We do not issue any forms for the SuperContest other than if your winnings were more than 300 to 1 (paid out over $450,000). When you do your taxes that would be up to you and your tax person to decide If you use it.
What should I do to report what I won ?
Check issue date was first week of January
But contest ended 12/31/2017
To remove first post, remove entire topic.
We do not issue any forms for the SuperContest other than if your winnings were more than 300 to 1 (paid out over $450,000). When you do your taxes that would be up to you and your tax person to decide If you use it.
Check dated 2018. It's on April 2019's tax return. Go to an accountant BEFORE you blow the dough. You have the same "good" problem these Bitcoin winners have.
Made to much $$$$$$ and now you gotta pay the tax man. It's alot.
If you want to get a rough idea what you owe, look at your last pay stub from 2017 and do the math. Trump's new tax rate will decrease the Fed Tax a percentage point or 2. Social Security is paid on the first $120k or so. I dont recall the 2018 SS number but you can look it up. What State are you from? Possibly more State Tax. Plus all the other nickel and dime taxes.
Again, go see an Accountant. If you're not from Nevada I would suggest you find an Accountant who understands gambling winnings in another state to find some tax breaks, not just the standard gambling loss and entry fee deduction. At a minimum, have a office in Nevada to reach out and discuss.
The Accountant tells you what you owe and when you have to pay it. Say you owe 35%. Take it and put it in a online savings account or a 12 month CD and get 1.5 - 2%. Then pay the Tax Man next April with that stash. Yeah you owe tax the following year on the interest earned in 2018/2019 but it should cover the Accountants fee.
Some of what I said is probably incorrect as I am far from being an Accountant. Hopefully you get my drift.
Congrats on the huge score
Check dated 2018. It's on April 2019's tax return. Go to an accountant BEFORE you blow the dough. You have the same "good" problem these Bitcoin winners have.
Made to much $$$$$$ and now you gotta pay the tax man. It's alot.
If you want to get a rough idea what you owe, look at your last pay stub from 2017 and do the math. Trump's new tax rate will decrease the Fed Tax a percentage point or 2. Social Security is paid on the first $120k or so. I dont recall the 2018 SS number but you can look it up. What State are you from? Possibly more State Tax. Plus all the other nickel and dime taxes.
Again, go see an Accountant. If you're not from Nevada I would suggest you find an Accountant who understands gambling winnings in another state to find some tax breaks, not just the standard gambling loss and entry fee deduction. At a minimum, have a office in Nevada to reach out and discuss.
The Accountant tells you what you owe and when you have to pay it. Say you owe 35%. Take it and put it in a online savings account or a 12 month CD and get 1.5 - 2%. Then pay the Tax Man next April with that stash. Yeah you owe tax the following year on the interest earned in 2018/2019 but it should cover the Accountants fee.
Some of what I said is probably incorrect as I am far from being an Accountant. Hopefully you get my drift.
Any money won in any contest or lottery or casino wait till end of year go around collect every losing lottery ticket and scratch off you can find then write off the losses up to the amount you won ...
ZERO taxes paid whhheeeeeeeeeeeeeee how so many in here do not know about this legal way to reduce taxes on what you won.
I won $5000 3 times never paid a dime .
Again, spend the $400 and get an Accountant and throughly understand everything. Going to the track and picking up every loosing ticket off the floor is not sound advice on a $170k score.. Nothing else to add.
Quote Originally Posted by zebrakiller:
Any money won in any contest or lottery or casino wait till end of year go around collect every losing lottery ticket and scratch off you can find then write off the losses up to the amount you won ...
ZERO taxes paid whhheeeeeeeeeeeeeee how so many in here do not know about this legal way to reduce taxes on what you won.
I won $5000 3 times never paid a dime .
Again, spend the $400 and get an Accountant and throughly understand everything. Going to the track and picking up every loosing ticket off the floor is not sound advice on a $170k score.. Nothing else to add.
Who is this Contest? and Who KNOWS you won this $ ??
Does the "Contest" know your SS#? Was there a W- 2G ? Which is the means to write-off anything...
I'm going to answer my own ??s--This was the Westgate Supercontest and you won 5th place 170K and Westgate did NOT issue a W2G form because the payout was LESS then 300-1.Right?? When you registered @Westgate,did they require your social security number?? This may be a situation like winning a New Car on The Price is Right..... eddy, did you give them a number?
Quote Originally Posted by 666LES:
Who is this Contest? and Who KNOWS you won this $ ??
Does the "Contest" know your SS#? Was there a W- 2G ? Which is the means to write-off anything...
I'm going to answer my own ??s--This was the Westgate Supercontest and you won 5th place 170K and Westgate did NOT issue a W2G form because the payout was LESS then 300-1.Right?? When you registered @Westgate,did they require your social security number?? This may be a situation like winning a New Car on The Price is Right..... eddy, did you give them a number?
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