Re: pay off on $1,200 jackpot win?
If you happen to win a jackpot of $1,200 or more in Iowa, the casino will withhold 5% of your winnings for the Iowa Department of Revenue. If you want to try and get that money refunded, you will be required to file a state income tax return and, depending on the details of your return, you may get some of the money returned to you. The $1,200 threshold would also apply to any cash prizes won in casino drawings or tournaments.
I don't belive they take out any Federal taxes. They just report the win to the IRS and you need to claim it as income on your taxes.
Announcement
Collapse
No announcement yet.
Payoff for $1,200 jackpot win in Iowa?
Collapse
X
-
Guest replied
-
Guest started a topic Payoff for $1,200 jackpot win in Iowa?
Leave a comment: