100 Play

[02bblue]

If you are playing 100 play 9/6 JoB on a $1 dollar machine (max coin) and get dealt a four-of-a-kind do you get a G-2 or is it just 100 hands of $125, tax wise? Thanks!

[Jack Havoc]

$12,500! That would be nice.
Unfortunately this would count as a $12,500 jackpot.
The total amount of the jackpot is what you get taxed on.
 
Anything over $1200 on slots (atleast in Nevada) is a taxable hit and will get you a visit by the W2-G fairy. lol
I believe also, that any hits over $5,000 are also subject to a 28% withholding amount, though I've never had a hit that big ($4318 is my big momma) so I can't remember if it's a voluntary withholding. I pretty sure it's a forced withholding by the casino cage.
Thus, for a $12,500 hit, I think they'd withhold 28% of that and give you the rest. You'd definately get a W2-G but I think your taxes would already be paid on it from the 28% withholding.

[wilcoxfun]

I am sure the tax man would provide you with a tax paper.  I know of one person who had a royal flush dealt to him on 100 play quarter machine and had to have a G-2.  Of course, it was $100,000 he had hit.

[Eduardo]

I think the main question is whether you count the entire payout as one or each of the 100 hands individually.  I think the answer is that your total win would count for tax purposes, so $12,500 would need the form.

[02bblue]

I was thinking in terms of everytime your total payout for the hand is over $1200 do you have to stop and wait for a G-2 and/or (God forbid) a hand pay. That could happen even on a dealt two-pair.

[Eduardo]

How is it in other high stakes games? I know some people play crazy amounts in some games. Say you bet $5,000 in blackjack? Surely you don't have to fill out paperwork every hand that you win?

[MikeA]

How is it in other high stakes games? I know some people play crazy amounts in some games. Say you bet $5,000 in blackjack? Surely you don't have to fill out paperwork every hand that you win?It's different in table games Eduardo.  I guess it's so hard to track that they don't mess with it.  Now, if you were naive enough to waltz up to the cage with $100,000 in chips, you'd probably be detained long enough for them to check with the pit on your buy-in.  But most folks would make several trips to different cages with smaller handfulls of chips so as not to draw attention.  Maybe even delaying cashout over several shifts or using friends to cash smaller racks of chips.Advantage Blackjack players are masters at ratholeing chips to make it look as though they are not winning as much as the really are.I personally have never had the bankroll to worry about such matters <LOL>

[shadowman]

Casinos will sometimes assign someone to watch a high roller and jot down the W2G wins as they play. Afterwards a single W2G is issued. 
 
As already mentioned any win at $1200 or more on a single press of deal/draw, multi-play or single play, will generate a W2G.

[EDC1977]

Wasn't the ratio like really great compared to slots or VP, ie: 1500 to one or something like that? I recall Bob Dancer writing a column on that very topic but old age made me forget the variables involved. I just know theres a $1,200.00 limit on electronics compared to table games. Hence the infamous 1199 on many paytables.

[duckhunter]

On the W2 form, my personal exp was I hit 7,600. on a triple nickle prog machine and didnt have to take the Fed, (in Ms they passed a law that the state is taken out aut and its .03 percent but you dont have to claim any gambling winning on your tax return) Also my wife hit a royal at Sam's town on a Joker poker machine for 4700. credits .25 and it printed the ticket out and we took it to the cashiers cage and they didnt ask any questions?