ajemeister
ajemeister
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July 17th, 2015 at 9:18:31 PM permalink
I just wanted to write this because I know I'm due for that big payout...


OK OK but for real... I'm curious about the process of a handpay, as I've never had one myself.. How does the process work?


Say if I were to hit a royal on a $ machine, paying $4000, is that what they pay me? Do they essentially force me to cashout of the machine? If I had $600 before the big hit.. would they pay me $4600, or just $4000? Does the entier amount go on the tax form, or just the big jackpot, and can I opt for some in cash and some back in slot/machine play?
AxelWolf
AxelWolf
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July 17th, 2015 at 10:13:00 PM permalink
Quote: ajemeister

I just wanted to write this because I know I'm due for that big payout...


OK OK but for real... I'm curious about the process of a handpay, as I've never had one myself.. How does the process work?


Say if I were to hit a royal on a $ machine, paying $4000, is that what they pay me? Do they essentially force me to cashout of the machine? If I had $600 before the big hit.. would they pay me $4600, or just $4000? Does the entier amount go on the tax form, or just the big jackpot, and can I opt for some in cash and some back in slot/machine play?

It's very simple if your total >>HIT/PAY<< is $1200 or more. You will get a W2G for that amount.

You don't have to hit cash out, it's usually automatic.
As you are playing, a single hit/pay must be $1200 or more to receive a W2G.

IE: if you were playing a .25 VP machine and you accumulated $1000 in credits and then hit for$1000 giving you $2000, It shouldn't require a W2G. Even if you cash out $2000. It's accumulative credits and that's not W2G worthy.

Drawings, tournaments and promotions are different. Usually it's $600 in CASH. This generates a 1099. Nowadays they can add up accumulative
amounts on Drawings, tournaments and promotion amounts throughout the year. If it adds up to $600 or more, they can report it to the IRS.

If you stick to NORMAL .25 single line VP it's impossible to get a W2G.

PS.

ajemeister"I just wanted to write this because I know I'm due for that big payout."

Don't even joke about that, because even though you say you're joking, we actually think a small part of you believes this is true. It's natural for people to believe this, even if just a little. Perhaps you're due, but that's meaningless, you may never hit a RF. No matter what amount of hands you play, you are never less than 22380k hands away from hitting one on the average single line VP game.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
RS
RS
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July 17th, 2015 at 10:49:38 PM permalink
You have $600 in credits on the machine, you hit a royal flush, now your credits go to $4600, but the machine locks up. A slot attendant will come by, and you gotta give 'em your ID and SSN. At this point, you can request cash, check, slot voucher, or even key-to-credit.

Most properties, the attendant goes to a computer, enters your information, then comes back with $4k cash. They give you a copy of the W2G and you sign their copy of the W2G.

Some properties (like some Harrah's properties) they write down your info on a slip of paper, you sign it, then they give you a copy of it -- this is NOT a W2G, but a reminder or some sh**. You'll get a copy of the W2G in the mail within a week or so.

After they pay you out, they'll put a key into the machine, which will remove the $4k in credits, leaving you with $600 in credits. Oftentimes they'll ask you to play one more hand to get rid of the RF.

I've never requested a check. I usually always take cash. On occasion, I've requested a slot voucher, since it's much easier to put a voucher into the machine....plus it's easier to carry in my wallet than an extra $4k cash.

Some places you can do key-to-credit. Basically, it's reserved for high-limit players who hit lots of jackpots. Whenever you hit a jackpot, they punch some code in the machine, write down how much you won, unlock the machine, and leave the credits on the machine. When you're done playing, they'll print up a final W2G, which is basically the total sum of W2G's you generated that session. That way you don't have to worry about 5 or 10 or 100 different W2G's....you just have one big monster W2G.
AxelWolf
AxelWolf
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July 17th, 2015 at 11:05:16 PM permalink
Quote: RS


Some places you can do key-to-credit. Basically, it's reserved for high-limit players who hit lots of jackpots. Whenever you hit a jackpot, they punch some code in the machine, write down how much you won, unlock the machine, and leave the credits on the machine. When you're done playing, they'll print up a final W2G, which is basically the total sum of W2G's you generated that session. That way you don't have to worry about 5 or 10 or 100 different W2G's....you just have one big monster W2G.

When is the last time you seen this? Recently a casino refused to do this stating the rule has change.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
GWAE
GWAE
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July 18th, 2015 at 3:29:42 AM permalink
OP, info has already been given but I will say it all again.

