<<Iowa does for one [take taxes out of jackpot that does not require a W2G
because it isn't $1200 or over]. I had a $700 jackpot and they took state
taxes from it. i don't live there so maybe that is why??>>
If anybody knows the threshold that triggers the removal of state taxes in Iowa I'd like to know. (Either here or private email.) I think both Illinois and Indiana use $1200 (same as W-2G), although their rate of taxation is different--3% in Illinois and 3.4% in Indiana.
Although it's up to the state legislature to make these decisions, and I'm really all for states' rights, our elected officials need to do more to protect their constituents. I realize that many consider gambling a "sin" and so on, but they did, in fact, make it legal. This threshold issue could be a run away train--what's to keep lawmakers from having $100 jackpots trigger a tax deduction? (Maybe they're looking for the exact dollar amount at which the goose will stop laying golden eggs so they can subtract one cent and have a threshold!)
Guess you can tell unreasonable taxation is a hot button for me. Linda
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