witholding taxes on winnings

[Scav]

Originally Posted by Holland Hacker

As stated the w/h kicks in at $5.K you should not have any on the exacta. Congrats on the hit!

Some states, if you cash them together, will combine them and if they are over 5k, you get nailed. IL is one of those states.

last year I hit a P4 for $7, all $1 tickets, that paid $1200 per $1. I cashed four the first day, and the next day I cashed the next three.

[sdjcom]

they are suppose to ask if you have identical tickets to combine, same amt,bet , race etc.. then they will withhold if over 5k, now if you cash on seperate days you can get out of taxes up front but they will catch it when you send copies of 1099 along with return, they probably won't do anything since you did declare , but bad idea on your part,they might flag you and watch your gambling winnings close, iv' been thru it. and all irs withholdings is handled this way state laws have nothing to do with it.