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Fillable Form 730

Form 730, Monthly Tax Return for Wagers is used to declare the tax liability on bets and wagers. Companies with wagers and organizations that conduct lotteries need to file the Form 730 on a monthly basis. IRS 730 Form, Tax on wagering is used to compute

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What is Form 730?

Form 730, Monthly Tax Return for Wagers, is an IRS form used by companies engaged in the business of accepting wagers or conducting a wagering pool or lottery to declare any tax liability on bets and wagers.

Section 4401 of the Internal Revenue Code provides that the government imposes an excise tax on state-authorized wagers and unauthorized wagers. However, most companies filing for IRS Form 730 are those attributed to lottery-type activities conducted by tax-exempt organizations.

Tax-exempt organizations are organizations or companies that conduct activities such as raffles, pull-tabs, bingo, casino, punchboard games, or wheels. They are usually exempted from federal income taxes under the Internal Revenue Code, but they are not excluded from paying excise taxes on wagers under Section 4401.

You are required to file Form 730 if you fall under the following:

  • You are engaged in the business of accepting wagers;
  • You are conducting a wagering pool or lottery; or
  • You are required to be registered, and you received wagers for or on behalf of another

You may download a PDF copy of the 730 Form at the IRS website. But you may electronically fill it out on PDFRun for your convenience.

How to fill out Form 730?

Provide the necessary information on each required field. Read the instructions carefully, and make sure that the information you enter is true, accurate, and correct.

Name

Enter your full legal name.

Month and year

Enter the month and year of your return.

Number, street, and room or suite no.

Enter the number, street, and room or suite number of your address.

City or town, state or province, country, and ZIP or foreign postal code

Enter your city or town, state or province, country, and ZIP or foreign postal code.

Enter the P.O. box instead if the Post Office doesn’t deliver mail to the street address you entered.

If you have a foreign address, follow the country’s practice for entering the postal code. However, you have to enter the full name of the country in English using uppercase letters.

Check the appropriate box to determine your purpose in filing this form. You may select:

  • Final return
  • Address change

Item 1

Enter the gross amount of wagers accepted during the month.

Gross wagers are the total of wagers authorized and aren’t authorized by the state in which they are accepted. In entering the gross amount of wagers, include all charges connected with placing the wager, and any fees or charges incident to placing the wager.

Laid-off wagers are not included in this gross amount. Don’t also include the amount in the amount of the wager if you can prove that the person placing the wager paid a separate charge equal to the tax.

Item 2

Enter the gross amount of laid-off wagers accepted during the month.

Gross laid-off wagers are the total of the laid-off wagers authorized and aren’t authorized by the state in which they are accepted.

Item 3

Enter the result for adding Items 1 and 2.

Item 4a

Enter the tax on wagers authorized under the law of the state in which accepted. To do so, enter the amount of these wagers included in Item 3, multiply by the amount shown and enter the result.

Item 4b

Enter the tax on wagers other than wagers described in Item 4a. To do so, enter the amount of these wagers included in Item 3, multiply by the amount shown and enter the result.

Item 4c

Enter the tax on wagers by adding Items 4a and 4b.

Item 5

Enter any credits you have. Note that no credit is allowed unless it is supported by evidence.

You may claim a credit for any amount if there is an overpayment of tax or for the amount of tax imposed regarding a wager that you laid off. In this case, you may also use Schedule 6 of Form 8849, Other Claims, to claim a refund.

Item 6

Enter the balance due by subtracting Item 5 from Item 4c.

Signature

Affix your signature, and enter your name below the signature.

Date

Enter the date you signed the IRS Form 730.

Form 730-V - Payment Voucher

Form 730-V should be completed if you are making a payment using a check or money order with Form 730. The IRS will use the completed voucher to credit your payment. Don’t file Form 730-V if you are paying the balance due on Form 730 Item 6 using the Electronic Federal Tax Payment System (EFTPS).

Item 1

Enter your employer identification number.

Item 2

Enter the amount of your payment in dollars. Make your check or money order payable to “United States Treasury.”

Make sure to enter your name, address, EIN, “Form 730,” and the tax period on your check or money order. Do not send cash, and do not staple or attach this voucher to your payment.

Item 3

Enter the year and month as shown on Form 730. Enter it in YYYY/MM.

Item 4

Enter your business name or individual name if sole proprietor on the first line.

Enter your address on the second line.

Enter your city, state, and ZIP code on the third line.

How to file Form 730?

If you’re liable for the tax, you must file the 730 forms for each month on or before the last day of the month following the month for which you are reporting the taxable wages. IRS will not send you a notice that you have a return due.

You must file a return monthly, whether you have any taxable wagers to report or not. Write “None” in the entry space for Item 6, sign, and date Form 730 IRS if you don’t have taxable wagers to report for the month. But if you have stopped accepting wagers, check the “final return” option above Item 1.

File Form 730 IRS, along with your payment and voucher with the IRS. Send this form to the Department of Treasury, Internal Revenue Service in Ogden, Utah.

Make your money order or check payable to the “United States Treasury.” Write your name, address, EIN, “Form 730,” and the tax period on the said money order or check.

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