Maryland Man Wins Nearly $4 Million in Atlantic City
Slot machine payoff is largest in casino’s history.
A Maryland man surely has a different perspective on the tax changes the fiscal cliff may bring after winning the largest jackpot in the nine-year history of the Borgata Hotel Casino & Spa on Sunday, according to the Press of Atlantic City.
The man, who asked not to be identified, was on vacation in Atlantic City, played a $5 “Wheel of Fortune” slot machine that offered a progressive jackpot, and won $3,843,951.
How Stuff Works’ website states that the odds of hitting the jackpot on a three-wheel slot machine are 262,144 to 1.
According to the IRS, gambling winnings are “fully taxable, and must be reported on your tax return.” In many cases, casinos will take 25 percent of your winnings for the IRS. While some smaller gambling winnings can be offset by itemizing and gambling losses, winnings in the amount of $1,200 or more from a slot machine must be reported, details Bankrate on its website.
It is unclear whether tax rates on gambling winnings will be affected by the results of the fiscal cliff deal in Washington.
Ed Douglas
1:59 pm on Thursday, January 3, 2013
I very proud for someone to win happy for him
Craig
10:00 pm on Thursday, January 3, 2013
We shouldn't celebrate gambling. You are "very proud"? How about the millions of suckers who lose hard-earned (or unearned) money every day at these places? How about the poor people in MD who, on top of lottery, will now be tempted by unwinnable jackpots at casinos, like sheep in a politicians stable?
BE PROUD FOR HONEST WORK AND GOOD LIVING.
Beckstrong
8:10 am on Sunday, January 6, 2013
Ed, i agree with you. Good for the lucky guy who won. They say you gotta play to win.
Serge
4:06 pm on Sunday, January 6, 2013
God time is the best.
smiles
5:06 pm on Sunday, January 6, 2013
Craig..you must be b self employed or upper management...I m a hard...hard worker. In fact I worked will pregnant...have u ever worked while pregnant?? And I still gamble...my dad is a professional card player...and before that worked 18 hours a day and had 5 strokes because of his hard work....so realize...most people who make an "honest" living and work hard...deserve to win or loose their money...gambling isn't evil...its your closed minded 1950s June Cleaver attitude that gives gambling a bad name...only 2% of America is compulsive gamblers....and at least its not drugs or alcohol....lighten up Craig.
Cause remember...you can't take the money with you;)
john myrick
11:32 pm on Sunday, January 6, 2013
i wonder if donald trump gambles in casinos or plays the horses or bets on sports games, not likely, u don't use your own product, and who was the american icon that said; and i quote, "there's a sucker born everyday"
neda miller
3:09 pm on Monday, January 7, 2013
An every minite one of those suckers hit da jackpot....jus sayin
Leroy
3:34 am on Tuesday, January 8, 2013
everyday has it on way and every dog have it day
toyon
1:11 pm on Tuesday, January 8, 2013
Get yo paper homeboy....aint like he was robbing,killing,or pimpin right!!!! No one complains when mega hits!!!lol
Lisa
2:15 pm on Tuesday, January 8, 2013
No one breaks ur arm to walk n a casino to gamble. It's a choice. Some people r just plain lucky @ times. Wish we had casinos n Texas. Congratulations!
Elaine
2:48 pm on Wednesday, January 9, 2013
Yes, let the man enjoy his winnings....if it were you, you sure as hell would't be giving it back to the machine. I would pay off some bills, enjoy a nice vacation, help some folks in need. There is plenty to do with it in addition to saving.
As one poster put it, he didn't rob, beg, borrow or steal it, so let him enjoy.
Congrats!