Tax withholdings

[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?

[Cannon Shell]

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]

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

[Payson Dave]

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]

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]

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]

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]

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]

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%

[jwkniska]

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]

what if your from another country