📅 March 31, 2025 – IRS Electronic Filing Deadline
This deadline applies only for electronic filing of certain information returns, including Forms W-2G and 1097-BTC.
If filing by paper, the due date was February 28, 2025.
These forms are required when winnings from gambling or bond tax credits need to be reported to the IRS and the taxpayer.
🎰 Form W-2G – Certain Gambling Winnings
🔍 What is it?
Form W-2G is used to report certain gambling winnings to the IRS. Payers (such as casinos, racetracks, lotteries, or other gambling entities) must file it when a person wins above certain thresholds or when tax is withheld.
💰 When is it required?
Form W-2G must be filed if:
The winnings are $600 or more and at least 300 times the wager (e.g., from horse racing, lotteries, etc.).
The winnings are $1,200 or more from slot machines or bingo.
The winnings are $1,500 or more from keno.
The payer withholds any federal income tax, regardless of the amount won.
🏦 Withholding rules:
If winnings are subject to backup withholding or regular gambling withholding (usually 24%), this must also be reported on the form.
📤 Who files it?
The entity paying out the winnings (casino, state lottery, etc.) must:
Provide a copy to the winner by January 31, 2025.
File with the IRS electronically by March 31, 2025.
🏛️ Form 1097-BTC – Bond Tax Credit
🔍 What is it?
Form 1097-BTC reports the allocation of tax credits associated with certain bonds, including Build America Bonds (BABs) and other tax credit bonds issued by governmental entities.
🏗️ Who uses it?
Governmental issuers or intermediaries who are responsible for distributing tax credits to bondholders.
Recipients of these credits can include financial institutions, corporations, or individuals that hold the qualifying bonds.
🧾 What does it include?
The amount of bond tax credit allocated to each recipient
The CUSIP number and bond details
The type of credit (e.g., Clean Renewable Energy Bond, Qualified School Construction Bond, etc.)
📤 Filing obligations:
Form must be provided to the taxpayer by January 31, 2025
Electronic filing with the IRS is due by March 31, 2025