You’re going to have to pay tax on all of your winnings, and the casino will issue you a W-2G form, a special IRS document designed specifically for “certain gambling winnings.” The good news is that if you’re a frequent gambler, you can deduct the money you spent while chasing that jackpot-provided, of course, that you kept records of both your wins and your losses. We’re going to assume that you won more than $1,200. You’re going to have to fill out a tax form. We’re happy for you, but before you count your winnings, there are a few things you should know. Depending on the size of the jackpot, your life might change from this point forward.
You’ve won the jackpot, and you’re about to walk out of the casino a winner. Suddenly, you realize what you’re looking at. You put money in the slot machine, pull the lever (or press the button, on most modern machines), and watch the symbols come up.
