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Thank you all for your responses, I understand the tax details better now.
We are in Cherokee now and my wife hit a beautiful jackpot last night (got a check), I will post a pretty picture when we get home. Who knows maybe several more as we are staying 2 more days.
Congrats to your wife, Smooth. I do not know where you live, but Non-Residents do pay NC State taxes on casino winnings, even though they may have not withheld any at the casino.
Tax/Withholding question
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
Just curious guys and gals. If I were able to travel a little more how do you think I would make out comp wise at some of the cet properties ? My coin in is over 2m in a year, but that is also over the course of 100 trips or so and all on vp so maybe it is not that big of a deal. No urgency for a response. Just curious since at some point my situation will change and I should be able to travel a little more.
Well, Olds, the current threshold for CET 7Star is 150,000 TIER credits a year. At VP, you earn a Tier Credit for each $10 coin-in. There are additional Tier credits given as a bonus for daily play thresholds met.
If you play a lot in one day, and you earn the additional Tier credit bonuses, then a 2M coin-in within CET properties would probably get you to 7Star.
I live in FLA, with no CET property close, and I reach 7Star each year. All my trip costs are usually fully comped, and I leave a lot of offers 'on the table', unused.
Well, Olds, the current threshold for CET 7Star is 150,000 TIER credits a year. At VP, you earn a Tier Credit for each $10 coin-in. There are additional Tier credits given as a bonus for daily play thresholds met.
If you play a lot in one day, and you earn the additional Tier credit bonuses, then a 2M coin-in within CET properties would probably get you to 7Star.
I live in FLA, with no CET property close, and I reach 7Star each year. All my trip costs are usually fully comped, and I leave a lot of offers 'on the table', unused.
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smooth03
- Forum Rookie
- Posts: 18
- Joined: Sat Jul 12, 2014 11:30 am
We live in Tennessee, no state income tax.
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
We live in Tennessee, no state income tax.
Great. But, remember, you 'earned' that jackpot in NC, so you are on the hook for NC State Tax on that win, even if you did not show a profit during your stay there. The states do not allow casino losses to be netted against casino winnings, as you can do with your Federal itemized tax return. The Cherokee casino will report your winnings to both the Federal and NC State tax offices.
File a Non Resident NC State Form before April 15th, 2015 to pay them what is due.
Great. But, remember, you 'earned' that jackpot in NC, so you are on the hook for NC State Tax on that win, even if you did not show a profit during your stay there. The states do not allow casino losses to be netted against casino winnings, as you can do with your Federal itemized tax return. The Cherokee casino will report your winnings to both the Federal and NC State tax offices.
File a Non Resident NC State Form before April 15th, 2015 to pay them what is due.
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smooth03
- Forum Rookie
- Posts: 18
- Joined: Sat Jul 12, 2014 11:30 am
Billyjoe,
You are right about N. C. taxes. Just researched it and we are over the threshold and must file a non resident return.
Thank you as I was not aware of that since they do not withhold state tax at the time of a hand pay.
In Mississippi they do take out state tax on hand pays.
As a side note, I asked to have 28% federal taken out on our last jackpot, and the attendant said they could only keep out 25%, said 25% was programmed into the computer. You would think they might have a calculator around there to figure it up.
You are right about N. C. taxes. Just researched it and we are over the threshold and must file a non resident return.
Thank you as I was not aware of that since they do not withhold state tax at the time of a hand pay.
In Mississippi they do take out state tax on hand pays.
As a side note, I asked to have 28% federal taken out on our last jackpot, and the attendant said they could only keep out 25%, said 25% was programmed into the computer. You would think they might have a calculator around there to figure it up.
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
Billyjoe,
You are right about N. C. taxes. Just researched it and we are over the threshold and must file a non resident return.
Thank you as I was not aware of that since they do not withhold state tax at the time of a hand pay.
In Mississippi they do take out state tax on hand pays.
As a side note, I asked to have 28% federal taken out on our last jackpot, and the attendant said they could only keep out 25%, said 25% was programmed into the computer. You would think they might have a calculator around there to figure it up.
Glad I could help, Smooth..
You are right about N. C. taxes. Just researched it and we are over the threshold and must file a non resident return.
Thank you as I was not aware of that since they do not withhold state tax at the time of a hand pay.
In Mississippi they do take out state tax on hand pays.
As a side note, I asked to have 28% federal taken out on our last jackpot, and the attendant said they could only keep out 25%, said 25% was programmed into the computer. You would think they might have a calculator around there to figure it up.
Glad I could help, Smooth..
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olds442jetaway
- Video Poker Master
- Posts: 10751
- Joined: Tue Aug 21, 2007 9:08 pm
Thanks Billy Joe. At some point, I may be able to travel and give that a shot.
