Question: Jessica won $ 1 , 3 0 0 at a casino but did not receive a Form W - 2 G . She asks if

Jessica won $1,300 at a casino but did not receive a Form W-2G. She asks if she still needs to report the income. What should you advise her?
a. She does not need to report it since the casino did not issue a Form W-2G.
b. She only needs to report the net amount of the winnings after subtracting her losses.
c. She must report the full $1,300 as income on her Form 1040.
d. She can choose whether or not to report the winnings since it is a small amount.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!