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What happens when you win big at a casino?

2 Answers

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The IRS doesn't care about jackpots less than $1,200. If you win $1,200 - $4,999: Now you 've entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos aren't obliged to take out withholdings. If you hit it really big, expect to pay up to 40 percent in income taxes.
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Casino Tells Jackpot Winners Machine Malfunctioned



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