Video Poker Forum

Unfortunately, in Ct, if you pay up at the end like I did a few years ago a whopping 9,000 bucks just for the State Taxes on your Ct 1040, you will get a big penalty for not making estimated tax payments. I still don’t know how the people in this state let the government get away with taxing us on Gross Gambling Winnings with no writeoff ability like with the Fed as an itemized deduction.
This is what the above scenario equates to in this state as far as gambling winnings go.
You buy a stock for 10,000 bucks. The next day you decide You didn’t really want to own stock in that company. You sell it for the same 10,000 bucks and get wacked for 7 percent or so in State income tax on the 10,000 bucks you got for it. Who would ever vote for that? Nobody.

Wow! That makes your Martindale Clone even worse. As you go up in stakes, you get more taxable jackpots --- where you only receive 93% of face value. A Martindale isn't going to be profitable even without the taxes over time, and playing in a state with such a rapacious tax policy is financial suicide. Wow!

As much as you gamble, it might be worth considering changing your residence. Obviously there are family and other considerations beyond just the financial aspects, but playing the Martindale Clone under those conditions is EXTREMELY expensive.

Lots of people have fled the state because of its tax policies. They also steal over half of your Social Security annuity if you are say a retired teacher or Fed Employee like I was. 15 or 20 states do that. However, at this stage of the game, I am getting too old to just pick up and move. We also have long Island Sound at the end of our street and good city services even though we pay through the nose. For instance, town real estate taxes of 6,000 bucks for an old 1100 sq ft home on a 50x100 foot lot. And on and on. Even on my plain jane Hyundai Elantra, I pay a grand a year in car taxes. Our sales tax is between 6-7 percent depending on what you buy. In my bracket, my state income tax is nearly 7 percent of my Fed Agi before deductions and on and on. As to the Martingale, I have been very lucky so far for 2021. At least even or better for the year including the state tax they stole. I have been able to somehow avoid those inevetable sessions where you could easily lose 5k or more. Probably because my bet increases are mild until I lose my discipline which is often.

olds,
look at the bright side! You have beautiful fall colors and a winter up there.
Here we have warm, warmer, hot and hotter with 70-100% humidity in our area, flooding, hurricanes, and then the 500 year freezes every few years. It takes a day and half to travel across the state east to west -almost 800 miles along I-10 and 800 miles from the north panhandle to the Rio Grande Valley.

Oh, and it take me two hours to the nearest casino! You have Foxwoods and Mohegan Sun. And, have you looked at our state leadership... enough said....

Best wishes my friend.

Yes, there is much to be thankful for. I do like the change of seasons though the winters are getting very tough as we get older. Guess if I didn’t like it here, I would have moved 50 yeas ago. I don’t know of anywhere in this great country where you could buy nice little house for 200k and be a 2 minute walk from pretty and well kept beaches and miles of them at that. Then at the other end of my street we have a working family run farm. And for the ladies, 5 minutes from almost any store you could imagine. Here is a shot where I take my daily walk which reminds me, I missed today. Have to get back into that routine like now!!!

olds442jetaway wrote: ↑

Thu May 20, 2021 12:59 am

I don’t have Fed taxes withheld because even though I get crushed from the tax changes in 2018, I am forced to itemize and write off the Gross Winnings from the front side of my return as an itemized deduction. Note, I have never yet had a winning year. However, I do have the max 7 percent withheld fir Ct State tax. They steal that from us by taxing on Gross Gambling winnings which become a part of one’s AGI. Ct income tax is based on Fed AGI. What a bummer. No writeoff ability at all like with the Fed.

The thing about the write off is most people think if you lose the money back it's a write off then.

You go in to casino pull the handle win 4k get the hand pay (1099) and leave up 4k, the next day you go back and lose all 4k and leave. Your gambling 2 days is you are even, and say you never play the rest the year. You can't add 4k to itemized form since you are even on your 2 days. You would have to lose another 4k out of pocket to write off the 4k (1099).

We pay 4% here to state no write off.

wildman49 wrote: ↑

Mon May 31, 2021 2:46 pm

olds442jetaway wrote: ↑

Thu May 20, 2021 12:59 am

I don’t have Fed taxes withheld because even though I get crushed from the tax changes in 2018, I am forced to itemize and write off the Gross Winnings from the front side of my return as an itemized deduction. Note, I have never yet had a winning year. However, I do have the max 7 percent withheld fir Ct State tax. They steal that from us by taxing on Gross Gambling winnings which become a part of one’s AGI. Ct income tax is based on Fed AGI. What a bummer. No writeoff ability at all like with the Fed.

The thing about the write off is most people think if you lose the money back it's a write off then.

You go in to casino pull the handle win 4k get the hand pay (1099) and leave up 4k, the next day you go back and lose all 4k and leave. Your gambling 2 days is you are even, and say you never play the rest the year. You can't add 4k to itemized form since you are even on your 2 days. You would have to lose another 4k out of pocket to write off the 4k (1099).

We pay 4% here to state no write off.

I see most people down here will have the state tax withheld but not federal.

It is an unfortunate bummer what some of these States get away with including mine. I don’t mind paying my fair share of Fed and State taxes and believe me I pay plenty. What is grossly unfair are such State laws taxing you when you have no net gambling income and only net losses for the year.

When one hits a jackpot, and the payout is large enough for the casino host to come over and fill out W-2 or whatever paperwork required so Uncle Sam is aware your getting some franklins bill back into your pocket is a very good problem to have!!! That means your getting some of your hard earned cash back for the moment period. So whatever you do take the cash and take all of it then and there period. Come years end when you file your taxes make sure you let the government aware you know they know you hit a jackpot but you also lost plenty of money as well so you net winning after all your losses is well you lost money its 0 you lost money. Hire an account if needed and claim every loss and then some. A person should not be taxed unless the win a **** load of money and I mean tens of thousands other than that consult a professional figure it out and do not give the government money your not required to. You lost way more than you won and therefore you do not have to pay them jack.