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w2g withholding

Discussion in 'Misc. Vegas Chat' started by Bondy3, Jan 24, 2017.

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  1. Bondy3

    Bondy3 High-Roller

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    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)
     
  2. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    I believe that in Nevada, you can request it. In other states, like Louisiana, it's mandatory that they withhold 6%.
     
    Another NGO trip. QQQQ/NYNY
  3. Bondy3

    Bondy3 High-Roller

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

    nostresshere Mr. Anti Debit Card

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    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.
     
  5. paperposter

    paperposter MIA

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    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
     
    Last edited: Jan 24, 2017
  6. nostresshere

    nostresshere Mr. Anti Debit Card

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    Come on Paperposter - you are one of the smarter ones here. :nworthy: 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.
     
  7. zoobrew

    zoobrew High-Roller

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

    paperposter MIA

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    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
     
  9. john39

    john39 Low-Roller

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    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
     
  10. zoobrew

    zoobrew High-Roller

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    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.
     
  11. paperposter

    paperposter MIA

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    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
     
  12. zoobrew

    zoobrew High-Roller

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    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?
     
  13. Bondy3

    Bondy3 High-Roller

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    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)
     
  14. Rush

    Rush MIA

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    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.
     
  15. Bondy3

    Bondy3 High-Roller

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    thats tax evasion...
     
  16. paperposter

    paperposter MIA

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

    zoobrew High-Roller

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

    vegasdev VIP Whale

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    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.
     
  19. zoobrew

    zoobrew High-Roller

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    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.
     
  20. Bondy3

    Bondy3 High-Roller

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