helpmespock
helpmespock
Joined: Mar 6, 2010
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February 3rd, 2016 at 6:42:26 PM permalink
Well let's call it 5 weeks since Friday March 11th will be my last day at work before the vacation and we're only 2 days away from Friday. Anything to trick myself that my vacation time is closer.

I've been pestering Mrs. Helpmespock to pick a show to see, but she's been working on report cards the last while. They are due this Friday so maybe she'll have time to look after that.

The exchange rate has improved such that we're now $1 US = $1.37 CDN. I hope that trend continues over the next few weeks, but I'm bracing myself for a beating on the exchange. On the flip-side, my friends are saying that if I win big it will be even bigger in Canadian dollars. I'd sure love it if we hit our first royal flush on those single line $0.50 full pay JoB machines at TI. We have hit a royal before, but it was on a 3-play Super Times Pay $0.25 JoB by holding 3 to a royal with no multiplier. I guess I can count that as a third of a royal.

While I'm dreaming I might as well get a dealt sequential royal in hearts on a 3-play Super Times Pay with a 10x multiplier. Let's see 4000 @ $0.25 times 3 lines times 10 for the multiplier. That's a nice $30,000 US which would be $41,100 CDN. Although that would result in a W2G and engage the 30% withholding tax. Do I need my passport for that since I'm Canadian? Now I'll have to fill out a US tax return and try to dig up gambling losses in an attempt to recover some of the money. My dream is starting to sound like work and I'm supposed to be on vacation.

That dream has me thinking. A W2G has to be filled out for anything over $1200 right? I believe the 30% withholding only starts on wins of $5,000 or more correct? So hitting a royal on the $0.50 single line I'd have to fill out the W2G, but I'm probably OK tax-wise. The really big dream of the 3-play is trouble.

--helpmespock
coilman
coilman
Joined: Jan 29, 2012
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February 3rd, 2016 at 6:53:32 PM permalink
Mom hit a $2100 or so jackpot her last trip to Las Vegas in March 2014.....taxes filed and ITIN received in June 2015? or so...letter in mail in December from IRS.....we need 6 more months to process your taxes.... so almost 2 years later they still have her $600+ in taxes taken off her win
helpmespock
helpmespock
Joined: Mar 6, 2010
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February 3rd, 2016 at 7:07:04 PM permalink
Quote: coilman

Mom hit a $2100 or so jackpot her last trip to Las Vegas in March 2014.....taxes filed and ITIN received in June 2015? or so...letter in mail in December from IRS.....we need 6 more months to process your taxes.... so almost 2 years later they still have her $600+ in taxes taken off her win



Ugh...this is the last thing a Canadian gambler wants to hear about winning in Las Vegas.

--helpmespock
GWAE
GWAE
Joined: Sep 20, 2013
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February 3rd, 2016 at 7:13:41 PM permalink
Quote: coilman

Mom hit a $2100 or so jackpot her last trip to Las Vegas in March 2014.....taxes filed and ITIN received in June 2015? or so...letter in mail in December from IRS.....we need 6 more months to process your taxes.... so almost 2 years later they still have her $600+ in taxes taken off her win

o

Just curious why it was filed so late. Can't you do it much sooner than that?
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
coilman
coilman
Joined: Jan 29, 2012
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February 3rd, 2016 at 8:16:49 PM permalink
Quote: GWAE

o

Just curious why it was filed so late. Can't you do it much sooner than that?



Had to wait till 2015 to file it as the taxes needed to be for the whole year that they were with held. Not sure how early in 2015 it could have been filed

she needed a ITIN since it was her first time paying taxes on a jackpot....needed to file the taxes at same time as applying for ITIN.....once the ITIN was approved they forward the taxes and ITIN info on to the tax people.

