| The IRS Imposes Taxes On Prize Winnings | | | | when do taxes make sense? |
| If you are reading this right now, there is a good | | | | The Tax On Casino Jackpot Winners, Even For |
| chance you have hit a US casino jackpot, and have | | | | Winners From Canada |
| been assessed the 30% tax on casino jackpots. The | | | | The IRS imposes taxes on prize winnings, and |
| tax on casino jackpots is imposed depending on the | | | | Canadian gamblers are not exempted from the tax on |
| gambling game, and the amount won. For example, | | | | casino jackpot winners. If you have won at an |
| slot taxes are imposed on slot machine jackpot | | | | American gambling establishment and have been |
| winners when the slot jackpot is at least $1200.00 | | | | issued an IRS form 1042-S, you have been hit with the |
| USD. Slot taxes aren't imposed on casino wins up to | | | | tax on casino jackpots. Luckily thanks to the |
| $1199.99 USD, but the slot taxes take effect for | | | | USA-Canada tax treaty, Canadians are eligible to |
| anything above this amount. Bingo jackpot winners | | | | reclaim their taxes on prize winnings, including slot |
| have IRS taxes on prize winnings imposed on them | | | | taxes, bingo taxes, keno taxes, and basically every |
| too. Bingo jackpots have a minimum threshold of | | | | type of taxed gambling win. Under US tax law, taxes |
| $1200.00 USD as well. However the taxes on Keno | | | | on gambling jackpots including taxes on casino |
| jackpots take effect at $1500.00 USD. There are | | | | jackpots can be reduced by gambling losses. Thus |
| generally no taxes on prize winnings for table games. | | | | Canadian gamblers who have paid US gambling taxes |
| However, the winnings from table game tournaments | | | | can receive a US government tax refund for their |
| are subject to US gambling taxes. The IRS taxes on | | | | gambling taxes if they have gambling losses in the |
| prize winnings does not seem to make sense, but | | | | United States. |