What are the thresholds for gambling winnings and taxes?
While we could run off a set of numbers or a boring statistics table for you to look through, here we will keep this bit as simple as we can.  In New Jersey and across the US, gambling winnings over a certain amount need to be included in your tax return; that amount is $600 at the time of writing.  Whether you are an avid bettor or you struck it lucky, if you have made over this amount, you will need to declare it via a W-2G form.  If your winnings are over this $600, they will be taxed at a 24% rate. You can pay this at the time of your winning, via the casino or sportsbook withholding an amount of your prize to pay the tax or you can declare it with your end-of-year tax returns. Very simple really!