Signer question

[Bigsmc]

Originally Posted by geeker2

Really? I've never had them withhold (TS/Youbet & Xpress).

$600 to $4,999 winnings per wager, no withholding, just a W2G issued.
$5,000 and up, 25% withholding automatically taken by the track or ADW and a W2G issued.

[geeker2]

Originally Posted by Bigsmc

$600 to $4,999 winnings per wager, no withholding, just a W2G issued.
$5,000 and up, 25% withholding automatically taken by the track or ADW and a W2G issued.

Makes sense..I've gotten the W-2's in the mail - but never had $$$ withheld..but then again the most I ever hit at ADW was $4998

[tiznowthegreat]

If you hit for say 30k and they witthold 25%, but you can claim losses at the end of the year for 30k, should you expect to be getting money back in tax returns or paying more taxes?

[SOREHOOF]

I'm pretty sure you have the choice for them to withhold or not between $2000 and $4999. A few years ago I hit a tri for $6000 on my phone acct. When I called for my next bet I thought I got ripped off for $1500.