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Old 04-27-2013, 01:50 AM
 
Location: San Antonio, Texas
4,244 posts, read 6,373,194 times
Reputation: 3852
So someone wins a Megabucks jackpot waiting for their next flight out at McCarran. What happens next? What documents do you receive? What do you do? How are taxes done? The winnings are treated as income and they are taxed as they would be if you earned that money back in your home state, right?

So it would be taxed at the 39.6% (or whatever) top federal tax rate?

Anyone have any knowledge about this?
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Old 04-27-2013, 03:41 AM
 
13,472 posts, read 9,593,751 times
Reputation: 17430
Winnings are treated as income, and reported to the IRS over a certain amount. If you have gambling losses, you can deduct them up to the amount of your winnings provided you have the proper documentation.
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Old 04-27-2013, 06:45 AM
 
Location: In the Silver State of Nevada in Las Vegas NV
1,062 posts, read 1,449,733 times
Reputation: 902
Winning over $1200.00 on a slot machine is taxable and yes you would have to pay tax to which ever state you reside in if they have a state tax 7 do not. Winning the Mega Bucks slot machine is equal to winning the lottery since Nevada does not have a state lottery. You can declare gambling losses equal to your winnings BUT you have to prove it and if you on the Mega Bucks which starts at a $10 Million Progressive I doubt you could prove you lost that much. Each state has a different tax rate so what ever bracket you fall into dictates what you pay. If you hit the Megs Bucks here is my advise first shut off any phones in your name every person who is a relative or friend will be calling you for money. Second get a smart attorney and accountant and third stay Antoninus and keep your name out of the papers and news that way every con and scam artist can not hound you to death. The fourth and most important thing YOU are not going to win it I am so leave my money ALONE LOL. We are all born suckers!!!!!!!!!!!!
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Old 04-27-2013, 07:20 AM
 
Location: San Antonio, Texas
4,244 posts, read 6,373,194 times
Reputation: 3852
Hmmm.....very informative. Thank you, irishspy.

Although I believe that Antoninus was Cassius' slave-boy in "Spartacus"....
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Old 04-27-2013, 09:55 AM
 
26,876 posts, read 38,123,724 times
Reputation: 34808
Man I love a good typo, assuming that's what that was. We all remember Anonymous Antoninus don't we? Wait, we wouldn't.
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Old 04-27-2013, 10:36 AM
 
9,950 posts, read 8,438,330 times
Reputation: 5826
On a functional basis, when someone hits the machine, the casino validates the win (making sure the machine actually did register what the display shows), and check the winners ID and get their SSN. If the winner is a US citizen, the casino then gives them a check for the full amount, and issues a 1099G, which will go the IRS. When the winner files their tax return, they'll have to declare the win amount as regular income. They'll also likely need to make a quarterly estimated tax payment, since no one is withholding taxes.

If the winner is not a US citizen, the casino withhold part of the jackpot, and the winner will have to file the US tax form to settle the tax debt. If the withholding is more than the taxes owed, the difference will be refunded.
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Old 04-27-2013, 10:51 AM
 
Location: Vegas, baby, Vegas!
3,977 posts, read 6,331,039 times
Reputation: 3700
If you are a foreigner you get the tax they auto deduct from your winning back,
Also remember you DO NOT get the full amount on the win, you get 20 "annual" payments

Jonathan
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Old 04-27-2013, 11:28 AM
 
9,950 posts, read 8,438,330 times
Reputation: 5826
That's for Megabucks. I don't know if the smaller progressives do the same thing.

For MB, do they offer the present value discounted cash amount, like the lotteries do?

Quote:
Originally Posted by macgeek View Post
If you are a foreigner you get the tax they auto deduct from your winning back,
Also remember you DO NOT get the full amount on the win, you get 20 "annual" payments

Jonathan
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Old 04-27-2013, 01:45 PM
 
1,680 posts, read 3,043,376 times
Reputation: 1776
If not, you could always sell your payments to JG Wentworth for the same end result.

Quote:
Originally Posted by BBMW View Post
That's for Megabucks. I don't know if the smaller progressives do the same thing.

For MB, do they offer the present value discounted cash amount, like the lotteries do?
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Old 04-27-2013, 02:36 PM
 
9,950 posts, read 8,438,330 times
Reputation: 5826
^
Minus a health markup, I'm sure.
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