Gambling winnings are taxable income in Indiana. Full-year Indiana residents pay tax on all of their gambling winnings, including winnings from riverboats and pari-mutuel horse races (even those winnings from out-of-state sources). Nonresidents pay tax to Indiana on gambling winnings from Indiana's riverboats and pari-mutuel horse racing tracks. During 2008, 26.2 million people gambled at Indiana's eleven riverboat casinos, generating about $2.6 billion in win. The 2008 attendance and win levels are a long way from the first, albeit partial, year of casino operations in 1996 when roughly 944,000 gamblers generated a win total of about $71.9 million. Reporting Lotto Winnings. Report all of your gambling winnings for the year, including lottery prizes, bingo winnings, raffle prizes and slot machine proceeds, on line 21 of Form 1040, under Other Income. If you have a Form W2-G, report the amount of taxes withheld from your winnings on line 64, 'Federal income tax withheld from Forms W-2. There are many credits available to claim on your Indiana income tax return. Information Bulletin #59 lists all the credits available to Indiana taxpayers. Also, the IT-40 instruction booklet (IT-40PNR instruction booklet) has more detailed information about the credits available to be claimed on the income tax return. Below is a list and a brief discussion of the more commonly claimed credits.

Indiana Tax Gambling Winnings

November 01, 2017

Have you recently won some cash at the casino or racetrack? Congratulations! While it is very exciting, keep in mind there are tax implications and you should be prepared to pay federal, state and local income taxes on the winnings.

Irs Tax On Casino Winnings

You can anticipate that the casino or other party that provides the payout to give or send you a Form W-2G. The information reported on this federal form includes the date you won, the reportable winnings, type of wager, federal and state taxes withheld and other details about the transaction.

You will file a W-2G if you won money from any of the following sources (please note, the list is not exhaustive):

Horse/dog track or off track betting
Jai-alai
State-conducted lottery
Keno • Bingo
Slot machines
Poker winnings
Any other type of gambling winnings

Indiana Tax Rate On Gambling Winnings

Keep in mind, even if you win money at a charity event that is hosted by a church or other type of non-profit organization, those winnings are taxable. If you paid money to participate in the event, such as purchased cards for a game of bingo at your church, you cannot claim the funds you spent as a donation to a non-profit organization when you file your income taxes.

Casino Winnings Tax Rate

If you find yourself on the losing end of a game of chance, you may wonder if you can report a gambling loss on your tax return. Generally, it is not allowable, but there are exceptions. It is advisable that you consult with a tax professional if you find yourself in such a situation or have questions.

Nys Tax On Casino Winnings

For rules, laws and other information pertaining to gaming in Indiana, visit the Indiana Gaming Commission website at http://www.in.gov/igc/.

Indiana Tax On Casino Winnings