Tax withholdings

eajinabi · #1 12-23-2008, 10:41 AM

If a DD pays about $150 for a $2 bet and one has a $20 wager on that DD, will those winnings be reported to IRS since its payoff is more than $600?

Cannon Shell · #2 12-23-2008, 10:46 AM

Quote:

Originally Posted by eajinabi

If a DD pays about $150 for a $2 bet and one has a $20 wager on that DD, will those winnings be reported to IRS since its payoff is more than $600?

no

MaTH716 · #3 12-23-2008, 10:55 AM

I believe that it's anything over 300-1.

Payson Dave · #4 12-23-2008, 10:56 AM

no....it's not $600 dollars....it's 600 to 1 odds

on edit....I'm told ... It's anything over 300-1 AND over $600 dollars. In other words, $1 on a $900 for $2 bet, or $450, isn't a signer....btw thanks

jwkniska · #5 12-23-2008, 11:33 AM

Quote:

Originally Posted by Payson Dave

on edit....I'm told ... It's anything over 300-1 AND over $600 dollars. In other words, $1 on a $900 for $2 bet, or $450, isn't a signer....btw thanks

correct. it is 300X the bet AND over $600 (I've hit plenty of 50 cent pick 4's from KEE that had a return of $150-250 that I did not have to sign for). Also, there's an amount to get one regardless of what you bet.... think it's a $5k payout, so if you get that much, you get one regardless. Not totally sure of the amount, but there is a level that automatically generates one.

philcski · #6 12-23-2008, 11:37 AM

Quote:

Originally Posted by jwkniska

correct. it is 300X the bet AND over $600 (I've hit plenty of 50 cent pick 4's from KEE that had a return of $150-250 that I did not have to sign for). Also, there's an amount to get one regardless of what you bet.... think it's a $5k payout, so if you get that much, you get one regardless. Not totally sure of the amount, but there is a level that automatically generates one.

$5k they withhold automatically, so you're probably right.

jwkniska · #7 12-23-2008, 11:41 AM

Quote:

Originally Posted by philcski

$5k they withhold automatically, so you're probably right.

if that's where it is, then that is definitely the number.

Scav · #8 12-23-2008, 11:49 AM

Quote:

Originally Posted by jwkniska

correct. it is 300X the bet AND over $600 (I've hit plenty of 50 cent pick 4's from KEE that had a return of $150-250 that I did not have to sign for). Also, there's an amount to get one regardless of what you bet.... think it's a $5k payout, so if you get that much, you get one regardless. Not totally sure of the amount, but there is a level that automatically generates one.

It depends how you bet it. If you bet a $2 tri ticket 9/8/3 cold, it wins, and pays $650, you are signing. If you played that same ticket for $1 two times, you are not signing.

It is 5k on a $1 or $2 bet that has automatic withholding, they do not make you sign for 5k if you have a 2k win ticket on a 2/1 and it wins.

Bottom line is to make sure you play exotic tickets for lowest denomination possible and hit the ticket multiple times.

eajinabi · #9 12-23-2008, 03:46 PM

Quote:

Originally Posted by Scav

It depends how you bet it. If you bet a $2 tri ticket 9/8/3 cold, it wins, and pays $650, you are signing. If you played that same ticket for $1 two times, you are not signing.

It is 5k on a $1 or $2 bet that has automatic withholding, they do not make you sign for 5k if you have a 2k win ticket on a 2/1 and it wins.

Bottom line is to make sure you play exotic tickets for lowest denomination possible and hit the ticket multiple times.

that 5k automatic tax withholding is a big hit. 25%

Scav · #10 12-23-2008, 03:52 PM

Quote:

Originally Posted by eajinabi

that 5k automatic tax withholding is a big hit. 25%

yeah, but you get it all back. Personally, when I hit that P6 for 30k, they kept 8k but I got it back on my tax return, it was real nice. Wish I was getting another return like that this year

Cannon Shell · #11 12-23-2008, 03:59 PM

Quote:

Originally Posted by Scav

yeah, but you get it all back. Personally, when I hit that P6 for 30k, they kept 8k but I got it back on my tax return, it was real nice. Wish I was getting another return like that this year

The withholding sucks. Why should the govt get an interest free loan from your success?

brianwspencer · #12 12-23-2008, 04:32 PM

Quote:

Originally Posted by Scav

yeah, but you get it all back. Personally, when I hit that P6 for 30k, they kept 8k but I got it back on my tax return, it was real nice. Wish I was getting another return like that this year

I'm really looking forward to it in a couple months. Actually, my very very empty apartment will be looking forward to it as well...I may actually own a bed at some point.

Cannon Shell · #13 12-23-2008, 04:33 PM

Eliminating this unfair tax would help the game a lot more than some of the stupid things the retards who run the game worry about. Of course we didnt see any of the illustrious panel before Congress bring this point up in front of the audience that needs to hear it. If Randy Moss had made a point of saying something about the unfair taxation on the bettors instead of inane bs about the whip maybe this issue could get a little more press.

jwkniska · #14 12-23-2008, 04:50 PM

Quote:

Originally Posted by Scav

Bottom line is to make sure you play exotic tickets for lowest denomination possible and hit the ticket multiple times.

precisely my reason for playing the 50 cent tickets from KEE.... and the 50 cent tri's from AP.

popscopy · #15 12-23-2008, 06:17 PM

what if your from another country

2Hot4TV · #16 12-23-2008, 07:03 PM

Quote:

Originally Posted by Cannon Shell

The withholding sucks. Why should the govt get an interest free loan from your success?

Because they carry a bigger stick.

eajinabi · #17 12-24-2008, 03:14 AM

Quote:

Originally Posted by Scav

yeah, but you get it all back. Personally, when I hit that P6 for 30k, they kept 8k but I got it back on my tax return, it was real nice. Wish I was getting another return like that this year

how did you get it back? In 2006 I paid nearly 4k on Magna Pick 5 I hit for 11.7k and I never saw a dime of that return AND I was going to college making only 20k that year from part-time work. whats the secret??

brianwspencer · #18 12-24-2008, 08:33 AM

Quote:

Originally Posted by eajinabi

how did you get it back? In 2006 I paid nearly 4k on Magna Pick 5 I hit for 11.7k and I never saw a dime of that return AND I was going to college making only 20k that year from part-time work. whats the secret??

Write off your losing tickets up to the amount of your winnings, and then your income won't technically increase from the score, meaning the Govt. has withheld too much money and you get it back.

timmgirvan · #19 12-24-2008, 10:59 AM

Quote:

Originally Posted by eajinabi

how did you get it back? In 2006 I paid nearly 4k on Magna Pick 5 I hit for 11.7k and I never saw a dime of that return AND I was going to college making only 20k that year from part-time work. whats the secret??

Don't do your own taxes!

philcski · #20 12-24-2008, 11:02 AM

Quote:

Originally Posted by Cannon Shell

The withholding sucks. Why should the govt get an interest free loan from your success?

That's precisely what it is. Total garbage. It specifically penalizes players who chase "jackpot" wagers. Thankfully they usually don't give you a real problem with writing off with losers, although NYS is now chasing me for about $800 from 2005