Video Poker Player Wins 1 Million Dollars
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
I wonder what the withholding is.
Quote: gordonm888I wonder what the withholding is.
Is there any? The IRS says that there is no withholding for slot machine winnings (which, presumably, includes VP machines) if the winner furnishes a taxpayer ID number. Otherwise, it's $240,000 in this case.
Quote: vegasJust can't wrap my head around playing 1,250 per spin
link to original post
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
People who have money play higher limits.
Quote: ChumpChangeLooks like the quads paid 4,000 coins each and there were 10 hands that won the same amount, so it was a 40K coin win x $25 = $1M.
link to original post
Guys... the game was Triple Double Bonus. Quad aces with a kicker equals a royal flush.
Quote: AlanMendelsonQuote: vegasJust can't wrap my head around playing 1,250 per spin
link to original post
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
People who have money play higher limits.link to original post
I think that's the point. What's your net worth if you're playing $1,250/hand? I don't think I ever would, and here's why:
1.) I'd have to have an advantage somehow.
2.) I'm probably not playing $1,250/hand Video Poker unless I'm worth something like a readily liquified ten million.
3.) If I'm worth ten million in cash or easily liquified assets, then I would have no need to advantage play in casinos.
Generally, not in the casino. I can only think of a few things that are not paid off instantly in a casino.Quote: billryanMost million dollar jackpots are paid off over twenty years. I gather that isn't the case here.
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This high roller winner was the exception.
Quote: AxelWolfGenerally, not in the casino. I can only think of a few things that are not paid off instantly in a casino.link to original postQuote: billryanMost million dollar jackpots are paid off over twenty years. I gather that isn't the case here.
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My understanding is that most huge slot wins- Wheel of Fortune, MegaBucks ect, were annuities paid out over years. Is that incorrect?
Those would be among the few things. Generally, that's how big state-wide progs work.Quote: billryanQuote: AxelWolfGenerally, not in the casino. I can only think of a few things th at are not paid off instantly in a casino.link to original postQuote: billryanMost million dollar jackpots are paid off over twenty years. I gather that isn't the case here.
link to original post
My understanding is that most huge slot wins- Wheel of Fortune, MegaBucks ect, were annuities paid out over years. Is that incorrect?link to original post
I guess I never really thought about how many higher limit slots or multi-line VP had a potential million-dollar jackpot.
Quote: billryanQuote: AxelWolfGenerally, not in the casino. I can only think of a few things that are not paid off instantly in a casino.link to original postQuote: billryanMost million dollar jackpots are paid off over twenty years. I gather that isn't the case here.
link to original post
My understanding is that most huge slot wins- Wheel of Fortune, MegaBucks ect, were annuities paid out over years. Is that incorrect?link to original post
I think the general rule is that if it is a multi site progressive they are paid in annuities.
Quote: billryanMost million dollar jackpots are paid off over twenty years. I gather that isn't the case here.
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Certain progressive games such as Megabucks and other Wide Area Progressives will be labeled showing that they are paid over a period of years or you can elect a smaller cash option. Lotteries do this.
The $3-million Keno at Station Casinos has this.
I doubt this game had any limitations on payouts. So I'm sure the winner is collecting his million on the spot.
Quote: rxwineIt’d be interesting to know what his loss was on vp at that level. Or maybe that was the tail end of some sort of Martingale and now he’s $1 ahead.
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If you notice the photo he had an odd amount of dollar credits which shows he had been playing previously. The credits are north of $35k. So be didnt hit this on his first play.
It wouldn't surprise me if he started with 10x or 20x of a $1250 bet.
10x would be $12,500. 20x would be $25,000.
In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.
https://blog.taxact.com/lottery-tax-calculator/
All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
"If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."
I'd take an 8 year annuity, lol.
Quote: ChumpChangeI found a lottery tax calculator.
link to original post
In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.
https://blog.taxact.com/lottery-tax-calculator/
All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
"If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."
A tax pro could save you a lot of those taxes.
Quote: billryanQuote: ChumpChangeI found a lottery tax calculator.
link to original post
In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.
https://blog.taxact.com/lottery-tax-calculator/
All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
"If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."
A tax pro could save you a lot of those taxes.link to original post
How?
What exactly would a tax pro do that you couldn't do yourself?
The only thing a tax pro could do is remind you of legal deductions you might overlook. But you could just as easily find those legal deductions yourself.
Quote: AlanMendelsonQuote: billryanQuote: ChumpChangeI found a lottery tax calculator.
link to original post
In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.
https://blog.taxact.com/lottery-tax-calculator/
All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
"If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."
A tax pro could save you a lot of those taxes.link to original post
How?
What exactly would a tax pro do that you couldn't do yourself?
The only thing a tax pro could do is remind you of legal deductions you might overlook. But you could just as easily find those legal deductions yourself.link to original post
Okay.
