Irs raises gambling winnings reporting12/28/2023 Once you have been handed that form, your machine is unlocked and you either get paid out right there (which is why these are generally known as "handpays" or you can print out a voucher. So, in a perfect world, you hit your jackpot and someone comes over promptly to collect your identification in order to fill out IRS form W2-G to report your winning to the government. The machine locks and won't print out your winnings because any win $1,200 or over has to be recorded by the casino and reported to the Internal Revenue Service ( IRS). Some machines have buttons you can press that turn a light on that's supposed to signal an attendant to come see you, but that's hardly a perfect system. The waiting for an attendant can be a problem as even at major casinos owned by Caesars Entertainment ( CZR) - Get Free Report and MGM Resorts International ( MGM) - Get Free Report there seems to be no connection between the machine telling you that you need an attendant and one actually coming. Instead, a warning pops up to wait for an attendant. When that happens - after the initial excitement has faded - you quickly realize that your machine freezes and won't pay out. Las Vegas, Casinos, Gamblers May Get a Surprise IRS JackpotĬongress may change an outdated rule that would set a higher threshold for what slot winnings need to be reported to the IRS (which Caesars, MGM, and others should love.)Įvery casino player lucky enough to hit a slot machine jackpot knows the downside of any win $1,200 or over.
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