Dime Supers & Tax Reporting/Withholding (From 10/15 ATR question)

[NTamm1215]

I've also noticed that if you have a set of tickets on some ADWs that totals an amount that's taxable then you are now being given a W-2. For example, if you have a Pick 4 that pays $340 for $1 but you have it 3 times then you are being given a W-2G for $1020. Perhaps this was going on for a while and my poor wagering kept me from learning it!

NT

Originally Posted by NTamm1215

I've also noticed that if you have a set of tickets on some ADWs that totals an amount that's taxable then you are now being given a W-2. For example, if you have a Pick 4 that pays $340 for $1 but you have it 3 times then you are being given a W-2G for $1020. Perhaps this was going on for a while and my poor wagering kept me from learning it!

NT

as most know, here in AZ we cant bet online so its off to the track or the many OTBs we have here. this gives us the chance to bet without someone,like a ADW, to do this.

[jwkniska]

Originally Posted by NTamm1215

I've also noticed that if you have a set of tickets on some ADWs that totals an amount that's taxable then you are now being given a W-2. For example, if you have a Pick 4 that pays $340 for $1 but you have it 3 times then you are being given a W-2G for $1020. Perhaps this was going on for a while and my poor wagering kept me from learning it!

NT

you're right. don't cash them together at a track either, or they can give you a W2-G too.

best way to avoid is to punch multiple tickets for min bet and cash them seperately (easier to do at the track).

[dellinger63]

Originally Posted by jwkniska

you're right. don't cash them together at a track either, or they can give you a W2-G too.

best way to avoid is to punch multiple tickets for min bet and cash them seperately (easier to do at the track).

or convert them to vouchers at a machine and then go cash.

[jwkniska]

Originally Posted by dellinger63

or convert them to vouchers at a machine and then go cash.

great point!

[Buckpasser]

bottom line is the gov't sucks. These IRS figures are way out of date and belonged to a different era. The taxable amounts should be raised significantly.

[letswastemoney]

If you can avoid this by just turning them into vouchers....what's the point of taxing then?

[Scav]

Originally Posted by letswastemoney

If you can avoid this by just turning them into vouchers....what's the point of taxing then?

Only the 'non' tax tickets. If you have a tax ticket and put it into the machine, it will tell you to go to the IRS window.

What they are saying is this. Lets say you punch a P4 ticket 8 times, it hits, and it pay $543 per $1.

If you were to walk to the teller with all 8 tickets, at some tracks you would have to fill out a W2 because they would equate to over the $602 threshold

If you were to walk to 8 different machines, you wouldn't have to worry about that.