambling license and pay self-employment tax on poker winnings. Generally, a poker player is considered a professional if poker winnings make up the majority of their income.
This distinction is important because professionals have different obligations and filing requirements than amateurs.
Understanding your status as a poker player is the first step in filing your poker taxes.
