vpFREE2 Forums

W2-G's

#1

My understanding is if you win taxable jackpots in
excess of $10,000 at one casino in one day the IRS is
notified and estimated taxes are withheld.

···

--- Roland Langley <roland0684@yahoo.com> wrote:

> > 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.

Bill Velek replied:

> 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?

In Nevada there isn't any withholding (might be for
some non USA
citizens) - they just give you a W2-G, if your
jackpot on a single
play is $1200 or greater.

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#2

--- In vpFREE@yahoogroups.com, Jonathan Ashton
<diversified_slave@y...> wrote:

My understanding is if you win taxable jackpots in
excess of $10,000 at one casino in one day the IRS is
notified and estimated taxes are withheld.

I really don't think this is the case. I haven't hit anything near
that size in Vegas, but did get a $20K RF in Atlantic City, and they
offered me the option to withhold taxes (which I declined). Some
casinos even ask that question on $4K payouts. Since we're talking
about the feds, it would seem logical that the same rules apply in
all states.

#3

Jonathan Ashton wrote:

My understanding is if you win taxable jackpots in
excess of $10,000 at one casino in one day the IRS is
notified and estimated taxes are withheld.

The only reg. that I'm familiar with that involves a $10K threshold is
the requirement that casinos report any single cash transaction in
excess of $10K. Additionally, casinos are required to log certain
cash transactions of smaller amounts and file applicable reporting
should they sum to more than $10K in a 24-hour period.

Neither of these would involve withholding of estimated taxes. Nor
would they include cash payment of jackpots since these are already
reported on a W2-G (including method of payment).

- Harry

#4

The last statement of my previous post was incorrect. Cash paid
jackpots must be taken into account by casinos in determining whether
cash transactions in a 24-hr. period have exceeded the $10K reporting
threshold.

I wrote:

···

Nor would they (currency transaction reports) include cash payment of
jackpots since these are already reported on a W2-G (including method
of payment).

#5

I stand corrected. Thanks

···

--- Harry Porter <harry.porter@verizon.net> wrote:

Jonathan Ashton wrote:
> My understanding is if you win taxable jackpots in
> excess of $10,000 at one casino in one day the IRS
is
> notified and estimated taxes are withheld.

The only reg. that I'm familiar with that involves a
$10K threshold is
the requirement that casinos report any single cash
transaction in
excess of $10K. Additionally, casinos are required
to log certain
cash transactions of smaller amounts and file
applicable reporting
should they sum to more than $10K in a 24-hour
period.

Neither of these would involve withholding of
estimated taxes. Nor
would they include cash payment of jackpots since
these are already
reported on a W2-G (including method of payment).

- Harry

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#6

When I hit the RF on a Multistrike machine at the Rampart in June
(for $32,075) no tax was withheld. In IL where I play regularly I
hit a RF for 20k at the Grand Victoria. No tax was withheld, I even
asked them to take out taxes and was told they do not. At Hollywood
casino (where I have hit numerous W2G's) they will take out state
tax, federal tax or both state and federal; all depends on what you
tell them you want taken out.

--- In vpFREE@yahoogroups.com, Jonathan Ashton
<diversified_slave@y...> wrote:

···

My understanding is if you win taxable jackpots in
excess of $10,000 at one casino in one day the IRS is
notified and estimated taxes are withheld.

#7

When I hit the RF on a Multistrike machine at the Rampart in June
(for $32,075) no tax was withheld. In IL where I play regularly I
hit a RF for 20k at the Grand Victoria. No tax was withheld, I

even

asked them to take out taxes and was told they do not. At

Hollywood

casino (where I have hit numerous W2G's) they will take out state
tax, federal tax or both state and federal; all depends on what

you

tell them you want taken out.

--- In vpFREE@yahoogroups.com, Jonathan Ashton
<diversified_slave@y...> wrote:
> My understanding is if you win taxable jackpots in
> excess of $10,000 at one casino in one day the IRS is
> notified and estimated taxes are withheld.
>
>

It has been my experienc that nothing is withheld unless you ask.
Although the State of Mississippi takes out a flat 3%, I believe it
is, and you have no choice in the matter. Kind of like getting
comps, you have to ask. Likewise on getting your payoff in the form
of a check rather than cash. If you ask you shall receive.

DWK

···

--- In vpFREE@yahoogroups.com, "dlgreg2002" <dlgreg2002@y...> wrote:

#8

OK, now the tough question. Do you need to pay
estimated quarterly taxes to the IRS for W2-G
winnings.

···

--- dlgreg2002 <dlgreg2002@yahoo.com> wrote:

When I hit the RF on a Multistrike machine at the
Rampart in June
(for $32,075) no tax was withheld. In IL where I
play regularly I
hit a RF for 20k at the Grand Victoria. No tax was
withheld, I even
asked them to take out taxes and was told they do
not. At Hollywood
casino (where I have hit numerous W2G's) they will
take out state
tax, federal tax or both state and federal; all
depends on what you
tell them you want taken out.

--- In vpFREE@yahoogroups.com, Jonathan Ashton
<diversified_slave@y...> wrote:
> My understanding is if you win taxable jackpots in
> excess of $10,000 at one casino in one day the IRS
is
> notified and estimated taxes are withheld.
>
>

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#9

If you keep accurate records of your play and find that you are
ahead a significant amount at the end of a quarter, I'll send in
estimated taxes. Just because I've accumulated 30k in W-2G's does
not make me send in that payment. If I'm close to even for the year
(which is usually the case), I don't send anything as I'm expecting
to write it off at the end of the year. This has worked for me.

#10

Maybe

http://www.irs.gov/faqs/page/0,,id%3D16002,00.html

www.irs.gov

do search for underpayment penalty

--- Jonathan Ashton <diversified_slave@yahoo.com>
wrote:

···

OK, now the tough question. Do you need to pay
estimated quarterly taxes to the IRS for W2-G
winnings.

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#11

http://www.irs.gov/govt/tribes/article/0,,id=108304,00.html

www.irs.gov

search for casino cash

···

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#12

When I was dealt a royal on the triple play at Boulder Station for
$14,915, the only question was cash or check.

···

On Sun, 10 Aug 2003 01:40:14 -0000, you wrote:

--- In vpFREE@yahoogroups.com, Jonathan Ashton
<diversified_slave@y...> wrote:

My understanding is if you win taxable jackpots in
excess of $10,000 at one casino in one day the IRS is
notified and estimated taxes are withheld.

I really don't think this is the case. I haven't hit anything near
that size in Vegas, but did get a $20K RF in Atlantic City, and they
offered me the option to withhold taxes (which I declined). Some
casinos even ask that question on $4K payouts. Since we're talking
about the feds, it would seem logical that the same rules apply in
all states.

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#13

For the State of IL the answer is yes, unless you want to pay a
penalty. IL does not allow deduction of gambling losses from
gambling winnings. It is 3% off the top!

-- In vpFREE@yahoogroups.com, Jonathan Ashton
<diversified_slave@y...> wrote:

···

OK, now the tough question. Do you need to pay
estimated quarterly taxes to the IRS for W2-G
winnings.