How to Retrieve Your W-2G
New IRS Tax Regulations - Effective Sept 28, 2017
The previous IRS thresholds remain the same:
The old rule used the winning combination base bet to calculate the 300-1 threshold.
Example with Old Rule: $1 Trifecta Box 1-2-3-4, Total Ticket Cost = $24
Base for calculating the 300-1 threshold is $1 (the amount of the winning base bet).
IRS Threshold is $301 (300 x 1 + 1)
The new rule effective 9/28/17
Example with New Rule: $1 Trifecta Box 1-2-3-4, Total Ticket Cost = $24
Base for calculating the 300-1 threshold is $24 (the amount of the total cost of the ticket).
IRS Threshold is $7,224 (300 x 24 + 24)
Do I have to report my winnings to the IRS?
The Internal Revenue Service requires reporting of payouts on wagers or group of identical wagers that exceed odds of 300 to 1 and pay in excess of $600. IRS regulations also require automatic 24% withholding on payouts that exceed $5,000. Please note that for non-US residents, IRS regulations require automatic withholding of 30% on wagers that exceed odds of 300 to 1 and pay in excess of $600. Windows designated for IRS winning tickets are located on all floors. Patrons must present a picture ID (driver’s license or non-driver’s state ID, federal, state, or city ID or passport). A second form of identification showing the patron’s social security number must also be presented. Effective 9/27/17 New IRS regulations: When betting and receiving paper tickets, the 300-1 threshold will be calculated based on the total amount bet on a single physical ticket in a single track/day/race/pool. When betting with a NYRA Bets Account or NYRA Cash Card, the 300-1 threshold will be calculated based on the total net amount bet through a single electronic account on a single track/day/race/pool.
If you have any questions about W-2G statements or Summary statements please contact [email protected] or by phone at 1-844-NYRA-BET.
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