Washington, PA 15301
According to IRS requirements, Xpressbet must report all gambling winnings in the amount of $600 or more if such winnings are at least 300 times the amount of a single wager. Winnings of more than $5,000 from a wagering transaction are subject to federal income tax withholding and Xpressbet must withhold 25% of the payoff. These winnings are reported to the IRS electronically. There are no exceptions to these requirements.
Additionally, residents of Illinois are subject to state withholding of 3.75% on winnings of $5,000 or greater from horse and dog racing. Payments of winnings of $5,000 or greater are subject to Illinois withholding notwithstanding that higher dollar thresholds for federal withholding may be provided.
In January of each year, Xpressbet account holders are mailed a paper copy of the W-2G statement to file with their taxes unless they elect to receive W-2G statements electronically. In an effort to be more environmentally conscious, Xpressbet now offers electronic delivery of your W-2G statements.
Online W-2G forms can be accessed as follows: