w2g withholding

are casinos required to withhold a percentage of your winnings when you get a w2g? can you opt not to have the winnings withheld? (coming from a low roller who has not ever had a w2g and am just curious)

 

I believe that in Nevada, you can request it. In other states, like Louisiana, it's mandatory that they withhold 6%.

 

do they withhold by default in Nevada? (Nevada, includes casinos outside of vegas)

 

In Nev and MOST places, they do not withold taxes - assuming you give them your SS# and you are a US Citizen.

In some states, like MS they take out 3% - but that is really a state tax - not a federal with holding. Pretty sure that is the deal with LA as well.

You can request w/h, but most do not. It has no impact on your eventual taxes - unless you show a win and have not w/h enough through work, etc.

 

they do not hold taxes in nevada.u must give them id and your socail security number and u will get a w-2 from them when u get paid

i changed it , to much porn convention not enough recovery time yet

 

Come on Paperposter - you are one of the smarter ones here. They give you a W2-g in most cases. Certain things are a 1099... not sure exactly what right now. But on handpays, it is a W2-g.

 

But the W2-G generates a 1099 that the casino will send you in January.

 

sorry it was a long week at the porn convention .yes u get w-2 .every time for a hand pay .i was thinking hand job

 

Is that any amout? Let's say you won those wide area jackpots like megabucks at over a million I guess I would want taxes withheld because I don't think I be losing a million that year

 

Also, Bondy3, if you are low roller then there is a high probability that you will pay federal taxes on your W2-G winnings even if you have a net gambling loss for the year. Only people who were going to itemize their deductions before the W2-G, don't usually pay taxes on their W2-G if they have a net gambling loss.

 

first u will not be winning it so it wont matter

second u have to decide do u take a lump sum payout or have it over 25 years ,then federal and state takes theres

ur income will go up to the top tax bracket when u file

 

That is one thing I have wonder are jackpots/powerball that are paid over a number of years, taxed all at once or over the years as you received each payment?

 

how do you prove you had gambling losses? (ie: if I lose 2k playing craps and win 1500 on a slot for a w2g, how do I prove the craps loss)

 

More than a few people on here would be interested to know that the IRS is incredibly understaffed. You probably have a better than 50/50 shot at not claiming your W2-g, and getting away with it.

 

thats tax evasion...

 

u get a win loss statement from the casinos .ur tracked by ur players card at each casino

 

It's on the honor system with a dash of detailed record keeping, see IRS website, if your are audited.

 

it varies. the few times i have had a hand pay (Indiana), they give me the option. they automatically take out state tax, and then ask me if i want federal tax withheld. i had one hand pay in 2016. i was just thinking, since i don't have a mortgage anymore, i am not sure i have enough of anything to itemize.

 

While the IRS may be understaffed, they use computers to track all the various 1099, so not reporting them on your taxes will result in a high probability of getting a form letter from the IRS stating that you under reported your income.

 

so then how do you keep records that record the loss?