If you claimed a prize of more than $600 in calendar year 2018 from the Iowa Lottery, check your mailbox over the next several days for a form from us that you’ll need as you file your income tax return.
The document is called a W-2G form and it lists the gross prize amount as well as any federal and state withholdings from your prize. If you claimed multiple Iowa Lottery prizes of more than $600 in 2018, congratulations! And, you’ll receive multiple W-2G forms from us, one for each prize claimed.
We’re required to mail all W-2G forms by Jan. 31, but we always do our best to have them processed before that date if possible.
In the photo here, you can see the envelopes we’ll use to send the tax forms, so check your mailbox for them.
If you think you should have received a W-2G form from us for calendar year 2018 and you've moved since you claimed your prize, please let us know your new address as soon as possible. You can contact us at 515-725-7900 or email us at [email protected]. Be sure to include your name, old address, new address and phone number in case we need to contact you.
If you don’t update your address with us, your W-2G form will likely end up where you used to live.
Hi, Terry. That is a federal tax requirement. I'm not a tax-law expert to be able to explain why $1,200 is the threshold specified on the federal level, I just know that it is. Businesses must then ensure that they comply with the law and apply those taxes to customers' winnings.
Posted by: Mary Neubauer | January 30, 2019 at 10:56 AM
Why is it at the casinos (Prairie Meadows)if you win up to $1199.00 they don’t take taxes out and at $1200.00 up and above they do? Terry Barrett, [email protected]
Posted by: Terry Barrett | January 29, 2019 at 01:46 PM