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Old 03-06-2011, 09:03 AM
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Bigsmc Bigsmc is offline
Goodwood
 
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Quote:
Originally Posted by geeker2 View Post
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.
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Old 03-06-2011, 09:15 AM
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geeker2 geeker2 is offline
Hialeah Park
 
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Quote:
Originally Posted by Bigsmc View Post
$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
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Old 03-06-2011, 09:28 AM
tiznowthegreat tiznowthegreat is offline
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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?
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Old 03-06-2011, 09:28 AM
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SOREHOOF SOREHOOF is offline
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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.
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