Casino issued me incorrect W2G - - now what to do?

[alpax]

It depends on what the IRS determines in the end. They run through so many systems these days to squeeze every bit of tax they can get out of people.

If they do indeed determine that the tax winning is for 2013, they will charge you interest of the amount from April to now.

[olds442jetaway]

BJ is correct. Right is right. You have concrete proof that the amount is for 2014 and should be reported as part of your total gross winnings for 2014. Hopefully, they submitted a corrected w-2g to the irs. Otherwise there will be a mismatch. Lots of people think that win loss statements are the bible for taxes. Not true. As BJ has reported many times, all gross gambling winnings are taxable and can be offset by losses up to the amounts won for that year. In an audit, the irs may consider information on a win loss statement, but they do not have to. The above of course in just my opinion. Each person should consult their own tax advisor on such matters.

[Tedlark]

  Olds they don't have to submit a corrected W2-G because the original one issued has the correct date of 1-1-2014 on it.  The casino screwed up and they know it.  

[BillyJoe]

It depends on what the IRS determines in the end. They run through so many systems these days to squeeze every bit of tax they can get out of people.

If they do indeed determine that the tax winning is for 2013, they will charge you interest of the amount from April to now.
That one, alpax, I would fight to the death. He has NO PAPER TRAIL for a 2013 winning, but he does have a paper trail (the W2-G with the correct date/time of the winning) for a 2014 winning. Although often accepted by the IRS for claiming deductions to offset winnings, the casino's Win/Loss Statement has disclaimers all over it that remind you that it is NOT an official tally of your gaming activities.   

[olds442jetaway]

I wasn't sure from the posts if the transmittal to the irs. was for the 2013 year even though the patron's date on his copy said 2014. If I read the first post correctly, the information sent to the irs stated the winnings were for the 2013 year. I think that is why the casino official offered to ammend it. I would take him up on that and report that 7k for 2014. A mis match in that amount could auto generate correspondence to the taxpayer from the irs proposing to increase their 2013 tax liability by whatever amount an increase in ones AGI of 7k would boost up a persons tax liability by. In other words, if somebody had an AGI of 85k reported on their 2013 tax return but did not include 7k of income that was reported to the irs for 2013, a computer program at the irs. will recalculate their tax with an AGI of 92k. and bill you accordingly based on the tax on that amount.

[Tedlark]

My impression was that the 2013 win/loss statement from the casino showed the win and the W2-G was clearly dated 2014.

As other posters have pointed out; the gaming day for a casino can be vastly different when compared to a calendar day.

[olds442jetaway]

Hard to know for sure without seeing the exact documents or transmittal info sent to the irs. The first post does state the information sent to the irs states that 7k was won in 2013. Since the win loss statement does not go to the irs, I would have to assume that their transmittal for 2013 to the irs showed the 7k winnings on Dec 31, 2013 as was stated in the first post. That is where the problem comes in if in fact that is what they did send to the irs.

[OTABILL]

Lesson learned, don't gamble after midnight until 6 am on New Years day.

[alpax]

Lesson learned, don't gamble after midnight until 6 am on New Years day.

Or if you can even find a seat on New Years Day, best to play the games at quarter stakes where the top prize cannot exceed $1199 or the table games.

[DougJ]

   My impression was that the 2013 win/loss statement from the casino showed the win and the W2-G was clearly dated 2014.

As other posters have pointed out; the gaming day for a casino can be vastly different when compared to a calendar day.

Tedlark, you are absolutely correct. My W2-G clearly shows my win occurring on January 1, 2014.

However, the casino reported this win on my 2013 Win/Loss statement, instead of accurately showing it on my 2014 statement. Again, the CFO stated that this was because that is how THEY reported it on their earnings statement since their gaming day (Dec. 31) wasn't over yet when I won at 12:15 a.m.

So, I don't know what it is a casino reports to the IRS, or IF he only meant to say their internal accounting practices are recording my win in 2013 (in which case, I don't care how the casino records it, I only care what the IRS thinks)