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Slot machine jackpot winners12/20/2023 ![]() ![]() The IRS tax document is for taxpayers to report their annual gambling winnings as income. In the event of that happening, casino employees are tasked with completing a W-2G form. ![]() US tax laws require that a casino suspend a slot machine’s operation any time a play wins $1,200 or more during a single spin. “This creates an unnecessary burden on the gaming industry, an economic driver for Southern Nevada and other communities nationwide where slot machines exist.” Industry Support Ongoing inflation has only further necessitated a change, they say.ĭue to inflation, the number of jackpots hitting that threshold, triggering a shutdown of the machine and necessitating excessive paperwork requirements for the patron, has increased dramatically,” said Titus. Titus and Reschenthaler argue that the current IRS slot threshold, which hasn’t been touched since 1977, is long antiquated and due for a major adjustment. ![]() The SLOT Act, if passed and signed into law by President Joe Biden, would increase the jackpot tax reporting threshold from $1,200 to $5,000. The two lawmakers cochair the Congressional Gaming Caucus. (Image: Shutterstock)Ĭreatively named the SLOT Act - or “Shifting Limits on Thresholds Act” - the bipartisan legislation comes from US Representatives Dina Titus (D-Nevada) and Guy Reschenthaler (R-Pennsylvania). Attendants respond to such wins to make sure the terminal is functioning properly and to also arrange the proper completing of IRS tax documents. A slot machine suspends its operations after a lucky gambler hit a $15,000 jackpot. Commercial Gaming, Entertainment, Novelty Betting, Politics.įederal legislation introduced today by leaders of the Congressional Gaming Caucus would greatly increase the amount of money needed to be won on a slot machine spin to trigger an IRS report. ![]()
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