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Slots Max win before you get slapped with a W2?

Discussion in 'Casino Gaming' started by dtmk66, Aug 10, 2018.

  1. dtmk66

    dtmk66 Welcome to Las Vegas

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    What is the most money you can win before they issue you a tax form?
     
  2. steveks225

    steveks225 Tourist

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    $1199.99 on a federal form. However I've won drawings and received 1099-G forms for amounts as low as $600, and I figure it's since it's been reported to the IRS by the casino, I might as well report the appropriate amount on my federal return.
     
  3. Ezzy711

    Ezzy711 High-Roller

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    $1199.99. $1200 triggers a form
     
  4. merlin

    merlin MIA

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    It has to be $1200 on one spin, you could win 1k per spin forever and never get a w2g, dont get your hopes up however.
     
    • Informative Informative x 1
  5. Tex

    Tex High-Roller

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    Machines, tables, sportsbook?
    Never seen a W2 for sportsbook or table games.
     
    • Agree Agree x 1
  6. wormhole

    wormhole High-Roller

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    You can get a W3G on a table that offers a progressive side bet. I have received 3 since 2013.
     
  7. tringlomane

    tringlomane STP Addicted Beer Snob

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    You'll get a W2G at a table if a payout is $600 or more PLUS the payoff was 300 to 1 or greater.
     
    • Agree Agree x 2
  8. TIMSPEED

    TIMSPEED VIP Whale

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    Yup.
    $1199.99 is the limit for slots for W2G
    $599.99 is the limit for “contests” (slot tournaments, drawings, etc) for 1099G
    $599.99 AND more 300:1+ on table games for W2G.
     
  9. salukidean

    salukidean High-Roller

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    A lot of contests will now offer free play instead of cash as an alternative and this eliminates the issuance of a W2G. Always take this option....even if you lose 15% playing it through once before you cash out, its still better than paying taxes.
     
    • Informative Informative x 1
  10. DeMoN2318

    DeMoN2318 The DERS

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    Isnt there some weird amount for Keno?
     
    Slot Tournament
  11. subafrk

    subafrk Longing to be sipping a Scotch at the Cromwell...

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    I've always wondered this. I feel silly saying this, but there have been a couple of times that i've worked my way past 1200 and played down to 1100 just to be safe.
     
    SEMA Week
  12. merlin

    merlin MIA

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    Dont do that, it means nothing, That's a nice stretch of luck though.
     
  13. Tex

    Tex High-Roller

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    Makes sense.
    Only play BJ and Craps so don’t see many Carney bets on those games although I am seeing more and more people making that terrible side bet on pair plus (?) or whatever it is at BJ.
    Had a guy at my BJ table at El Cortez a few months ago playing $5 minimum bet and then anywhere from $25 - $100 on that side bet.
    After he left dealer told me he did it all the time. I wanted so bad to tell him to at least reverse that shit.
     
  14. Tex

    Tex High-Roller

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    So Carney side bets or Carney table games with progressives right?
     
  15. grosx2

    grosx2 Have fun storming the castle!

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    Any win that meets BOTH of the stipulations that Tring mentioned.
     
    GGWU 2018 and Fleetwood Mac @ T-Mobile Arena
  16. CaliMike

    CaliMike “My home away from home”

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    Not only one spin, but if you go over $1199 in a Bonus Round then you would also get a W2G.
     
    Last edited: Aug 10, 2018
    Can't come soon enough....
  17. Priv8guy

    Priv8guy Low-Roller

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    After the IRS tax grab, the spouse has their hand flattened for theirs.
     
    • Wow! Wow! x 1
  18. ChilliPalmer

    ChilliPalmer Low-Roller

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    Technically the bonus round is one spin, as it happened on one single wager. The bonus round is triggered by one spin or one action, the main game pauses while your “extended spin” bonus runs occurs. Then the game picks up where it left off.

    Even though some bonuses can have 10’s of spins, it’s still a single bet. That’s why bonus rounds with “free spins” still count as one wager for tax purposes.
     
  19. wormhole

    wormhole High-Roller

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    The side bet I play is only $1. I would have trouble playing anything higher than that. I am not a BJ player, so I am not familiar the side bet variations of that game.
     
  20. BayouBengal

    BayouBengal VIP Whale

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    Keno is $1500 for some reason. But I believe this is only for live Keno. If you’re on a machine it’s still $1200.
     
    • Like Like x 1