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Best Answer: If you win $1,200, or more on any electronic gaming machine you will have to give the casino your social security number and you will be issued a W2G. A copy of that form will also be sent to the IRS. When you do your federal income taxes ... Slot Machine Jackpot Taxes Slot Machine Jackpot Taxes slot machine jackpot taxes Understanding Taxes on Slot Machine Jackpot Winnings. It should be kept in mind that regardless of how you are paid all winnings from a casino are subject to taxes. The casino is only required to report ... What Happens When You Win the Casino Jackpot? Casino Jackpot Taxes If your jackpot is more than $1,200 be prepared to fill out a tax form. In this case, the casino will hand you official tax form W-2G. This is a tax form specifically meant for ...
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Typically, when a slot jackpot of $1,200 or more is won, the machine locks up while players endure a time-consuming process of filling out paperwork to ensure taxes are paid on the winnings.
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