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Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.
Hand Pay Jackpots
When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.
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- Know your limits and play within your budget. Not setting a gambling budget is perhaps one of the.
On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.
When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.
IRS Withholding
All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don’t provide your Social Security number, the casinos withhold 28 percent on small jackpots.
You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.
Proper Identification
Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver’s license, military ID or passport.
If you don’t produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.
When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.
Plan Ahead
Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.
Double Top Dollar remains a classic slot machine that I expect will be around for a long time to come, and is a favorite of high-limit slot players. In this session I did 'Progressive Betting' of $10, $20 and all the way to $50 Max Bets! You may wonder, where's the $100 max bet Top Dollar? Well, I have that saved for another day!
Double Top Dollar is very volatile and many times it's all about the bonus, which upon trigger provides you up to 4 offers. The first 3 you can either accept or reject with the machine informing you of your best play, by the odds. A feature of Double Top Dollar is that besides amounts, you can also receive 2x multipliers to increase the value of your bonus, many times to Jackpot level, as you will see!
The Top Award is 1000 credits which is automatically accepted although you can possibly also be awarded multipliers for a HUGE JACKPOT - maybe one day, Enjoy!
OldSchoolSlots
Nice video Tim, always love to see the 3 reels! Good to see DTD be nice at Foxies, it was not nice to me last year...I love the slow mo effect on the DD bar bar hit...so dramatic! Cheers and stay safe!
TheBigPayback - Slot Machine Videos
Double Top Dollar is one of my all-time favorite IGT slots especially when played at high-limit: how can you not like this one?! Top Dollar has so many different variations, such as the 3X4X5X version of mine which has close to a half-million views, help my crest that milestone! Check it out: https://www.youtube.com/watch?v=PN09XaB1cz8
FNS SLOTS
That was an awesome session! Glad you posted this video. Thumbs up to ya!
Double G
Whew 🏋🏽♀️ you almost blew it 😢 congratulations 🍾🎈🎊🎉
Billie JL
So fun to watch those large bets! Congrats - great hit!
dboss22
I’m confused at why you always say “thanks for watching”, stop the video then restart with the same machine & same credits! What’s the point?
Nathan Diaz
Your turning into a jack ass that covers his jackpots? Lol wow. And your voice sounds like you make movies for Disney.
ant sala
ill never understand the way people play these machines, why take any offer if there is always a chance you can win more. I always go to the final offer if I didn't get the jackpot
james daniels
Always change your credits to cash symbol. Then you'll know your cash value.
superjet2771
I always wonder how folks figue out how to play these games with no instructions. All I can figure out is put money in, pull lever and wait for.....something to happen? The bars and symbols don't make much sense. Maybe this is why I hate Vegas and never go? Watched the whole video and have no idea how much you won.
kramerica2k10
Not sure I would have turned down the $1,000 :) Worked out though.
Deb Bart
Awesome! I didnt know you played at Foxwoods. I Go there alot!
LEVELSABOVE
How To Win Slot Machine Jackpot
So you preferred to take the shitty hand pay jackpot to pay taxes opposed to just take $1000, when could easily make up for the $200-300. I don't even know why people gamble in the states, what a horrid hassle to pay taxes on every hand pay, especially if you're an avid gambler that plays high stakes. A hand pay should be $5,000+ not 1200.
tom klecha
1 Slot Machine Jackpot Videos
your voice sounds like someone i know from there that hit 100k years ago at fox tower