A few days ago my wife hit a royal on a 25 cent "ticket out" machine.
The bells and whistles didn't go off, just racked up the $1000 and
went back to the "keep playing mode." She already had about $160 on
the clock when the royal came up making a total of $1160. She cashed
out, took the ticket to the cashier cage, and got her money. My
question is: what happens if the total is over $1200, the W-2G
threshold, when you punch out? Anyone had this experience with these
machines?
LC
Cantwell wrote:
A few days ago my wife hit a royal on a 25 cent "ticket out" machine.
The bells and whistles didn't go off, just racked up the $1000 and
went back to the "keep playing mode." She already had about $160 on
the clock when the royal came up making a total of $1160. She cashed
out, took the ticket to the cashier cage, and got her money. My
question is: what happens if the total is over $1200, the W-2G
threshold, when you punch out? Anyone had this experience with these
machines?
If the casino has the machines configured correctly, they will lockup on any
jackpot that requires a W-2G. Some casinos have the machines configured to
lockup on lower amounts as well (such as 4-deuces).
Accumulated wins are not supposed to generate a W-2G. No one should get a
W-2G if they hit a sub $1200 jackpot that when combined with other lesser
jackpots totals > $1200.
Yes, I've had tickets with accumulated wins over $1200 and no problem with
W-2G.
g00d luck,
Gamb00lin F00l(s)
VP Nom de Plume wrote:
snip
Accumulated wins are not supposed to generate a W-2G. No one should get a
W-2G if they hit a sub $1200 jackpot that when combined with other lesser
jackpots totals > $1200.
snip
I've never had the occasion, and just so I'll know what to expect if/when I happen to get lucky, how does all that work? Does the casino withhold a percentage of your win, or just report it to the IRS with the form? Once you have reached that threshold for a W=2G, does the casino report only that particular jackpot, or do they report all of your winnings for the day? ... month? ... tax year?
Thanks.
Bill Velek