Pokies Bonus Withholding Taxes

Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings. Here is a look at what happens when you hit a jackpot on the slot machines. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit.

If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.

When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check.

In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings.

For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings. This form lists your name, address and Social Security number.

You can request a specific amount of withholding tax to be taken out of any jackpot you win.

What Is The Tax Rate On Bonuses?

Some player like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book.

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The law allows you to deduct gambling loses up to the amount of your winnings. You can only do this if you have documentation of your losses. For this reason, you should always carry a valid form of identification with you when you visit the casino. When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot.

This is the law in all jurisdictions, and it has been upheld in court. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. Updated March 27,

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