Big win for Ken

Congrats

Well done Ken, true professional. I don't really know much about caribean stud so I don't know what the odds are like, house edge etc. What were the chances of drawing a 4 of a kind? Was it the grinding out of the mathematics that did it in the end? You must have been hallucinating by the end. 31 hours, that's stamina for you.

Cheers

Reachy
 
Ken, you are a sick, sick bastard & i love it. Congrats on the win & for never hesitating to take a shot when this opportunity came up. You ROCK, man!

-hd.
 
Thanks to all of you for your congratulations, both public and private.

Reachy, being dealt four of a kind in this game is a one in 4165 shot.
The normal house edge in the game is roughly 5.5%. Obviously with the rule change, this game had a huge player edge instead.

After all those hours at the table, I was worried that I had actually fallen asleep at the table and was dreaming those four deuces!
 
For anyone else who finds themselves in this situation, I researched whether or not the federal tax withholding was actually mandatory, as I was told.

If you win more than $5000, and the payoff is more than 300 times the wager amount, then Federal tax withholding at 25% is indeed mandatory. Now, in my case, they withheld 28% instead, which is the amount they're supposed to withhold if you don't give them a valid tax identification number.

But, whether 25% or 28%, they are required to withhold a big chunk. Normal tax situations of course apply for documenting any offsetting losses when you file your taxes.
 
Tax Withholding:

Ken:

Good info. But to throw a monkey wrench....

I believe your research pertains to a stated "Jackpot", whether at special card table games or machines.

A BJ or Dice win in "regular" play, no matter the amount. usually doesn't prompt the cage to issue a 1099r. And of course one could stay under the 10,000 when cashing in. Likewise, from my own experience in a bj tourney, I only had to fill out the 1099r and select no withholding and it was over 300 times the entry and over the "cut off" limit.

And yes the limitation stated another way, winnings offset by losses. But losses not to exceed winnings.

A good, credible log, record keeping device, seems to satisfy verification standards. And, if one professes to be a pro, all expenses can be written off dollar for dollar.

Of course, I'm not a CPA, I only play one on this site, but the one I paid did the above for me.

Not to forget, that Uncle Sugar has to get, will get his share one way or another.
 
".....I only had to fill out the 1099r and select no withholding and it was over 300 times the entry and over the "cut off" limit."

Okay, dumb question: Why and what is the "cut-off" limit?
 
tootsie said:
".....I only had to fill out the 1099r and select no withholding and it was over 300 times the entry and over the "cut off" limit."

Okay, dumb question: Why and what is the "cut-off" limit?
Click to expand...
Just to fit into the number of characters needed 9999
 
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