vpFREE2 Forums

Revising "Tax Help for the Frugal Gambler"

#1

This is the most current information I have for states that withhold state tax from W2G wins.

Louisiana (6%)
          Iowa (5%)
          Missouri (4%)
          Indiana (3.4%)
          Michigan (4% in 2003, 3.9% in 2004. This withholding is for non-residents only and covers winnings from casinos, racetracks, and off-track betting.)

I don't know what % was withheld in Michigan from non-residents in 2005 and 2006. Does anyone know that and what it will be in 2007?

Does anyone have any additional info on these states - or other states that might have started (or will start) this frustrating practice???

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#2

Mississippi wiithholds 3% non-refundable to both residents and
non-residents.

Queenof comps said: Does anyone have any additional info on these states -

or other states that
might have started (or will start) this frustrating practice???<<

···

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#3

My accountant (an EA) mentioned there had been a court case and the MS tax
is no longer non-refundable...

...Or something - I wasn't listening all that closely to him because it's
become a moot point for me.

Double check that. Some of you may be able to get some money back.

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

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On 12/8/06, Tony Dubnik <tdubnik@alltel.net> wrote:

Mississippi wiithholds 3% non-refundable to both residents and
non-residents.

#4

It is important to keep in mind that in Mississippi the "slot tax"
is in lieo of an income tax. Meaning my understanding is that
Mississippi unlike every other state does not make you include
gambling wins in your income for the income tax. So this is a trade
off and is administratively easier particulary if you live out of
state
if Mississippi taxed gambling wins, you would have to file a
Mississippi non-resident form technically. Now any income tax you
paid to them would be a credit on your own state income tax return,
but many of their customers are from Flordia that does not have an
income tax.

Now imagine with all the hassle and record keeping and accounting
fees we all have from all the complicated tax issues that were
mentioned here from sessions, etc - if the federal government said
we will take 3% for all W2-Gs, particularly if they moved up the w2-
g threshold and said that is in lieu of the income tax and all
gambling wins including tables were not taxable (the Missisippi
law) - would not we all be better off, assuming we put a value on
our time?

Mississippi wiithholds 3% non-refundable to both residents and
non-residents.

>>Queenof comps said: Does anyone have any additional info on

these states -

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--- In vpFREE@yahoogroups.com, "Tony Dubnik" <tdubnik@...> wrote:

or other states that
might have started (or will start) this frustrating practice???<<

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