What Happens When You Hit a Slot Machine Jackpot?
Many slot players are continuously dreaming of hitting that big jackpot in slot machines. But many of them are not really sure of what will happen if ever they will win the jackpot. The main concern will be about the taxes that must be paid from their winnings.
This is what will happen if you hit the winning combination for the huge jackpot. The first thing that will happen is that the slot machine will lock up. Depending on the slot machine you are playing, there will be flashing lights at the top of the slot machine, some music will begin to play or bells will be ringing, and a message may appear at the screen saying "call attendant".
Most casinos use electronic signals on the slot machine that will be sent back to the central monitoring room for them to be aware that a huge jackpot has been hit.
For jackpots smaller than $5,000, an attendant will come and verify that you have really hit the jackpot and will then get your prize money. For cases of huge jackpots, like the progressive jackpot, a technician may come to check the slot machine to certify that the slot machine was functioning properly when you hit the jackpot.
In case you hit one of the wide progressive slot machines, like the MegaBucks, the operators of the slot machine games will come out and verify that you did hit the jackpot before giving you a check of your winnings.
When you hit a jackpot on any slot machine, you have a choice to take your winnings in check or cash. A check is usually issued for winnings with very large amounts. For multi-million dollar jackpots, a check for the partial amount will be paid to you and you are given some 90 days to decide if you want the remaining balance to be paid in full or in an annual annuity.
All winnings from any casino are subject to federal taxes. Winnings of less than $1,200, the IRS do not require the casino to report them. But if your winning is equal to or greater than $1,200, a W-2G form will be issued to you. Casinos are not oblige to deduct withholding taxes on jackpots less than $5,000 as long as you can provide your social number. If not, the casino will take 28% withholding tax from your winnings.
Before you are paid your jackpot money, casinos in the United States will require that you present a proper identification because if you cannot, the casino will decline to pay you until a proper identification of yourself will be produced.
Before heading to your favorite slot machine, it is advisable to plan first what you will do if you hit the jackpot. Don't forget to bring any valid ID for your proper identification when going to any casino for your own benefit.