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Yes, you need the SSN and the win must be less than 5k or maybe 4k. I'm not sure which.
I've had taxable jackpots between $1500 and a little over $82k, and the choice to withhold anything has always been mine. I'm not seeing where the 28% or 30% comes from though. The attendants have always told me it would be 20% period.
Getting a lot of taxables is fun, but even if you deduct losses totalling everything that you claimed to have won, it screws up your AGI in many cases. That's been my constant headache, because I am not a professional gambler and have never filed as such.
I've had taxable jackpots between $1500 and a little over $82k, and the choice to withhold anything has always been mine. I'm not seeing where the 28% or 30% comes from though. The attendants have always told me it would be 20% period.
Getting a lot of taxables is fun, but even if you deduct losses totalling everything that you claimed to have won, it screws up your AGI in many cases. That's been my constant headache, because I am not a professional gambler and have never filed as such.
In Illinois anything $1,200 and over on any video machine, poker or slots, requires a hand pay and any hand pay they will ask if you want taxes out. I believe on table games it is if you win over a certain amount of money on one bet or a certain % more, any win of 200 to 1 or greater will be considered taxable. As for the tax percentages, I am clueless on that, nor will I claim to know anything about it. I say take taxes out and they take out what they take out. Earlier someone stated that if no SSN is given that it is 28%, but this might vary state to state or even casino to casino because I gave them my SSN but 28% was still taken out. If I do ask for taxes to be taken out I always request Federal and State. This is my first year of gambling to any amount that would show up on my taxes, but every year prior I have always owed money to the state, so I always request that be taken out as well.
Congratulations on the win, Trancend! I believe you and I hope this doesn't turn into a debate on your honesty.
I just picked up a copy of 'Tax Help for Gamblers' by Jean Scott and Marissa Chien for $2 at the Huntington Press office in Las Vegas.
I hope it has some useful, up to date info. I have $12,000 in W-2G's for this year. (Not nearly as much as some, but it's going to significantly affect my AGI this year).
I found the book very useful, although I skipped over most of the W-2G stuff since I only play table games. Nice find at $2! I paid $25 on Amazon :/.
Getting a lot of taxables is fun, but even if you deduct losses totalling everything that you claimed to have won, it screws up your AGI in many cases. That's been my constant headache, because I am not a professional gambler and have never filed as such.
Gambling a lot as a non-pro will jack up your AGI, which sucks for Roth contribution income limits (and some other stuff). Even if you barely win or have a losing year! It's really a pain in the ass. Last year I had $24K in winnings and $17K in losses. Bleh. I wish they'd be more reasonable and just let you put down your net on the front of the 1040, would really be a lot easier.
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I'm sure the casinos have some leeway on their withholding. I'm still puzzled about the removal of the machine but casinos most likely have their own policies on that as well. A woman hit a slot for 800k at Mohegan Sun a few weeks ago and they practically dismantled the machine. It was up and running about six hours later.
Congratulations on the win, Trancend! I believe you and I hope this doesn't turn into a debate on your honesty.
+1
I'm sure the casinos have some leeway on their withholding. I'm still puzzled about the removal of the machine but casinos most likely have their own policies on that as well. A woman hit a slot for 800k at Mohegan Sun a few weeks ago and they practically dismantled the machine. It was up and running about six hours later.
Congratulations on the win, Trancend! I believe you and I hope this doesn't turn into a debate on your honesty.
He told me they took it off the floor, so they may have put it back out, I will most certainly look for it next time I am there, but I am just going by what the guy told me. I have no reason to not believe him, he was a really nice guy, even gave me a great comp for a win on a slot, which had never happened to me before.
Yes, you need the SSN and the win must be less than 5k or maybe 4k. I'm not sure which.
Probably 5K, then, I opted out of one with a win just over 4k.
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