Trump's Big Beautiful Bill

[olds442jetaway]

Mohegan does both. Some of their drawings are 50k. Big free play awards too. I’m not in those groups.

[dinghy]

I've received cash prizes from drawings, slot tourneys, and I forgot about football contests.

I always ask for free play in lieu, and sometimes they say NOPE!

Technically I think they're supposed to issue a 1099 if cumulative annual payouts exceed the threshold, but I'm not sure how rigorously they comply. I've had situations where I thought a 1099 was coming, but never saw one.

I usually add a cushion into my declared income to be sure none of the bureaucrats in DC miss a meal.

[pokerpokerpoker]

IF the HP limit is raised to $2000, can individual states still leave it at $1200? Say Corrupticut has gotten used to Old's 7% contributions, can they say OUR limit is still $1200 and issue a state tax form, while not issuing a fed form on a $1500 jackpot?

But, at least in my case, $2000 still doesn't do much good. A smalls with kicker is $2000, as is a 50c AWAK or royal. $2000.01 would be heaps better. I guess $5 players will catch a break on vanilla quads and straight flushes.

[olds442jetaway]

I don’t know about other States, but in Ct, your State tax is based on Fed AGI with some other things like non taxable interest added to the mix. Unfortunately, Ct taxes you on AGI before any deductions. If you itemize like I do to offset the Fed gross gambling winnings with losses which are always more than winnings, I wouldn’t owe any additional Fed tax from gambling at all. It’s a total screw Job by the State because Gross gambling winnings go into AGI before Fed taxable income is figured. It wouldn’t be unusual for a regular player to have 100k or more in gross gambling winnings that would boost your AGI by that amount yet owe no Federal tax on that amount if you itemize. I mention the 7 percent number because that’s about what the Ct rate is in the highest bracket or should I say racket. Most 2 earner couples in Ct would fall between 6-7 percent in Ct income tax.

[BadugiHowser]

I'm such a small fish that the BBB is good for me overall, but I'm big enough of a degen to understand why it's extremely bad for anyone with any stake or interest in the gaming industry. Poker is an American past time. Basically all taxes are on net income only. The W2G was meant to track cash payments. Not be a regressive vice tax. Thank you for coming to my Ted Talk.

[olds442jetaway]

Wish, but all Gross Gambling winnings are included in your adjusted gross income on your federal 1040. To be able to write off your losses you have to itemize your deductions. If you don’t itemize you’re screwed.