vpFREE2 Forums

10- play machine wins combined to create a W-2G ?

#1

Hello:

I've just recently found vpFREE and have enjoyed reading the posts to get a better idea of what games are better than others. But I have a question regarding how the payouts occur when playing a multiple-play machine.

My nearby casino has low stakes progressives (quarter and nickel games) that are okay, but I like bigger wins when I play (but I really don't like to deal with W-2G's), and I also play the sizzling seven's a lot to get the $1,199 hits.

The local casino also has a 10- play machine (non-progressive), but nothing lower than the $1 and $2 level. If I play the 10-play, and say are dealt a 4kind, will the win show up as a w-2g $1,250 pay? Or would the win simply be thrown into the machine credits?

I'll ask at the casino, but I won't be back there for another week, so figured I'd ask here beforehand.

Thanks in advance for any replies.

EC

#2

you are paid $1,200 or more on a single handle pull, so it's a w2g win

···

On Thu, Sep 24, 2009 at 6:29 AM, ecards112 <ecards112@yahoo.com> wrote:

Hello:

I've just recently found vpFREE and have enjoyed reading the posts to get a
better idea of what games are better than others. But I have a question
regarding how the payouts occur when playing a multiple-play machine.

My nearby casino has low stakes progressives (quarter and nickel games)
that are okay, but I like bigger wins when I play (but I really don't like
to deal with W-2G's), and I also play the sizzling seven's a lot to get the
$1,199 hits.

The local casino also has a 10- play machine (non-progressive), but nothing
lower than the $1 and $2 level. If I play the 10-play, and say are dealt a
4kind, will the win show up as a w-2g $1,250 pay? Or would the win simply be
thrown into the machine credits?

I'll ask at the casino, but I won't be back there for another week, so
figured I'd ask here beforehand.

Thanks in advance for any replies.

EC

[Non-text portions of this message have been removed]

#3

The local casino also has a 10- play machine (non-progressive), but

nothing lower than the $1 and $2 level. If I play the 10-play, and say are
dealt a 4kind, will the win show up as a w-2g $1,250 pay? Or would the win
simply be thrown into the machine credits?

Any time that your wager results in an aggregate payoff above the $1,200
cap, the machine will lock up and trigger a W2G taxable event. A caution
also on your quarter progressives. Let's say that you are playing a triple
play progressive and you hit one of the three royals at $1,197.00 holding
three to the royal, and on another line you catch trip kings for a 15 coin
payoff, or $3.75. Your aggregate win on this single wager is also now over
the cap, and a W2G will be issued.
                                                           Nudge

···

From: "ecards112" <ecards112@yahoo.com>
Subject: [vpFREE] 10- play machine wins combined to create a W-2G ?

#4

Yes. U will get a W2

···

Sent from my Verizon Wireless BlackBerry

-----Original Message-----
From: "ecards112" <ecards112@yahoo.com>

Date: Thu, 24 Sep 2009 13:29:31
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] 10- play machine wins combined to create a W-2G ?

Hello:

I've just recently found vpFREE and have enjoyed reading the posts to get a better idea of what games are better than others. But I have a question regarding how the payouts occur when playing a multiple-play machine.

My nearby casino has low stakes progressives (quarter and nickel games) that are okay, but I like bigger wins when I play (but I really don't like to deal with W-2G's), and I also play the sizzling seven's a lot to get the $1,199 hits.

The local casino also has a 10- play machine (non-progressive), but nothing lower than the $1 and $2 level. If I play the 10-play, and say are dealt a 4kind, will the win show up as a w-2g $1,250 pay? Or would the win simply be thrown into the machine credits?

I'll ask at the casino, but I won't be back there for another week, so figured I'd ask here beforehand.

Thanks in advance for any replies.

EC

[Non-text portions of this message have been removed]

#5

I'm just curious, but does anyone know how long the W2-G $1200 limit has been around at $1200 ? Was it always at that amount, and has there ever been any talk or legislature in trying to get that limit raised higher ? Seems like a $1200 win years ago was worth a lot more then it is today . . .

-Len

···

--- In vpFREE@yahoogroups.com, rknykr@... wrote:

Yes. U will get a W2
Sent from my Verizon Wireless BlackBerry

-----Original Message-----
From: "ecards112" <ecards112@...>

Date: Thu, 24 Sep 2009 13:29:31
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] 10- play machine wins combined to create a W-2G ?

