$1,200 Taxable Winnings

Post by **spxChrome** » Mon Jun 08, 2009 6:59 pm

I'm just wondering how long has the limit been set for $1200 for receiving a 1099? As long as I can remember (since 1994) it has been this, you would think it would be time to raise that limit with inflation and all. Has it ever been raised? Is there a reasoning behind it or have they even tried to raise the threshold? Sure would make those $5 machines easier to play. Nothing like hitting Quads for $1250 and having to stop and pay taxes. Yea I know good problem to have but still seems odd, surely it hasn't always been $1200 since the old Dunes and Stardust days?

Post by **vidopoker** » Tue Jun 09, 2009 4:21 am

The $1,200 refers to slots (and video poker). Other games have different rules. You may already know them but I thought I would include the info. below incase you were interested... (PS, yes, it would be GREAT if the limit was raised to something like $1,500 but I guess on the other hand, we are lucky it hasn't been lowered to $1,000!!) Also, I remember some time ago seeing the top wheel of fortune wheel payout being $1,199 on the $5 machines so it was just below the reporting amount. Not sure if that is still the case...

...winnings on all table game progressive side bets with payouts of 300 to 1 or more are fair game for the IRS. Although W-2Gs are not required for typical wagers won from table games such as blackjack, craps, baccarat, roulette, etc., even if you got a decent chunk of change on the layout -- but regardless of the amount, casinos are still subject to the "Money Laundering Rules", and must report to the IRS, using a Cash Transaction Report (CTR), aggregate cash transactions of $10,000 or more in any one day.

...winnings of $1,500 or more from keno, less the cost of the tickets bought on the winning game.
...winnings of $600 or more from horse racing, dog racing, or jai alai, if the winnings are at least 300 times the wager.
...winnings of $600 or more from poker tournaments, (although this rule is not being applied consistently)
...and winnings of $600 or more from state lotteries.

Post by **cddenver** » Tue Jun 09, 2009 7:51 am

Also, I remember some time ago seeing the top wheel of fortune wheel payout being $1,199 on the $5 machines so it was just below the reporting amount. Not sure if that is still the case...

Here it's not uncommon to see some $1,200 VP pays set at $1,999, such as Aces in White Hot Aces.

Post by **mightwin** » Tue Jun 09, 2009 12:01 pm

Worked in Radio for years. If you win a prize worth over $600, you'll get a tax form too.

Post by **EDC1977** » Tue Jun 09, 2009 12:58 pm

Here it's not uncommon to see some $1,200 VP pays set at $1,999, such as Aces in White Hot Aces. Hey Denver (roland joke), are you saying the jackpots there are set under the 2K threshold or did you mean under the W2-G cap? As in $1,199 vs. $1,999? Thanks for clarifying CD. No split comments necessary.

Post by **cddenver** » Tue Jun 09, 2009 1:09 pm

[QUOTE=cddenver] Here it's not uncommon to see some $1,200 VP pays set at $1,999, such as Aces in White Hot Aces. Hey Denver (roland joke), are you saying the jackpots there are set under the 2K threshold or did you mean under the W2-G cap? As in $1,199 vs. $1,999? Thanks for clarifying CD. No split comments necessary.[/QUOTE]

I, um, er, put that there as a test to make sure you were paying attention. You passed!

$1,199 it is.

Video Poker Forum

$1,200 Taxable Winnings