Dime Supers & Tax Reporting/Withholding (From 10/15 ATR question)

[Holland Hacker]

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.