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A Question about W-2Gs and Tax Witholding

Discussion in 'Slot Machines' started by YOleven, May 30, 2019.

  1. YOleven

    YOleven Bronze

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    Hi everyone. I have a quick question about W-2Gs and tax withholding. Earlier this year I was playing at Red Rock and hit my first ever taxable jackpot. I gave the attendant my ID and SSN, fully expecting a portion of my $2,000 win to be withheld for taxes. I was quite surprised when the attendant returned and gave me twenty crisp $100 bills, with no amount withheld. Granted, I’ll certainly declare the W-2G on my 2019 taxes, but I had always assumed that tax withholding was mandatory. Is that not the case? If so, does the policy vary from one property to another, or can the player request for tax to be withheld or not to be withheld? Thanks to anyone who can help with my question!
     
  2. Goldenknight

    Goldenknight Platinum

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    You can always choose to withold taxes or not. In Nevada it's not a factor, but there are some states that will automatically withold certain state or local taxes, but the federal taxes I believe are always at your discretion. I usually take it all cash no taxes, but if I've get a big run towards the end of the year I'll start having them take money out of those wins to cover my past wins. It's literally a crap shoot on what I'd actually owe since I'm writing off the losses federally anyways.
     
    momnkid likes this.
  3. bayoubengal

    bayoubengal World's Worst VP Player
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    In Louisiana they will withhold the state portion. You then file a non resident return and get it back. But in Nevada there is no state income tax.
     
  4. Sinnerman

    Sinnerman Bronze

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    Yeah, like others have said, you are not required to have a federal withholding. If the state does not compel a withholding, you can take the entire amount of your win in cash, like you did. Personally, I ask for them to keep the withholding since I don't want to lose my winnings and then be down even more when it comes to tax time (since I don't itemize)
     
    bayoubengal likes this.
  5. bayoubengal

    bayoubengal World's Worst VP Player
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    Excellent point on the itemization especially since the standard deduction went up last year. Paying a mortgage no longer guarantees you’ll itemize.
     
    tringlomane and Sinnerman like this.
  6. Wanker751

    Wanker751 Chairman
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    Raises hand!
     
  7. pkspins

    pkspins Silver
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    I know tax situations vary but it still surprises me that every time I've had a handpay since the tax law changes the attendant seems shocked that I actually want federal tax withheld. I have to tell them right away and then repeat myself.

    I didn't used to have it withheld but I started last year because I wasn't sure about the impact of the new tax changes on my return. Now it's more of a safety blanket as we're borderline on itemizing.

    I've always historically been a tax filer who organized everything so I either barely owed or barely got anything back. But I have to say I'm kind of liking that i can't give back 30% of any handpay because the fed is holding onto it.
     
    joshj, Sinnerman and Wanker751 like this.
  8. Michelle Parker

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    I personally think that asking for the Jackpot to be split is ideal. Ask them to pay you half in cash that you can gamble and half in a check that won't be available to you until a few days later. So even if you do blow the half in cash in bad games, you still have the other half coming in a few days so you didn't blow the entire Jackpot in one day. This is mostly for the poster who replied something like he blows his Jackpot the same day he gets it all in cash.
     
    IM ALL IN likes this.
  9. CherriesJubilee

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    I have found that most casinos will not offer checks for jackpots.
     
  10. pkspins

    pkspins Silver
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    They next to never offer, but you can ask. Some won't do one unless it's over a certain amount from what I've read on boards. I've personally never been turned down but I've never asked for one in Vegas. And I've gotten them for 1200 jackpots.
     
    TR888 likes this.
  11. IM ALL IN

    IM ALL IN Gold
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    I'm Canadian and only time they've asked if I want a cheque is if I win $10,000 or more. But they have already withheld the 30%, which I can claim back the following year. Just saying, if I win like $5000, they never ask if I want a cheque. Just anytime I'm 10 or over. I dunno if this relates or not.
     
    TR888 likes this.
  12. Goldenknight

    Goldenknight Platinum

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    I think they just assume most people want cash for 'smaller' amounts, and they definitely want you to have cash. You should be able to get a check for any amount though at your request. They probably never want to offer a check though, since you won't be spending it there
     
    tringlomane, IM ALL IN and TR888 like this.
  13. 44inarow

    44inarow Cool Story Bro
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    Checks trigger AML concerns, because they show as coming "from" the particular casino. Generally they'll only be able to provide checks for net winnings. If you put in $5 and win a $1200 jackpot that's one thing, but if you cycle $1k through a machine and want a check at the end, that's a different story.
     
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