Signers

[AeWingnut]

Originally Posted by robfla

over 5000 is 28%

no tax taken out if below 5k


between 602-5000 you still have to sign but no taxes taken out

this has been my experience

as a rule you want to make multiple $1 exotic wagers instead of $2 and above in hopes that your half will be under. There is nothing more deflating than to win $602.10. It's like losing but not. Everyone laughs and throws things at you.

[pmacdaddy]

I have heard from a few people that NY OTB winners over age 65 don't have to sign in most cases.

I'm not sure if that is true or not. Anyone know for sure?

[pmacdaddy]

Originally Posted by Cardus

That doesn't exist in the tax code.

Must be an Urban Legend.

[pmacdaddy]

Originally Posted by Cardus

PMac,

There are lots of urban legends (in their own minds, sometimes) in New York City OTBs.

Makes me laugh thinking about some of the stuff you witness there.

[The Bid]

I just go downstairs and find someone in bad shoes to sign mine for 10 percent

[SCUDSBROTHER]

I hit a dollar pick 3 that paid $5870,and they only gave me about $4400 of it.So,it must be 25%.

[westcoastinvader]

Originally Posted by SCUDSBROTHER

I hit a dollar pick 3 that paid $5870,and they only gave me about $4400 of it.So,it must be 25%.

It varies state to state. Or at least it has in my recent lifetime.

Some states withhold from the payoff. And some just make one sign with a written obligation to pay the taxes, and give the full amount at the window.....with an obligation to reconcile the tax liability at the end of the year.

The amounts of withholding at the window do escalate in some states, depending upon the size of the win.