![]() ![]() (Accounting for inflation, that number should be closer to $6,000.) This slot machine may look the same as may others, but it’s not the same. The $1,200 threshold has been in place since 1977, and there have been endless attempts to raise the threshold to $5,000. The bottom line is the whole process is a pain in the ass, both for casinos and players. and the casino reports the win to the IRS via a W-2G form. casinos, when a player hits a jackpot of $1,200 or more, they are paid by hand (called a, wait for it, “handpay”). Here’s some background, in case this all sounds like Greek. ![]() Casinos, the most fun things in the world. Once you see why this machine is so ingenious, you’ll wonder how its manufacturer, Light & Wonder (formerly Scientific Games), is getting away with it.Ī twist: This slot machine is especially popular with visitors from Canada. The game: Double Jackpot Blazing 7s With Quick Hit (High Limit Edition). A new slot machine cleverly helps gamblers avoid triggering IRS reporting headaches when they hit a “taxable” jackpot. ![]()
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