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Hit my first dollar Royal
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Azure Dragon
- Senior Member
- Posts: 125
- Joined: Thu Oct 25, 2012 2:16 pm
Hit my first dollar Royal
I was just about to head home for the night, playing 25c/$1 Deuces. I kept winning and losing on dollars, keeping my balance between $40 and $80. I dropped down to $30 and was getting ready to switch back to quarters when I hit the Royal after holding three. Third handpay of the year for me so far, starting to dread tax time now. XD
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Come Back Kid
- Video Poker Master
- Posts: 1394
- Joined: Mon Feb 06, 2012 9:00 am
Great hit Azure!!! Congrats!!!
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theodallas
- Forum Rookie
- Posts: 30
- Joined: Sat May 19, 2007 8:35 am
Nothing like that feeling! Congrats!
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Sea Lion
- Senior Member
- Posts: 323
- Joined: Thu Jan 01, 2009 1:01 am
Congrats AD! Yes, nothing like dreading the bite of the taxman (1 for you 19 for me...) I just got through cutting a check to the IRS for $3132 last week for last years taxes. Still doesn't take away the awesomeness of hitting a jackpot though!!
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FloridaPhil
- Video Poker Master
- Posts: 6229
- Joined: Sat Jul 19, 2008 11:28 am
I seriously doubt many people on this forum have a problem with gambling taxes. All you have to do is keep good records and you can write off your winnings with your loses. I have had gambling revenue and losses on my return every year for over 8 years and have never been audited for that issue. If you don't itemize your return, it will mean you will need to do so. If you hit a huge jackpot, I would be happy to pay the tax man.
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Tedlark
- Video Poker Master
- Posts: 8636
- Joined: Mon Oct 02, 2006 12:29 am
Congrats on the nice royal AD.
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Chicagoan
- Senior Member
- Posts: 297
- Joined: Sat Oct 10, 2015 4:17 pm
Florida Phil:
Write off your winnings vs losses, yes, but those winnings do increase your adjusted gross income.
Write off your winnings vs losses, yes, but those winnings do increase your adjusted gross income.
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paco13
- VP Veteran
- Posts: 591
- Joined: Fri Sep 05, 2008 9:58 am
Yes it does increase AGI so your tax rate overall may increase depending on your regular income. Plus you have State income taxes depending where you live. I live in NY So they always take their cut. Doesn't matter where you won it. Jackpots are NICE nonetheless. Congrats on the hit.
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alpax
- Video Poker Master
- Posts: 1940
- Joined: Sat Jun 14, 2014 4:42 pm
Very Nice Azure Dragon! Something you'll remember for quite some time.
A constant reminder for the taxable W2Gs, the biggest concern about an increased AGI means your income will be pushed up towards the next higher tax bracket.
That is the reason people should be think twice to play $5 denomination excessively (or sometimes even $2) Double Bonus, Double Double Bonus, Triple Double Bonus, White Hot Aces, or Triple Bonus+. The Quads can rack up the W2Gs.
It most hurts the income people get from their normal full time occupation. Going from 25%/28% (the average household income?) to 33%/35%/39.8% tax off your income can really hurt even if you can write off the gambling losses.
A constant reminder for the taxable W2Gs, the biggest concern about an increased AGI means your income will be pushed up towards the next higher tax bracket.
That is the reason people should be think twice to play $5 denomination excessively (or sometimes even $2) Double Bonus, Double Double Bonus, Triple Double Bonus, White Hot Aces, or Triple Bonus+. The Quads can rack up the W2Gs.
It most hurts the income people get from their normal full time occupation. Going from 25%/28% (the average household income?) to 33%/35%/39.8% tax off your income can really hurt even if you can write off the gambling losses.
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Lucky Larry
- Video Poker Master
- Posts: 2693
- Joined: Sat Dec 13, 2008 7:35 pm
Congratulations on your first $1 Royal. Enjoy it and may many more RF follow.
