Signers

[hockey2315]

Can someone please explain how signers work? I almost had one yesterday and now am determined to have one this weekend. . .

In particularly, what percentage of winnings they take for tax?

[Antitrust32]

Originally Posted by hockey2315

Can someone please explain how signers work? I almost had one yesterday and now am determined to have hit one this weekend. . .

In particularly, what percentage of winnings they take for tax?

I believe 20% (not positive though).

Good luck getting a signer this weekend! If you find out which race it will be in.. please post the picks cause I wouldnt mind a signer also!

[brianwspencer]

I think it's different from place to place -- as for me, I've possibly never had a signer big enough to get taxes taken out on the spot.

I've never had to pay taxes up front, but I've had to sign and therefore had to without a doubt claim on my tax return. Actually just claimed last year's

over 5000 is 28%

no tax taken out if below 5k


between 602-5000 you still have to sign but no taxes taken out

[IrishofNDMan]

all i know is if you win 600 or more for a $1 bet then you have to sign for it.

[jpops757]

Difernt states have differnt rules. Dome have statr taxes also. The sure thing it is reported to Irs.

[POINTGIVEN1985]

600 or more in ny on a doller bet you do have to sign... i hit 4 pick fours in 06 for a doller that i recived over 600 on and had to sign for everyone.

[hoovesupsideyourhead]

Originally Posted by POINTGIVEN1985

600 or more in ny on a doller bet you do have to sign... i hit 4 pick fours in 06 for a doller that i recived over 600 on and had to sign for everyone.

stand on the painted foot marks and smile..lol

[JJP]

A two dollar pick three that pays $600.10 is a signer....unless you have two separate dollar tickets.

Originally Posted by JJP

A two dollar pick three that pays $600.10 is a signer..

nope, $602.

( 300-1 )

[DJK]

*Snort*

I have dreams.

But having a signer was never one of them.

However, now I'll start looking for that $2 pick three.

[JJP]

Yeah, I meant $602.

Just get your tickets in dollar increments. You can always write off the W2s on your federal return, but in most states, you can't on the state return.

[AeWingnut]

Originally Posted by robfla

over 5000 is 28%

no tax taken out if below 5k


between 602-5000 you still have to sign but no taxes taken out

this has been my experience

as a rule you want to make multiple $1 exotic wagers instead of $2 and above in hopes that your half will be under. There is nothing more deflating than to win $602.10. It's like losing but not. Everyone laughs and throws things at you.

[pmacdaddy]

I have heard from a few people that NY OTB winners over age 65 don't have to sign in most cases.

I'm not sure if that is true or not. Anyone know for sure?

[pmacdaddy]

Originally Posted by Cardus

That doesn't exist in the tax code.

Must be an Urban Legend.

[pmacdaddy]

Originally Posted by Cardus

PMac,

There are lots of urban legends (in their own minds, sometimes) in New York City OTBs.

Makes me laugh thinking about some of the stuff you witness there.

[The Bid]

I just go downstairs and find someone in bad shoes to sign mine for 10 percent

[SCUDSBROTHER]

I hit a dollar pick 3 that paid $5870,and they only gave me about $4400 of it.So,it must be 25%.

[westcoastinvader]

Originally Posted by SCUDSBROTHER

I hit a dollar pick 3 that paid $5870,and they only gave me about $4400 of it.So,it must be 25%.

It varies state to state. Or at least it has in my recent lifetime.

Some states withhold from the payoff. And some just make one sign with a written obligation to pay the taxes, and give the full amount at the window.....with an obligation to reconcile the tax liability at the end of the year.

The amounts of withholding at the window do escalate in some states, depending upon the size of the win.