5/26/2023 0 Comments Slot jackpots today![]() ![]() Occasionally, as in this QoD and this QoD), that's not what happens. ![]() Of course, this assumes that the partner who receives the payout can be trusted explicitly to pony up the other half. That makes them equally responsible for the taxes. The player who hits the jackpot takes the payout, then splits the money and issues a 1099 to the partner for the agreed-upon share. Players can insist, but most don’t, since that might invite more scrutiny from put-upon jackpot-paying employees and why risk it?Įspecially since the alternative, going the 1099 route, is just as effective and efficient. Many casino employees, especially those who pay off machine jackpots, either don't know about Form 5754 or simply don’t want to bother with it. The casino is required to accept this form and issue individual W-2Gs based on the information furnished on it.īut here’s where it can get tricky. ![]() The player who actually hits the big prize will fill out Form 5754 with the names and Social Security numbers of him or herself and the other player. IRS Form 5754, “Statement by Person(s) Receiving Gambling Winnings,” allows the casino to issue W-2Gs to each member of the group for his or her part in the win, rather than the one winner getting a W-2G for the total amount. ![]()
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