Taxes On Poker Winnings Usa 2017
Tax On Poker Winnings Usa
Taxes On Poker Winnings Usa Online
Taxes On Online Poker Winnings
Taxes On Poker Winnings Usa Game
Paying Taxes On Winnings

For those of us who have turned a love for video poker into a steady source
of supplementary income, learning the ropes of the federal tax code is almost as
important as studying your basic strategy tables.

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That’s because video poker machines differ from blackjack, baccarat, and
other table games in one major way: formal tax reporting.

When you drag a big pile of chips after a successful double down in
blackjack, nobody heads over from the cashier’s cage to hand over tax forms. It
doesn’t matter if you take down $1,000, $10,000, or even more in a single hand –
table games don’t require any documentation with the Internal Revenue Service
(IRS).

You’ll still need to self-report those winnings of course, but the process
doesn’t require any paperwork or signatures at the actual casino.

But everything changes for us video poker enthusiasts.

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Because video poker falls under the same classification as slot machines and
bingo games, at least according to the tax code, players who win large jackpots
and hand pays are obligated to complete a specific tax form which covers
gambling winnings. That form, known officially as the W-2G, will become a common
sight for any successful video poker player – so it’s best to know exactly how to
handle this situation when it inevitably arises.

The following page was put together to provide video poker players with a
handy guide to the tax laws and procedures that govern big wins. With that said,
we must state here and now that we’re not tax experts, nor are we qualified to
dispense legal advice. The information contained here is simply an introduction
to paying taxes on video poker winnings, based on our own anecdotal experience,
and a careful review of publicly posted IRS information.

On your end, we advise conducting further research to supplement what you
learn here. Check out the IRS
website’s section on gambling winnings,
or head
over to TurboTax to see what they have to say on the subject.

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Now that we’ve included all necessary disclaimers, let’s tackle the process
for paying taxes on video poker winnings.

What the Law Says

Whenever you’re dealing with a federal agency like the IRS, it’s important to
apprise yourself of the rules and laws which pertain to you.

Flying blind isn’t advisable when you’re faced with a close drawing decision,
is it? Thus, pursuing big-time jackpots without learning how those wins will be
taxed is not the optimal play.

To begin our own crash course on video poker taxes, way back in the 1980s
when we started playing this great game seriously, we turned to the actual tax
code itself. We know, poring through dense legal language and tax instructions
can be a chore – and trust us, this was – but thankfully we can boil it all down
to the nuts and bolts here.

Taxes On Poker Winnings Usa 2017

Under the provisions of Revenue Procedure 77-29, Section 3 – which was added
to the tax code in 1977 – video poker winnings of $1,200 or more must be
reported via the W-2G form:

“Temporary regulations section 7.6041-1 (T.D. 7492, 1977-2 C.B. 463),
effective May 1, 1977, require all persons in a trade or business who, in the
course of that trade or business, make any payment of $1,200 or more in winnings
from a bingo game or slot machine play, or $1,500 or more in winnings from a
keno game, to prepare Form W-2G, Statement for Certain Gambling Winnings, for
each person to whom the winnings are paid.”

As we mentioned already, this W-2G form – also known as the Statement for
Certain Gambling Winnings – will become a regular part of your video poker
journey. After all, you can’t claim any hand pay of $1,200 or more without
completing a W-2G right there on the casino floor.

For readers who are just beginning to climb the video poker ladder, sticking
to $0.50 machines and the like, a big score of $1,200 or more is quite rare. At
those stakes, the odds of triggering a royal flush are approximately 1 in every
40,000 hands – at least according to legendary video poker expert Bob Dancer.

Because of those enormous odds, we recognize that not all of our readers have
had the pleasure of experiencing a hand pay, so we’ll run through those
procedures in the next section.

How to Handle a Hand Pay

When you finally connect the perfect combination of cards, landing a royal
flush, straight flush, or four aces with a kicker, you’ll trigger the machine’s
largest jackpot payouts.

For players at the quarter stakes, max-betting at $1.25 per hand and landing
the 800 to 1 payout for a royal flush brings back $1,000 – so you’ll be in the
clear* for W-2G reporting purposes.

*While W-2G forms are required for reporting wins of $1,200 and up, you’ll
still need to report wins like the $1,000 example jackpot to the IRS. We’ll
cover those reporting procedures in the Additional Reporting Rules section later
on.

But when you up the ante to $0.50 stakes and max-bet at $2.50 per hand, that
same 800 to 1 payout for a royal flush brings your hand pay amount to $2,000
even. That’s well above the W-2G reporting requirement, so the casino attendant
will head over with your