Hit my first dollar Royal

[DAAnMAAn]

I don't play dollars or higher often so if a Royal comes, it's a cause of
Celebration to be sure. $4k is Alot of money to us who primarily play quarters. So nice hit!
Cheers

[mws813]

Nice hit pal!

[FAA]

Playing 25c/$1 DW. I kept winning and losing on dollars, keeping my
balance between $40 and $80. I dropped down to $30 and was getting ready
to switch back to quarters when I hit the Royal after holding three.--------------------------------------------------------------------------------------------------------------------------You're living my dream. Quarter JOB and every time I switch to dollars it's a blood bath.

[olds442jetaway]

Congrats WTG speaking of taxes I will get destroyed this year by the state of ct. over 120k in w-2Gs. The state will rake in a cool extra 6k or 7k just on that and I will lose my usual state deductions as well. As to the Feds, i will still have a loss for the year but even with itemizing and being able to offset the winning sessions for the year, the boost in AGI for some with extremely high incomes could cause one to lose some of their personal exemptions and or itemized deductions. That won't be our case though. The one benefit we will get is the big tax payment to the state will be a deduction for us the following tax year on our itemized deductions on sch A in the state and local taxes paid section. Don't take any of this as gospel. It is just what I have read from the irs instructions. Each person should consult their own tax adviser and or do their own research. The bottom line is that the tax hit on gross gambling winnings is huge in some states like Ct. but in most cases unless one is lucky beyond belief you will have a net gambling loss for the year. The exceptions would mostly be those who just go once in awhile and managed some big jackpots or even regulars who managed ultra huge jackpots. For most all of us, we will have a net gambling loss for the year or the casinos would be OOB. The way some states tax gross gambling winnings without regard to losses is like taxing a small business on their gross receipts and not taking into account any business expenses. It is just awful and we let the bums in state government do this to us. Edited to add...AGI in itself shouldn't push you up into a higher tax bracket as long as you itemize your gambling losses on sch A. Also they are not subject to the 2 percent rule like other misc deductions are. Our so called bracket is based on taxable income for Federal Income tax purposes not AGI. Again consult your own tax adviser on this.

[LovePlusOne]

Congratulations!!

Now, go back to quarters!

[FloridaPhil]

[quote=LovePlusOne]Now, go back to quarters! [/quote]Good Advice...  

[Azure Dragon]

Yeah I'm definitely playing nothing but lower denominations for a while until I find out how bad my tax burden will be.

[Sea Lion]

Awesome hit, AD! Last year (2015) I got destroyed by the IRS and finally cut them a check last month for over 3K. That was in part due to the $10,000 I won from Orleans in a drawing that pushed me up in the tax brackets. This year I might actually get something back!!

[sza]

Good hit!

But you should stop playing this machine. The expected return of this schedule is only 97.5%. It is a very bad game.