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  #1  
Old 12-23-2008, 09:41 AM
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eajinabi eajinabi is offline
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Default Tax withholdings

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?
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  #2  
Old 12-23-2008, 09:46 AM
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Cannon Shell Cannon Shell is offline
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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
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  #3  
Old 12-23-2008, 09:55 AM
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MaTH716 MaTH716 is offline
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I believe that it's anything over 300-1.
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Old 12-23-2008, 09:56 AM
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Payson Dave Payson Dave is offline
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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
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Last edited by Payson Dave : 12-23-2008 at 10:09 AM.
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  #5  
Old 12-23-2008, 10:33 AM
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jwkniska jwkniska is offline
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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.
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  #6  
Old 12-23-2008, 10:37 AM
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philcski philcski is offline
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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.
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  #7  
Old 12-23-2008, 10:41 AM
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jwkniska jwkniska is offline
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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.
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  #8  
Old 12-23-2008, 10:49 AM
Scav Scav is offline
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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.
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  #9  
Old 12-23-2008, 02:46 PM
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eajinabi eajinabi is offline
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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%
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  #10  
Old 12-23-2008, 03:50 PM
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jwkniska jwkniska is offline
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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.
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  #11  
Old 12-23-2008, 05:17 PM
popscopy popscopy is offline
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what if your from another country
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