Hello:

I've just recently found vpFREE and have enjoyed reading the posts to get a better idea of what games are better than others. But I have a question regarding how the payouts occur when playing a multiple-play machine.

My nearby casino has low stakes progressives (quarter and nickel games) that are okay, but I like bigger wins when I play (but I really don't like to deal with W-2G's), and I also play the sizzling seven's a lot to get the $1,199 hits.

The local casino also has a 10- play machine (non-progressive), but nothing lower than the $1 and $2 level. If I play the 10-play, and say are dealt a 4kind, will the win show up as a w-2g $1,250 pay? Or would the win simply be thrown into the machine credits?

I'll ask at the casino, but I won't be back there for another week, so figured I'd ask here beforehand.

Thanks in advance for any replies.

EC

[Non-text portions of this message have been removed]

#6

Don't know but if you start a petition, I will sign it

···

Sent from my Verizon Wireless BlackBerry

-----Original Message-----
From: "len_jz" <len_jz@yahoo.com>

Date: Thu, 24 Sep 2009 19:00:16
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

I'm just curious, but does anyone know how long the W2-G $1200 limit has been around at $1200 ? Was it always at that amount, and has there ever been any talk or legislature in trying to get that limit raised higher ? Seems like a $1200 win years ago was worth a lot more then it is today . . .

-Len

--- In vpFREE@yahoogroups.com, rknykr@... wrote:

Yes. U will get a W2
Sent from my Verizon Wireless BlackBerry

-----Original Message-----
From: "ecards112" <ecards112@...>

Date: Thu, 24 Sep 2009 13:29:31
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] 10- play machine wins combined to create a W-2G ?

Hello:

I've just recently found vpFREE and have enjoyed reading the posts to get a better idea of what games are better than others. But I have a question regarding how the payouts occur when playing a multiple-play machine.

My nearby casino has low stakes progressives (quarter and nickel games) that are okay, but I like bigger wins when I play (but I really don't like to deal with W-2G's), and I also play the sizzling seven's a lot to get the $1,199 hits.

The local casino also has a 10- play machine (non-progressive), but nothing lower than the $1 and $2 level. If I play the 10-play, and say are dealt a 4kind, will the win show up as a w-2g $1,250 pay? Or would the win simply be thrown into the machine credits?

I'll ask at the casino, but I won't be back there for another week, so figured I'd ask here beforehand.

Thanks in advance for any replies.

EC

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#7

I believe it is based on what you win in relation to the amount spend.? I thought it was 600x but it is probably lower.

···

-----Original Message-----
From: rknykr@yahoo.com
To: vpFREE@yahoogroups.com
Sent: Thu, Sep 24, 2009 3:03 pm
Subject: Re: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

Don't know but if you start a petition, I will sign it
Sent from my Verizon Wireless BlackBerry

-----Original Message-----
From: "len_jz" <len_jz@yahoo.com>

Date: Thu, 24 Sep 2009 19:00:16
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

I'm just curious, but does anyone know how long the W2-G $1200 limit has been around at $1200 ? Was it always at that amount, and has there ever been any talk or legislature in trying to get that limit raised higher ? Seems like a $1200 win years ago was worth a lot more then it is today . . .

-Len

--- In vpFREE@yahoogroups.com, rknykr@... wrote:

Yes. U will get a W2
Sent from my Verizon Wireless BlackBerry

-----Original Message-----
From: "ecards112" <ecards112@...>

Date: Thu, 24 Sep 2009 13:29:31
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] 10- play machine wins combined to create a W-2G ?

Hello:

I've just recently found vpFREE and have enjoyed reading the posts to get a better idea of what games are better than others. But I have a question regarding how the payouts occur when playing a multiple-play machine.

My nearby casino has low stakes progressives (quarter and nickel games) that are okay, but I like bigger wins when I play (but I really don't like to deal with W-2G's), and I also play the sizzling seven's a lot to get the $1,199 hits.

The local casino also has a 10- play machine (non-progressive), but nothing lower than the $1 and $2 level. If I play the 10-play, and say are dealt a 4kind, will the win show up as a w-2g $1,250 pay? Or would the win simply be thrown into the machine credits?

