I was wondering how these progressive teams handle taxes on jackpots over
$1199.
It seems like there'd be some difficulty in paying some guy $100 or
whatever, and having them
hit a $25K jackpot (with the resulting paperwork in their name).
[Non-text portions of this message have been removed]
This is highly graphic, rated XXX, and not for the faint of heart, but in this film noir, poker player Jennifer Tilly demonstrates the pruning shear technique for collecting:
http://www.youtube.com/watch?v=n9u_f9dJHzc
--- In vpFREE@yahoogroups.com, "Gregory Bart Jr." <broncosaurus@...> wrote:
I was wondering how these progressive teams handle taxes on jackpots over
$1199.It seems like there'd be some difficulty in paying some guy $100 or
whatever, and having them
hit a $25K jackpot (with the resulting paperwork in their name).[Non-text portions of this message have been removed]
I don't think she ever used or threaten to use pruning shears. I'd
say more about who did and who else threatened to, but I wouldn't want
to spoil the movie.
you wrote:
This is highly graphic, rated XXX, and not for the faint of heart, but in this film noir, poker player Jennifer Tilly demonstrates the pruning shear technique for collecting:
http://www.youtube.com/watch?v=n9u_f9dJHzc
--- In vpFREE@yahoogroups.com, "Gregory Bart Jr." <broncosaurus@...> wrote:
I was wondering how these progressive teams handle taxes on jackpots over
$1199.It seems like there'd be some difficulty in paying some guy $100 or
whatever, and having them
hit a $25K jackpot (with the resulting paperwork in their name).[Non-text portions of this message have been removed]
>
>--- In vpFREE@yahoogroups.com, "Gregory Bart Jr." <broncosaurus@> wrote: I was wondering how these progressive teams handle taxes on jackpots over $1199. It seems like there'd be some difficulty in paying some guy $100 or whatever, and having them hit a $25K jackpot (with the resulting paperwork in their name).
>>
There is an IRS form for splitting jackpots. I don't remember the number of the form as I've never been involved in those kinds of splits.
Mickey wrote:
>
>--- In vpFREE@yahoogroups.com, "Gregory Bart Jr." <broncosaurus@> wrote: I was wondering how these progressive teams handle taxes on jackpots over $1199. It seems like there'd be some difficulty in paying some guy $100 or whatever, and having them hit a $25K jackpot (with the resulting paperwork in their name).
>>There is an IRS form for splitting jackpots. I don't remember the number of the form as I've never been involved in those kinds of splits.
It's 5754. The IRS doesn't seem to care how it's used, though. The
instructions tell the person who hit the jackpot to go back to the
casino and have the w-2g reissued in the names of the people whose
income the jackpot was, but teams rarely use it that way and casinos
can be uncooperative if they try. Usually, the people whose income
the jackpot was fill it out and give it to the person who hit the
jackpot, who then shows it to the IRS when they ask why s/he didn't
report the jackpot as income. I know of no instance when this hasn't
satisfied the IRS.