Mickey wrote:
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>> >--- In vpFREE@yahoogroups.com, "Gregory Bart Jr." <broncosaurus@> wrote: I was wondering how these progressive teams handle taxes on jackpots over $1199. It seems like there'd be some difficulty in paying some guy $100 or whatever, and having them hit a $25K jackpot (with the resulting paperwork in their name).
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>There is an IRS form for splitting jackpots. I don't remember the number of the form as I've never been involved in those kinds of splits.
It's 5754. The IRS doesn't seem to care how it's used, though. The
instructions tell the person who hit the jackpot to go back to the
casino and have the w-2g reissued in the names of the people whose
income the jackpot was, but teams rarely use it that way and casinos
can be uncooperative if they try. Usually, the people whose income
the jackpot was fill it out and give it to the person who hit the
jackpot, who then shows it to the IRS when they ask why s/he didn't
report the jackpot as income. I know of no instance when this hasn't
satisfied the IRS.
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