How the IRS treats these forms is one example of it not mattering very
much if you follow their rules. Before I knew what their rules were,
I used these forms by having the person to whom the jackpot is meant
to be taxable signing it and giving it to the person who hit it. Then
I found out that the rule is for the person who hit it to take it to
the casino and have the casino reissue w-2gs to reflect to whom it
should be taxable. I tried this a little, but then found out that the
casinos didn't want to do it and I usually didn't want the casino to
know that the person who hit it wasn't going to be liable for the
taxes, so I went back to the way I first learned, which has never been
a problem with the IRS. Declaring income less than the total of w-2gs
will often be met with a huge tax bill that is easily resolved by
explaining what happened.
>There is a form that you can fill out to divide the income among the partners form #5754. Using that should keep everything equal. Or you could divide it up whichever way worked the best for the group.
>
>A.P.
>
>
>________________________________
>From: "davidcp789@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com>
>To: vpFREE@yahoogroups.com
>Sent: Tuesday, December 9, 2014 4:43 PM
>Subject: [vpFREE] Taxes on a team
>
>
>
>
>If people shard a bankroll for a progressive, how do they deal with taxes? For example one guy who hits the progressive may be in a higher tax bracket than the others and his cut may be largely eaten up by taxes. On the flip side you may have someone who already has big losses for the year who hits the progressive and doesn't have to pay any taxes. How do you deal with this?
>
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>[Non-text portions of this message have been removed]
>
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Posted by: 007 <007@embarqmail.com>
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