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Table Games Why a W-2 for a $1000 Blackjack win?

Discussion in 'Table Games' started by theotherone, Jul 10, 2012.

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  1. theotherone

    theotherone Low-Roller

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    At Harrah's Metropolis this past weekend, my wife and I were playing Blackjack when a woman hit one of the side bets for a grand total of $1000. They had to stop play for her to sign a few papers and then bring the W-2.

    But I didnt think W-2's were required on table games until it hits the $10K limit or something.

    My wife did note that the W-2 had all 0's on it. I told her it's probably because she will pay the taxes later instead of right away, but now I dont think that's right either.

    Why was this done? Could it be because it was a $5 minimum and it exceeds a certain percentage of the bet or something?

    Just a side note, the lady actually won the majority on one of the side bets, 'lucky ladies' or something that pays 125 to 1 I think. She had $5 down and got 2 queen of hearts, so that is max payout. The catch is, if the dealer also gets a Blackjack on the same hand, the total is bumped to a grand.
     
  2. tacallian

    tacallian Low-Roller

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    Rule is if both of the two following conditions are true.

    Payout is better than $600

    AND

    At least 300 times the wager.

    So honestly, if she had $5 on it, it shouldn't have forced a W2-G until $1500. The reason hardly any W2-G's are done on table games is because of the 300 X wager payout requirement.
     
  3. travelfiend

    travelfiend High-Roller

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  4. nostresshere

    nostresshere Mr. Anti Debit Card

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    to be clear, it was not a Blackjack win. It was a side bet and she hit the big one.
     
  5. theotherone

    theotherone Low-Roller

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    Yes it totally bites but those are some teeth I will gladly accept. :)
     
  6. DMSCR

    DMSCR High-Roller

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    If you think this is bad in NYC the place goes tits up when you win $600. Given that there are no dealers as it is illegal to have them so all the games are digital terminals. Once your win hits $600 the terminal "freezes" up so you are forced to the cashier.
     
  7. tacallian

    tacallian Low-Roller

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    All of the machines here in Edmonton Alberta do that at $500. Though we do have dealers as well.
     
  8. DMSCR

    DMSCR High-Roller

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    The way around this I have realized as every time you win $100 to $300 you cash out a receipt and head to the machine to redeem your cash. Yet the problem is that you are going to be filled with twenty dollar bills. If you stick these into the machine again in hopes to converge into one big ticket so you can take it to the cashier to get Benjamins you will then be labeled as a money launderer. Ahhhhh I am sticking to Vegas.
     
  9. JillyFromPhilly

    JillyFromPhilly Tourist

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    I'm guessing this is a local thing to the jurisdiction they were playing in - I've never had to file a W-2 on any table game win ever that I can recall - not even on roulette hits where I've won tens of thousands!
     
  10. Bruinfan1

    Bruinfan1 Tourist

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    Any idea why? It's not for tax purposes obviously.

    (No taxes on lottery and gambling wins in Canada - gov't views it as "entertainment" with no expectation of profit unless you are a demonstrated professional gambler.)
     
  11. Smo

    Smo Mr. Las Vegas

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    That's because you didn't win more than 300x your bet as explained earlier! :poke:
     
  12. tacallian

    tacallian Low-Roller

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    I'd guess its related to their players club. For some reason in Alberta you can't insert cards for players club points. Probably some law, I dunno. So they use hand pays as a way of awarding points and giving out draw tickets.

    Only thing I can come up with.
     
  13. paperposter

    paperposter MIA

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    your tracked by your players card and she could have hit the max before a tax form was due.i had to due one at the palms because they payed me like 4 grand but that put me over the 10 grand so it triggerd tax info
     
  14. JillyFromPhilly

    JillyFromPhilly Tourist

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    In Vegas, going over $10K will only trigger IRS reporting of large cash transactions - but not W2's - if you do cash buy-ins of over $10K or cash-out more than $10K at the cage in [I believe] a 24-hour period - and regardless of whether you won or lost.

    Slot wins generate W2's for every individual hit over $1200, but table game wins generally do not generate W2's regardless of the amount [perhaps the odd side bet that pays more than 300-1, although I've never heard of that before this thread or personally seen it happen in 20+ years at the tables].
     
    Last edited: Jul 14, 2012
  15. DonD

    DonD VIP Whale

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    Blackjack side bets are not considered table games. A W2-g is issued for a win of 600 and pays 300 to 1 or more.
     
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