The American Gaming Association is working to update the requirements for slot players to pay taxes on slot jackpots. If they are successful, players in American casinos will not have to report winnings below $5,000.
As most casino gamblers already know, anyone with jackpot winnings above $1,200 needs to be given a W-2G tax form. These winnings are considered taxable income. For many years, the American Gaming Association has called for the Treasury Department to change this so that only winnings above $5,000 are taxed.
Officials within this group claim that, when adjusted for inflation, $1,200 back in 1977 amounts to about $5,000 today. They also believe that requiring such a small amount of money to be taxed causes unnecessary burdens on the IRS. Bill Miller, President and CEO of the AGA, spoke about this situation to the media this week.
Read more about your requirements to pay taxes on slot jackpots at Best US Casinos
