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Originally Posted by Holland Hacker
While driving to work this morning I was listening to the replay of yesterday's show and Steve received a question reporting tax reporting on a Dime Superfecta.
It is my understanding that it is reportable (W2-G) if the winnings are greater than $600 and 300 - 1. I read this to mean that if a Dime super pays greater than $600.10 than you would have a reportable transaction. IF the ADW / Track is doing their job correctly they should aggregate ALL identical bets when considering the $600 threshold. Remember that even though the ticket cost > .10 the winning wager only cost .10 when computing the "winnings" on the wager.
The withholdings begin when winning payoffs are greater than $5,000.
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HH,
Thx! And what I found last night after the show has $602.00 as the threshold on a successful .10 superfecta wager... Am going to get clarification today though to be certain.
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