Casino winnings

[Bernardo62]

How much can you win before the casino start  to take taxes out?

 

[kingston13]

You get the tax form on $1200 hit at one time.  They do not withhold

[Garth2]

Everything about winnings and rules and behavior is also posted on the wall in the casino near the cage.

[klfrodo]

If you are a US citizen (and they know your citizenship) any single slot win above $1199 will cause the system to lock you out and require a cash payout. They will then take your information. Either they will give you a 1099G at that time or they may issue the 1099G before the end of the cruise. Any winnings in the casino are reportable as Earned Income IAW United States IRS regulations.

 

I cannot speak about the Win/Loss Statement and possible offset for the 2018 tax regulations. Haven't looked that far into the new tax code.

[just4cruzin]

I won $750 in one of the fireball drawings and got handed a 1099 to file...ugh!

[memoak]

2 hours ago, just4cruzin said:

I won $750 in one of the fireball drawings and got handed a 1099 to file...ugh!

That does not sound right -  I hit $1.000 jackpots 3 times in one cruise and had no 1099.  My wife just ht a $3,000 jackpot last month and yes they were over to her machine in about 30 seconds with paperwork to fill out and the 1099 was delivered to our stateroom the last day of the cruise

[coevan]

The magic number is $1200. I don't think this applies to table games only one large all at once payout. 

[DallasGuy75219]

4 hours ago, memoak said:

That does not sound right -  I hit $1.000 jackpots 3 times in one cruise and had no 1099.  My wife just ht a $3,000 jackpot last month and yes they were over to her machine in about 30 seconds with paperwork to fill out and the 1099 was delivered to our stateroom the last day of the cruise

The threshold is $600 for a 1099-MISC for prizes and awards vs. $1,200 for a W-2G for slot machine winnings.  I had to fill out paperwork for a 1099-MISC after winning $700 in the Snowball drawing on a Premier cruise earlier this year.

[Oklahoma Cruiser 2012]

On 12/20/2018 at 4:23 PM, coevan said:

The magic number is $1200. I don't think this applies to table games only one large all at once payout. 

Table Game is "$600 or more AND at least 300 times the amount of the wagered". 

[BlerkOne]

If I win, do I have to pay taxes?
We are required to file an IRS form W-2G for all slot jackpots of $1,200 USD or more and for all table game jackpots and payouts where the odds paid are 300 to1 or higher (e.g. some poker progressives and royal/straight flushes). There is normally no tax withheld on slot jackpots if the winner can provide a valid Social Security Number. If you are unable to provide a valid Social Security Number, however, we are required to withhold taxes at a rate of 29%. All table game payouts subject to tax reporting are also subject to withholding at a rate of 26% (29% if a valid Social Security Number cannot be provided). These tax guidelines are for citizens and permanent residents of the United States only.

[jetsfan58]

The more important point would be what slot machines were you playing? Share the wealth!

[DGNewton]

On 12/20/2018 at 11:11 PM, DallasGuy75219 said:

The threshold is $600 for a 1099-MISC for prizes and awards vs. $1,200 for a W-2G for slot machine winnings.  I had to fill out paperwork for a 1099-MISC after winning $700 in the Snowball drawing on a Premier cruise earlier this year.

correct

[tallnthensome]

Why are people answering questions from four years ago? Digging up a grave?