Quote: billryanQuote: ChumpChangeI found a lottery tax calculator.
link to original post
In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.
https://blog.taxact.com/lottery-tax-calculator/
All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
"If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."
A tax pro could save you a lot of those taxes.link to original post
Really? I thought those numbers seemed low. 25% Federal for $1 million sounds like a deal to me.
Quote: DRichQuote: billryanQuote: ChumpChangeI found a lottery tax calculator.
link to original post
In NYS, a $1 million win would be subject to 25% Federal & 8.81% state tax, or $250K + $88.2K = $338,200 in tax and keep $661,800.
In Nevada, a $1 million win would be subject to 25% Federal & 0.00% state tax, or $250K Federal tax, and keep $750K.
In NJ, a $1 million win would be subject to 25% Federal & 8.00% state tax, or $250K + $80K = $330K in tax and keep $670K.
https://blog.taxact.com/lottery-tax-calculator/
All 3 states would pay a lottery jackpot of $33,333 per year over a 30 year annuity.
"If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill."
A tax pro could save you a lot of those taxes.link to original post
Really? I thought those numbers seemed low. 25% Federal for $1 million sounds like a deal to me.link to original post
The federal percentage is just a withholding. The actual tax will depend on the player's other income in that tax year.
I have a feeling it would be easy to show, not sure how easy it would be to ge your money back.Quote: vegasIf the player was from Canada they would take 30% right off the top. That is 300,000. To get any of that back at tax time, they would have to show losses which would be hard after winning a million.
link to original post
https://www.gamblingsites.org/casino/video-poker/taxes/
So if you get 25 hand pays in an hour playing the high limit slots and the casino aggregates your W-2G's, and you're out of credits, do you owe 25% withholding tax on the aggregate W-2G's before you leave the casino? Seems you need a large LOC to pay for that.
Quote: ChumpChangeVideo Poker and Taxes - Staying Out of the IRS Spotlight
link to original post
https://www.gamblingsites.org/casino/video-poker/taxes/
So if you get 25 hand pays in an hour playing the high limit slots and the casino aggregates your W-2G's, and you're out of credits, do you owe 25% withholding tax on the aggregate W-2G's before you leave the casino? Seems you need a large LOC to pay for that.
It seems to me the taxes would be withheld when the hand pays are given. It wouldn't matter if they aggregate the W2GS.
Quote: ChumpChangePlayers just enter their PIN while they play and the handpay attendant never comes around.
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I just called the high limit slots area at the Cosmopolitan. They told me there is no mandatory withholding on jackpots, including for Canadians.
Now... this is what I was told via a phone call. I cant guarantee this information is correct.
dealt AwK?! wow!Quote: vegasJust can't wrap my head around playing 1,250 per spin
link to original post
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
hope it was 9/7 tdb at that denom?
Or are other Strip casinos following Planet Hollywood's lead in horrendous pay tables in High Limit?
Quote: gerback123Why doesn't the machine lock up on a dealt AwK on Triple Double Bonus, where it pays the same for a Royal Flush as AwK. Natural dealt Royals lock up automatically and hold all five cards. With AwK you have to hold the cards, even though it pays the exact same as Royal. IGT needs to fix their code IMHO
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Most IGT games do lock up automatically if you win the highest amount listed on the paytable.
Quote: gerback123Why doesn't the machine lock up on a dealt AwK on Triple Double Bonus, where it pays the same for a Royal Flush as AwK. Natural dealt Royals lock up automatically and hold all five cards. With AwK you have to hold the cards, even though it pays the exact same as Royal. IGT needs to fix their code IMHO
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Twice I was dealt AAAAK and the machine locked up. Also I was dealt 2222K and the machine also locked up.
I have played $1250 a spin on a slot machine during a promotion. The most I have bet on VP was $500 a hand. Regular tables 5k-10k per bet, Sports close to 10k per bet. Of course, that's not the normal limits I would be betting just on special opportunities that came up.Quote: vegasJust can't wrap my head around playing 1,250 per spin
link to original post
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
Quote: AxelWolfI have played $1250 a spin on a slot machine during a promotion. The most I have bet on VP was $500 a hand. Regular tables 5k-10k per bet, Sports close to 10k per bet. Of course, that's not the normal limits I would be betting just on special opportunities that came up.link to original postQuote: vegasJust can't wrap my head around playing 1,250 per spin
link to original post
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
My three friend and I once each put $500 each into a $100 slot machine. After about eight spins, one of us hit something that got us even and we cashed out. The thrill of spinning for $100 a pop did not equal the sense of stupidity that I'd just wasted $100 on a spin of a slot machine.
Quote: billryanlink to original post
My three friend and I once each put $500 each into a $100 slot machine. After about eight spins, one of us hit something that got us even and we cashed out. The thrill of spinning for $100 a pop did not equal the sense of stupidity that I'd just wasted $100 on a spin of a slot machine.
