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Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.

Hand Pay Jackpots

When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.

On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.

When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.

IRS Withholding

All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and ​video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don’t provide your Social Security number, the casinos withhold 28 percent on small jackpots.

You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.

Proper Identification

Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver’s license, military ID or passport.

If you don’t produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.

When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.

Plan Ahead

Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.

Finally, a Cleopatra slot Jackpot!

The Cleopatra slot machine has been around for what seems like forever and it’s hard to imagine a casino not having it somewhere on the floor. Ironically I only started to recently play Cleopatra, and like many of the more “classic slots” out there, I like the high-limit version with a nine-line configuration: this allows for concentrated line hits when you do win while at the same time allowing for more chances to get the bonus along the way. Like many of the older video slots, each has a particular “goal” you want to accomplish, very similar to the early classic video games.

I never really understood the appeal to Cleopatra until recently as seemed rather dull compared to some other slots, but I think I get it now. For those who aren’t familiar, the Cleopatra bonus is triggered by landing 3 or more scatter symbols for 15 free spins at 3x. Now what’s interesting is that you receive awards for two or more symbols, and where it really gets interesting is that these awards are also multiplied during the bonus! Cleopatra wild symbols also award you 2x any line hit, which would be six times any line hit during the bonus, with an exception made if you’re lucky enough to land 5 wild symbols on one line. To further amp it up, awards for 5-column wins are relatively high versus their 4-column win counterparts! I’ve seen some big wins on this games, and it’s likely from getting the bonus and then both a retrigger and a 5-column line hit for a great Jackpot!

In this video you’ll see two great line hits, although neither occurred during the bonus unfortunately. And talk about being so close with that last win- once click away from the ultimate win, Enjoy!

South Jersey Gambler

Hey Tim, have you or anyone you’ve seen playing hit 5oak Cleo symbols ? Never have gotten it myself obviously and don’t know of anyone who has

majorsmythe1

You were betting $27,then it showed after JP that it was a $ 9 bet- what was it??

Alicia W

I want to like this machine so badly, but lose everything I have each time!! I put in $1700 until I got a bonus and the bonus have me $300-- I was sooooo mad! ;)

knp77

Years ago I hated Cleopatra - I play online by the way as from UK and have no Casino nearby with a Cleo machine..... It is now still my favourite slot. I never tire of it. Last week I got my biggest hit ever - after thousands of spins over the years last week was betting £2 stakes. Five wilds came in at a return of £1346 I think it was. I wish I recorded it! Great return for a £2 stake. Never seen it happen before on any stake!

Imarriedvictornewman

Great great video and a beauty of a win congrats thanks for posting😃

SLOT WIN !!EXCITEMENT!! CHANNEL

if you hit the 5 jackpot symbols on $27 bet im presuming 30 grand at least? how much is the max symbol jackpot. its millions to one. What a cruel miss. seen it once on someone else's screen on cleopatra in a land based casino in the UK. he won 4 grand on a $2 bet equivalent

VEGAS HIGH ROLLER SLOT MACHINE JACKPOTS

nice session bud !

CasinoTwitcher - Slots and other gambling

So close, but I guess still so far away :/ Still a nice win though ;)

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