Bizarro World 2025

[olds442jetaway]

Happy New Year all. The Mrs and I were lucky enough to have reserved a comp room for tonight months ago. Just a quick note to the gang. If you don’t bet more than 9 quarters and land a standard paying Royal ( 800/1 ), it won’t trigger a W-2G starting today. While not as important for Federal income tax if you itemize your deductions and have a loss, it is very important in Ct since you cannot write off Gross gambling winnings from your Gross income for Ct income tax purposes. If your income isn’t too low overall, you can kiss up to 140 bucks if not more goodbye on a 2,000 dollar win with a W-2G issued in Ct. Excessive gross gambling winnings even with a loss overall, can also throw you into a higher bracket on your Medicare part B cost and if you earn big bucks, there are other pitfalls to I won’t elaborate on here like a loss of itemized deductions etc. etc.

[Tedlark]

Olds - check your states tax code. There was a story in an Illinois newspaper today that talked about the new W2-G threshold of $2,000.00 and the article stated that this is a FEDERAL threshold and thusly casinos located in Illinois will still be issuing W2-G's at $1,200.00 and still reporting any handpay over $1,200.00 to the state of Illinois.

Best of luck to you and the Mrs. on your overnight trip tonight and Happy New Year to you too.