First of all all net winnings are taxeable whether or not they are $1200 or more. If you are havign a good year and don't want to wait until next April to pay the tax bill (if you are th etype that might spend the money on something else) you can file estimated taxes quarterly or increase your witholding on your job. You can deduct losses if you itemize to the extent of your winnings.
BANDSTAND54@
When you hit a taxable jackpot over 1200 dollars do you wait till tax time
to extract the money from your bankroll if you had a winning year to satisfy
Uncle Sam...or is there other alternatives ?
Grumpy
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