Maybe it will come in early like April or May....one can hope at least.... I have that free airfare from CET to use before end of JUNE think she would be up to going and spending her tax refund in Vegas
PokerGrinder
PokerGrinder
Joined: Apr 30, 2015
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February 3rd, 2016 at 10:22:13 PM permalink
Quote: helpmespock

Well let's call it 5 weeks since Friday March 11th will be my last day at work before the vacation and we're only 2 days away from Friday. Anything to trick myself that my vacation time is closer.

I've been pestering Mrs. Helpmespock to pick a show to see, but she's been working on report cards the last while. They are due this Friday so maybe she'll have time to look after that.

The exchange rate has improved such that we're now $1 US = $1.37 CDN. I hope that trend continues over the next few weeks, but I'm bracing myself for a beating on the exchange. On the flip-side, my friends are saying that if I win big it will be even bigger in Canadian dollars. I'd sure love it if we hit our first royal flush on those single line $0.50 full pay JoB machines at TI. We have hit a royal before, but it was on a 3-play Super Times Pay $0.25 JoB by holding 3 to a royal with no multiplier. I guess I can count that as a third of a royal.

While I'm dreaming I might as well get a dealt sequential royal in hearts on a 3-play Super Times Pay with a 10x multiplier. Let's see 4000 @ $0.25 times 3 lines times 10 for the multiplier. That's a nice $30,000 US which would be $41,100 CDN. Although that would result in a W2G and engage the 30% withholding tax. Do I need my passport for that since I'm Canadian? Now I'll have to fill out a US tax return and try to dig up gambling losses in an attempt to recover some of the money. My dream is starting to sound like work and I'm supposed to be on vacation.

That dream has me thinking. A W2G has to be filled out for anything over $1200 right? I believe the 30% withholding only starts on wins of $5,000 or more correct? So hitting a royal on the $0.50 single line I'd have to fill out the W2G, but I'm probably OK tax-wise. The really big dream of the 3-play is trouble.

--helpmespock


They take the 30% off any win $1200 or more on the spot. I have never been denied getting it back though.
You can shear a sheep a hundred times, but you can skin it only once. Amarillo Slim Preston
helpmespock
helpmespock
Joined: Mar 6, 2010
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February 4th, 2016 at 3:41:17 PM permalink
Quote: PokerGrinder

They take the 30% off any win $1200 or more on the spot. I have never been denied getting it back though.



I guess I'd better win a large enough jackpot that the 30% doesn't matter. The Lion's Share jackpot would have qualified.

--helpmespock
GWAE
GWAE
Joined: Sep 20, 2013
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February 4th, 2016 at 5:06:00 PM permalink
Quote: helpmespock

I guess I'd better win a large enough jackpot that the 30% doesn't matter. The Lion's Share jackpot would have qualified.

--helpmespock



I wonder how a jackpot that is paid annually works. Would you have to pay the tax up front for the entire thing then get it back or would you have to fill out one of those stupid forms every year.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
helpmespock
helpmespock
Joined: Mar 6, 2010
  • Threads: 71
  • Posts: 415
February 4th, 2016 at 7:44:53 PM permalink
Quote: GWAE

I wonder how a jackpot that is paid annually works. Would you have to pay the tax up front for the entire thing then get it back or would you have to fill out one of those stupid forms every year.



I'd bet that if a Canadian won a US lottery and opted for the annuity then you'd end up getting 30% taken and filing a tax return every single year. For a Canadian Powerball winner, I guess the lump sum is better.

--helpmespock
coilman
coilman
Joined: Jan 29, 2012
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February 4th, 2016 at 8:48:41 PM permalink
Quote: helpmespock

I guess I'd better win a large enough jackpot that the 30% doesn't matter. The Lion's Share jackpot would have qualified.

--helpmespock



THink of it this way...WIN $10,000 less $3000 in taxes ( get it back next year) get home convert $7000 to Canadian to avoid that itch to return to Vegas first week of July...$7000 gets you $9500 Canadian or so.... just like the IRS never touched your winnings

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