You play and win 4k. Beautiful music will start playing and a message will appear on the screen saying Jackpot win $4000, call slot attendant. Don't worry, one has already been called so you don't actually have to go looking for one. Once one comes over to you they will say congratulations and ask for 2 forms of ID. Some places may just want 1 but I have been asked for 2 before. They will leave for about 10 min and come back with a w2g and your cash. Don't forget, the w2g is reported to the IRS and you must file that with your taxes. I tried not filing one a few years back but they eventually sent me a letter with a correction and some extra interest I owed. You will be paying taxes on the entire 4k so you will owe about 1k during tax time. You may be able to write off losses but in most cases you will be responsible for extra tax burden.

When the slot attendant comes over the first time you can ask them to withhold taxes and you can ask for the money in a check opposed to getting all cash. Some places may not give checks but I have had no problems in the past getting half cash and half check but YMMV. I never had taxes withheld until my last two. It sucks to win 2k but have your tax return shorted by $500. I know I know, you should never have a tax return but that is our personal choice. Once they hand you the cash, they will stand there and stare at you for a second. What are they doing you ask? Well you guessed it, they want a tip for handing you cash that they had nothing to do with you winning. My last 2 I have asked for a check and also asked for taxes withheld. Both did it correctly so I gave a tip for the hassle. If they refuse to handle my request then I will not tip them.

Lastly, once they pay you your 4k, don't forget about the extra credits on the machine. I almost did that on my last hand pay. While waiting I decided to play the machine next to mine. After the attendant paid me I just kept playing. A minute or 2 later she walked by and whispered to me, don't forget about the 200 in the other machine. I felt like a real tool.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
zoobrew
zoobrew
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July 18th, 2015 at 4:55:28 AM permalink
Quote: GWAE

OP, info has already been given but I will say it all again.
Once they hand you the cash, they will stand there and stare at you for a second. What are they doing you ask? Well you guessed it, they want a tip for handing you cash that they had nothing to do with you winning. My last 2 I have asked for a check and also asked for taxes withheld. Both did it correctly so I gave a tip for the hassle. If they refuse to handle my request then I will not tip them.

Lastly, once they pay you your 4k, don't forget about the extra credits on the machine. I almost did that on my last hand pay. While waiting I decided to play the machine next to mine. After the attendant paid me I just kept playing. A minute or 2 later she walked by and whispered to me, don't forget about the 200 in the other machine. I felt like a real tool.



I bet whatever you tipped it was a good investment on the $200 the attendant saved you from walking away from the other machine.
ajemeister
ajemeister
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July 18th, 2015 at 9:18:11 AM permalink
thanks everyone! I didn't realize that they only paid you the win on a big payout, and left the rest... does that also mean that higher denom slots/vp get handpays for lower hits, like 4oak and whatnot? that must be annoying to play dollar vp and be forced to show ID/get a tax form everytime you get a half decent hit
Ibeatyouraces
Ibeatyouraces
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July 18th, 2015 at 9:35:26 AM permalink
Quote: ajemeister

thanks everyone! I didn't realize that they only paid you the win on a big payout, and left the rest... does that also mean that higher denom slots/vp get handpays for lower hits, like 4oak and whatnot? that must be annoying to play dollar vp and be forced to show ID/get a tax form everytime you get a half decent hit


A $100 machine will get you a w2-g on a 3 oak! Barring it's not DW or a game that pays 10 like Joker Poker it TDB.
DUHHIIIIIIIII HEARD THAT!
Dieter
Administrator
Dieter
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July 18th, 2015 at 9:37:53 AM permalink
Quote: ajemeister

does that also mean that higher denom slots/vp get handpays for lower hits, like 4oak and whatnot? that must be annoying to play dollar vp and be forced to show ID/get a tax form everytime you get a half decent hit



It is. Multi-line quarters spares you that trouble, unless it's dealt or you get a pretty serious multiplier.

Depending on where you play, you may need to actually show your social security card (or at least two forms of approved ID on the list...) to actually get the money, not just give them the number.

You may choose to have them withhold a portion of the win for tax.
May the cards fall in your favor.
Sabretom2
Sabretom2
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July 18th, 2015 at 11:25:10 AM permalink
Station properties would not withhold. Suit looked at me like he had never heard of such a thing.

In Mississippi, 5% state tax is withheld, this is gone forever.
cyberbabble
cyberbabble
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July 18th, 2015 at 12:12:51 PM permalink
Maybe not if you are not a Mississippi resident.
I won $5000 in a casino drawing and the casino insisted on withholding Miss. state income tax.
I contacted the Miss. State Dept. of Revenue (state tax people) and had them mail me a Nonresident state income tax form.
Filled out the form and filed it on the following April 15.
They prorate Miss. income as a percentage of total income and then calculate how much Miss. income tax you owe.
I got a refund of about 50% of the tax they withheld.
This was 10 years ago so things may have changed.
Most states will allow you to refile for a few years back.

I don't know about other states withholding state tax. You should always check and see if they have a special form for nonresidents.
I think most states do. You should fill out the form and see if it is beneficial to you. If not, don't file it.
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