I'll ask at the casino, but I won't be back there for another week, so figured I'd ask here beforehand.

Thanks in advance for any replies.

EC

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#8

len_jz wrote:

I'm just curious, but does anyone know how long the W2-G $1200
limit has been around at $1200 ? Was it always at that amount, and
has there ever been any talk or legislature in trying to get that
limit raised higher ? Seems like a $1200 win years ago was worth a
lot more then it is today . . .

A hike in the $600 1099-Misc issuance threshold was sought in 2006 with an aim to reduce small business paperwork. IRS response, which also addresses the W-2G threshold:

···

-----

This issue was forwarded to the Burden Reduction Office for resolution. At this time, there are no plans to change the threshold for the suite of Form 1099 products as well as Form W-2G.

Both Compliance and the Treasury have stated that that they are not supportive of increasing thresholds for two main reasons: 1) Since taxpayers rely on Information Returns to prepare their tax returns, increasing the threshold would shift the burden to the taxpayer and; 2) Information Returns play an important role in ensuring that recipients report the proper amount.

#9

Anytime u get $1200 or above in one game whether its 1 play or 10 or 50 its a w2g,if u get it in a combination of more than one play no w2g IN FACT SOME MACHINES WILL SPIT OUT A TICKET IF IT WILL MAKE THE TOTAL CREDITS MORE THAN $1200

GENE SCHEEL
SUNDANCE SPORTS
PLEASE CHECK OUR WEB SITE:

http://sundanceflagsandsports.com/

···

The local casino also has a 10- play machine (non-progressive) , but nothing lower than the $1 and $2 level. If I play the 10-play, and say are dealt a 4kind, will the win show up as a w-2g $1,250 pay? Or would the win simply be thrown into the machine credits? <<<

#10

Not for machine play. If you are playing a 5 coin $100 JOB game ($500 per spin) and hit a three of a kind for $1500, you get a W2-G. That's only 3x your initial bet.

EE

···

--- In vpFREE@yahoogroups.com, bmacvid@... wrote:

I believe it is based on what you win in relation to the amount spend.? I thought it was 600x but it is probably lower.

#11

The 600-1 deals with horse racing (and other pari-mutuel betting) and taxable events which produced a win of over $1200 for a $2 wager. I believe the casino gaming threshhold was based on this arbitrary win amount.

···

To: vpFREE@yahoogroups.com
From: eecounter@hotmail.com
Date: Fri, 25 Sep 2009 12:30:12 +0000
Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

--- In vpFREE@yahoogroups.com, bmacvid@... wrote:
>
>
> I believe it is based on what you win in relation to the amount spend.? I thought it was 600x but it is probably lower.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Not for machine play. If you are playing a 5 coin $100 JOB game ($500 per spin) and hit a three of a kind for $1500, you get a W2-G. That's only 3x your initial bet.

EE

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#12

There are some video slots where the $1,200 rule doesn't seem to apply. It's been reported on several TripAdvisor posts for both Atlantic City and Vegas that if you get a bonus round that consists of "free spins", even though the meter adds up each spin, they're still treated separately. So, say you get ten free spins, and you were to win $500 on each one, you'd cash out a $5,000 ticket with no W2G, even though the screen would say "Total Win $5,000".

#13

THe only time I have seen a reference to getting a W2g only if 600x bet or more has to do with live poker tournaments.Tournament won't issue W2g for an amount less than 600x buyin.

Diane

···

-----Original Message-----
From: eecounter <eecounter@hotmail.com>
To: vpFREE@yahoogroups.com
Sent: Fri, Sep 25, 2009 7:30 am
Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

--- In vpFREE@yahoogroups.com, bmacvid@... wrote:

I believe it is based on what you win in relation to the amount spend.? I thought it was 600x but it is probably lower.

Not for machine play. If you are playing a 5 coin $100 JOB game ($500 per spin) and hit a three of a kind for $1500, you get a W2-G. That's only 3x your initial bet.

EE

[Non-text portions of this message have been removed]

#14

Doesn't work that way at tribal casinos in WI.

Played a video slot with free spins that multiplied with each win last month. The 10 free spin total was $1700 once and another time $2,400. Machine locked up after bonus round was complete, required hand pay and the issuance of a W2-G.

