can you ask the casino to take out the federal tax on wins over 5000?
i was lucky enough to winn 6600 on a $1 progressive sunday night and
was given the full amount. the couple times in the past that i had won
over 5000 at the track they automatically took out the federal tax out
at 28%.thanks
taxes on jackpots over $5000
can you ask the casino to take out the federal tax on wins over 5000?
Yes. There's usually no problem. Sometimes you have to press.
Cogno
Be aware of differences in various states.
My experience is that if you ask for federal withholding in New Jersey, you get New Jersey
withholding as a mandatory bonus feature. New Jersey expects you to pay NJ tax on NJ
income if you are a resident or not. Even if you have a net loss, you would have to file NJ
tax
form in hopes of getting it back.
Missouri takes out a State jackpot tax, like it or not.
If you don't know, be sure to ask about state implications of the federal withholding.
AJ
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--- In vpFREE@yahoogroups.com, "dynamite9758" <dynamite67@...> wrote:
can you ask the casino to take out the federal tax on wins over 5000?
i was lucky enough to winn 6600 on a $1 progressive sunday night and
was given the full amount. the couple times in the past that i had won
over 5000 at the track they automatically took out the federal tax out
at 28%.thanks
can you ask the casino to take out the federal tax on wins over 5000?
i was lucky enough to winn 6600 on a $1 progressive sunday night and
was given the full amount. the couple times in the past that i had
won
over 5000 at the track they automatically took out the federal tax
out
at 28%.thanks
Parimutuel is w2 at 600 and withheld at 5000 net win. In some states,
example KS 28% fed. 7%state= 35% withheld over 5000.
Table games 10,000 bought or cashed in a certain 24 hr period casino is
required to get info of cashee or buyee.The casinos usually ask(demand)
id for less than the 10000. When Some people win more than 10000 they
cash only part of their chips for a few days, but let it be known that
this is structuring under federal penalty. Slots and VP are only w2 at
1200 or more, but you can insist on withholding of Federal taxes. Of
course there is no NV income tax so it is irrelavant here on state, but
the federal is nationwide. i do not know how Native American Casinos
handle tax payoffs.
just my experience not to be construed as certainty.
regards,
TD
···
--- In vpFREE@yahoogroups.com, "dynamite9758" <dynamite67@...> wrote: