Regular gambling withholding.
Recent legislation reduced the regular gambling withholding rate. The regular gambling withholding rate will be 25%
(33.33% for certain noncash
payments) for reportable payments.
Backup withholding.
Recent legislation also reduced the backup withholding rate to 28%.
In addition to these specific instructions, you should also use the 2004 General Instructions for Forms 1099, 1098, 5498, and W-2G.
Those general instructions include information about:
- Backup withholding
- Magnetic media and electronic reporting requirements
- Penalties
- When and where to file
- Taxpayer identification numbers
- Statements to recipients
- Corrected and void returns
- Other general topics
You can get the general instructions from the IRS website at www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676).
