New High Limit Slot that Avoids W-2G Forms

[dailey]

I'm just wondering if people are aware of the new High Limit slot released this year that was designed to avoid W-2G reporting. This new slot is called "Double Jackpot Blazing 7s With Quick Hit" by Light and Wonder (Formerly Scientific Games). The way it works is that when you win the bonus, you are awarded a number of spins of the upper bonus wheel. The catch is that these spins are not free. Each spin costs you 1-credit, therefore each spin is an independent wager and there is a small chance of landing on "0" and losing.  (They say the big spin lands on "0" once every 999 spins)

The way this avoids IRS reporting (Bonus game only) is that the machine avoids huge payoffs by awarding multiple spins with each prize remaining below the $1,200 threshold (Max bonus prize is $1,000). For example, instead of paying out a lump sum of $25,000 for a single spin of the bonus wheel, You could potentially win 25 spins of $1,000 each and never trigger a W-2G.  Because these spins are not free, you pay for each spin with a possibility of losing your wager, they are treated as independent events for tax reporting purposes.

This machine was approved by the Nevada gaming commission and there are some of these machines in Vegas now.

https://www.casino.org/vitalvegas/new-slot-machine-helps-players-avoid-w-2g-tax-form-headaches/

[shortrackskater]

Well that's a creative way around it! 

[knagl]

I played one on my last Vegas trip. Sadly, I didn't get the bonus, but I love the idea of it.