10 cent Super - 3 questions

Originally Posted by Secretariat

the rule is 1099 on 600 times your wager, ie if you wager 1 dollar and win 600 you get a 1099, 2 dollars 1200 gets you a 1099

Not to beat this into the ground, but the triggering rule mandates that a W-2G (not a 1099) be issued where the winnings were over $600 and are also at least 300 times the amount wagered. That is the way the IRS rule was originally written. The rule was written prior to $1 bets, with the 300/1 getting a $2 bet to $600. You are correct in the end result.

Ez