Quote:
Originally Posted by PeteMugg
I thought if it was over a certain amount the IRS would step in to get their share regardless of how much was wagered. I'd bet they will be greeting him at the windows.
|
I'm not positive but I always thought that they (the tellers) only ask for ID if it is a reportable winner (over $600 on a wager that paid 300-1 odds.) If the amount collected is over 5k they remove 20% to immediatly pay the irs.
In this guys case he brings the suitcase (or check) home and then calls his tax consultant to see how much to pay the irs quarterly for the remainder of the year so he doesn't incur any interest penalties.