Similar to a certain other, "First time," it's fun, fast and seems like it's over almost immediately.
Quote: billryanQuote: AxelWolfI have played $1250 a spin on a slot machine during a promotion. The most I have bet on VP was $500 a hand. Regular tables 5k-10k per bet, Sports close to 10k per bet. Of course, that's not the normal limits I would be betting just on special opportunities that came up.link to original postQuote: vegasJust can't wrap my head around playing 1,250 per spin
link to original post
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
My three friend and I once each put $500 each into a $100 slot machine. After about eight spins, one of us hit something that got us even and we cashed out. The thrill of spinning for $100 a pop did not equal the sense of stupidity that I'd just wasted $100 on a spin of a slot machine.link to original post
You beat me.
Once, I was at Caesars with another couple and before dinner we put up $50 each for one spin on a $100 slot. (Two coins was the max bet.)
We lost.
My son takes the cake, however.
The night I hit my first $100k royal I phoned him at home in LA. I said come on up and I'll give you $5k and we'll have some fun.
He immediately got in his car and drove about four hours.
I gave him the $5k. We went over to Bellagio (I hit the royal at Caesars).
At Bellagio we played the $5 VP progressive. He hit the royal for $26,000.
Wait... there's more.
After the hand pay he discovered the attendant didnt return his players card. So I told him to go into the high limit slots area where they had a cage and he could get another card.
He didnt return for almost an hour.
When he returned I asked him what took so long?
He was playing the $100 Wheel of Fortune slot. He lost $4,000. Never got a spin, but he did get some pays that kept him playing.
$4,000 of the $26k lost.
Whenever I see a $100 WOF machine I think about that.
40+ spins and no wheel bonus?Quote: AlanMendelsonHe was playing the $100 Wheel of Fortune slot. He lost $4,000. Never got a spin, but he did get some pays that kept him playing.
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$4,000 of the $26k lost.
Whenever I see a $100 WOF machine I think about that.
Yike!
I haven't hit a royal in years but i've hit royal equivalent (awk on tdb) at least once a year.
The last one was a Holy Grail. (12x multiplier)
I posted the pic in the holy grail thread
Quote: 100xOdds40+ spins and no wheel bonus?Quote: AlanMendelsonHe was playing the $100 Wheel of Fortune slot. He lost $4,000. Never got a spin, but he did get some pays that kept him playing.
link to original post
$4,000 of the $26k lost.
Whenever I see a $100 WOF machine I think about that.
Yike!
I haven't hit a royal in years but i've hit royal equivalent (awk on tdb) at least once a year.
The last one was a Holy Grail. (12x multiplier)
I posted the pic in the holy grail threadlink to original post
I don't know how many plays he had with no spins. He quit when he was down $4000. But he hit cherries and bars that paid from $100 to $500 (maybe more but no handpays).
Let's say he actively played for half an hour. That's gotta be at least 120 plays if he did a play every 15 seconds.
Not one spin.
If I remember the minimum pay on a spin is $3k.
Yes, well, I certainly wouldn't be betting that type of money had I not had an advantage. I don't think there's anything wrong with people gambling for entertainment on smaller levels. I'm certainly glad to know there are people gambling since that money is helping build casinos, thus giving me the opportunity to do what I do. I shouldn't ever comment negatively on voodoo, mumbo jumbo, betting systems, and BS. And yet...Quote: billryanQuote: AxelWolfI have played $1250 a spin on a slot machine during a promotion. The most I have bet on VP was $500 a hand. Regular tables 5k-10k per bet, Sports close to 10k per bet. Of course, that's not the normal limits I would be betting just on special opportunities that came up.link to original postQuote: vegasJust can't wrap my head around playing 1,250 per spin
link to original post
https://vitalvegas.com/player-hits-1-million-video-poker-jackpot-at-cosmo/
My three friend and I once each put $500 each into a $100 slot machine. After about eight spins, one of us hit something that got us even and we cashed out. The thrill of spinning for $100 a pop did not equal the sense of stupidity that I'd just wasted $100 on a spin of a slot machine.link to original post
Quote: Mission146[
link to original post
Similar to a certain other, "First time," it's fun, fast and seems like it's over almost immediately.
Don't be selfish, if you gave him pleasure it was still worth it.
Quote: DRichQuote: Mission146[
link to original post
Similar to a certain other, "First time," it's fun, fast and seems like it's over almost immediately.
Don't be selfish, if you gave him pleasure it was still worth it.link to original post
Haha! I’m telling her you said that, if I ever see her again.
Quote: Mission146Quote: DRichQuote: Mission146[
link to original post
Similar to a certain other, "First time," it's fun, fast and seems like it's over almost immediately.
Don't be selfish, if you gave him pleasure it was still worth it.link to original post
Haha! I’m telling her you said that, if I ever see her again.link to original post
Was it Mrs Thumb and her 4 lovely daughters ?
