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#1
10-15-2009, 07:35 AM
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Dime Supers & Tax Reporting/Withholding (From 10/15 ATR question)
While driving to work this morning I was listening to the replay of yesterday's show and Steve received a question reporting tax reporting on a Dime Superfecta.
It is my understanding that it is reportable (W2-G) if the winnings are greater than $600 and 300 - 1. I read this to mean that if a Dime super pays greater than $600.10 than you would have a reportable transaction. IF the ADW / Track is doing their job correctly they should aggregate ALL identical bets when considering the $600 threshold. Remember that even though the ticket cost > .10 the winning wager only cost .10 when computing the "winnings" on the wager. The withholdings begin when winning payoffs are greater than $5,000.
__________________
"Be who you are and say what you feel, because those that matter don't mind, and those that mind, dont matter." Theodore Seuss Geisel "Dr. Seuss" 
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#2
10-15-2009, 08:20 AM
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Thx! And what I found last night after the show has $602.00 as the threshold on a successful .10 superfecta wager... Am going to get clarification today though to be certain.
__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans
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#3
10-15-2009, 09:32 AM
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This is correct that anything over $601 on a dime super will be an IRS ticket. Also if the dime pays $121 and you have a single ticket for 50 cents(5 dimes) it will be an IRS ticket. Always get the dime supers in single dime tickets, then punch it multi times to avoid the IRS.
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#4
10-15-2009, 09:33 AM
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__________________
All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans
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#5
10-15-2009, 09:42 AM
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I've also noticed that if you have a set of tickets on some ADWs that totals an amount that's taxable then you are now being given a W-2. For example, if you have a Pick 4 that pays $340 for $1 but you have it 3 times then you are being given a W-2G for $1020. Perhaps this was going on for a while and my poor wagering kept me from learning it!
NT
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#6
10-15-2009, 09:54 AM
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#7
10-15-2009, 11:07 AM
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best way to avoid is to punch multiple tickets for min bet and cash them seperately (easier to do at the track).
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#8
10-15-2009, 09:41 AM
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__________________
A racehorse is an animal that can take several thousand people for a ride at the same time. ~Author Unknown
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