Here is what I emailed to Casino Player a few weeks ago.
We subscribe to CP for many years, but never seen a mistake of this
magnitude:
In the answer to Slot taxes question about W2G form on Cashouts over
$1200, CP answers the following "If you cash out with 1200 or more,
the machine will lock up for hand-pay and you will receive W2G form,
regardless of how many jackpots it took you to reach that 1200"
It is purely wrong!!! We cashout more than $1,200.00 all the time.
The machine based on the casino preference may not issue a ticket
over a specific amount for security purposes and anti money
laundering measures but no W2G will be issued. W2G issued on slot
Jackpots over 1199.00 on single wager regardless of denomination and
number of coins wagered. The answer like that is as bad as selecting
Harrah's best in Cash Back, Video Poker and Comps in most
jurisdictions (for that the magazine should be called Harrah's
Player), but votes are votes despite the fact that Harrah's mails
ballots to their patrons database (which happens to be biggest).
Please try not to misinform thousands of readers next time.
Regards,
Yan
--- In vpFREE@yahoogroups.com, "Harry Porter" <harry.porter@v...>
wrote:
d_richheimer wrote:
> The total payoff on all 100 hands was over $1,200; evidently
the
> play of all 100 hands is considered a single bet, so a W-2G was
> issued. I don't know whether this is technically corect or not.
It's correct ... even when play proceeds in stages, such as
MultiStrike. All inidividual pays during a play are added to
determine the payoff on the bet.
> Incidently in this months issue of Strictly Slots (August 04) in
> response to a reader question regarding payouts (with no
indication
> of it being a multiple play machine) they responded:
>
> "If you cash out with $1,200 or more, the machine will lock up
for a
> hand-pay and you will receive a W2G form, regardless of how many
> jackpots it took you to reach that $1,200. No, a single win of
> $1,200 is not required. ... It is a federal regulation."
> I believe this response is questionable and is contrary to prior
> discussion on this board, at least with respect to non-multiple
play
> machines.
Does the SS author of that comment ever play at denominations where
they have incurred a $1200+ cashout? I believe some TITO's will
actually ticket your cashout without attendent intervention,
assuming
···
that you didn't have a single win of $1200+.
There have been a handful of anecdotes of manual cashouts of $1200+
where the casino insisted on a W2G, but the feedback has always been
that this is in error.
- Harry