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Gaming Guru
More on IDs and Taxes8 August 2005
Dear Arnie, Well, I've never had any tax withheld from any of the jackpots I've won. And I went to the page you referenced, Instructions for Forms W-2G and 5754 (2005). At the top, the instructions imply that winnings of over $5,000 would be subject to regular gambling withholding. But here is what the page says specifically about withholding from slot winnings in section 3, Bingo, Keno and Slot Machines.
Instead of just telling us we all have it wrong, why don't you give us a complete explanation of IDs and winnings? Best of luck in and out of the casinos,
Dear Ellie, If you're no longer having fun playing the slots, then you should find a new pastime. If you're still having a good time and you have enough in your entertainment budget to fund your losses, then there's no reason to change. You can devise a plan if you like, but keep in mind that money management has no affect on the house edge. You can search on this site to find more articles on money management. I'll just briefly describe what money management means to me. To me, money management means taking steps to try to avoid running out of bankroll before you run out of desire to play. Some good things about walking around are that you get some exercise and your money isn't at risk while you're searching for another machine to play. As for trusting your gut in choosing a machine, I suspect that method will be just as good as choosing a machine at random. Best of luck in and out of the casinos, Send your slot and video poker questions to John Robison, Slot Expert, at slotexpert@comcast.net. Because of the volume of mail I receive, I regret that I can't send a reply to every question. Also be advised that it may take several months for your question to appear in my column. This article is provided by the Frank Scoblete Network. Melissa A. Kaplan is the network's managing editor. If you would like to use this article on your website, please contact Casino City Press, the exclusive web syndication outlet for the Frank Scoblete Network. To contact Frank, please e-mail him at fscobe@optonline.net. Related Links
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