Diane

···

-----Original Message-----
From: some_bitch_already_took_sumorez <will@express-pc.com>
To: vpFREE@yahoogroups.com
Sent: Fri, Sep 25, 2009 9:33 am
Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

There are some video slots where the $1,200 rule doesn't seem to apply. It's been reported on several TripAdvisor posts for both Atlantic City and Vegas that if you get a bonus round that consists of "free spins", even though the meter adds up each spin, they're still treated separately. So, say you get ten free spins, and you were to win $500 on each one, you'd cash out a $5,000 ticket with no W2G, even though the screen would say "Total Win $5,000".

[Non-text portions of this message have been removed]

#15

.......................................................................

I thinking that is the way it should be. Lookinf forward to commentary as to which way is correct and why.

···

--- In vpFREE@yahoogroups.com, HRDiane@... wrote:

Doesn't work that way at tribal casinos in WI.

Played a video slot with free spins that multiplied with each win last month. The 10 free spin total was $1700 once and another time $2,400. Machine locked up after bonus round was complete, required hand pay and the issuance of a W2-G.

Diane

#16

THe only time I have seen a reference to getting a W2g only if 600x bet
or more has to do with live poker tournaments.Tournament won't issue
W2g for an amount less than 600x buyin.

The rule on this changed recently. Now poker tournaments issue a W-2G if the
NET win is $5000 or more.

Cogno

#17

A five way Chop at the Venetian last month confirms this as, without the Chop 1st would have gotten a W2g for over 5 K in proceeds. (third for me).

···

--- In vpFREE@yahoogroups.com, "Cogno Scienti" <cognoscienti@...> wrote:

> THe only time I have seen a reference to getting a W2g only if 600x bet
> or more has to do with live poker tournaments.Tournament won't issue
> W2g for an amount less than 600x buyin.

The rule on this changed recently. Now poker tournaments issue a W-2G if the
NET win is $5000 or more.

Cogno

#18

  If you are playing a 5 coin $100 JOB game ($500 per spin) and hit a three of a kind for $1500, you get a W2-G. That's only 3x your initial bet.

I can one better. I was issued a W-2G last month for "winning" $10,000 in a $10,000 buy-in slot tournament. That's a push.

···

--- In vpFREE@yahoogroups.com, "eecounter" <eecounter@...> wrote:

#19

I can one better. I was issued a W-2G last month for "winning" $10,000
in a $10,000 buy-in slot tournament. That's a push.

And this is why a good accountant and the state you live in makes a huge
difference to your EV. I highly recommend Tax Help for Gamblers as a good
information source.

Personally, for VP, I think the $1,200 limit is a bit ridiculous for Video
Poker considering the rollers in the table games aren't subject to it - or
at least W2-G'd for their action. If you're a good record keeper, the
$1,200 issuance really isn't too much of a problem if you can offset your
loses properly. At the state level, it's a nightmare because more often
your loses aren't deductible. Here in the Midwest, that's 3-5% at tax time
that you have to pay no matter how you fair for the year. The states are
NEVER gonna change that law because it's big money for them.

#20

Actually, in horse racing, a W-2G is triggered if the payoff is 300-1 or
greater (not 600-1). The reportable figure is $600 (or greater), due to
the race's $2 wager.

BTW, casino table games will also issue a W-2G if the bet pays 300-1 or
greater (such as progressives).

···

On 9/25/09, kelso 1600 <kelso1600@hotmail.com> wrote:

The 600-1 deals with horse racing (and other pari-mutuel betting) and
taxable events which produced a win of over $1200 for a $2 wager. I believe
the casino gaming threshhold was based on this arbitrary win amount.

> To: vpFREE@yahoogroups.com
> From: eecounter@hotmail.com
> Date: Fri, 25 Sep 2009 12:30:12 +0000
> Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?
>
> --- In vpFREE@yahoogroups.com, bmacvid@... wrote:
> > I believe it is based on what you win in relation to the amount spend.?
I thought it was 600x but it is probably lower.
> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>
> Not for machine play. If you are playing a 5 coin $100 JOB game ($500 per
spin) and hit a three of a kind for $1500, you get a W2-G. That's only 3x
your initial bet.

[Non-text portions of this message have been removed]