IRS Rules

1) By order of the Internal Revenue Service. winnings of $600 or more, unreduced by the amount of wagers, must be reported for every person paid winnings from greyhound racing. Form W2-G must be filled out and Federal income tax withheld at the rate of 28% on winning payments of $5,000 or more if at least 300 times the amount of the single wager. If more than one person shares in the winnings from a single wager, the aggregate amount of winnings shall determine whether or not the winnings are more than $5,000. In case of multiple wagers sold on one ticket, each wager shall be considered separate and distinct for purposes of computing the amount to be reported or withheld, and Federal income tax must he withheld if the winnings amount to more than $5,000. Taxpayer identifying number and another ID must be presented before payment can be made. No metal Social Security Cards will be honored. For foreign Nationals, the takeout is 36% if the winnings amount to more than $600.

2) Effective January 1, 1984, new aggregation regulations require that gambling winnings from identical wagers be aggregated to determine whether those winnings are subject to a 28% withholding tax. For example, when a winning ticket in the $600 to $1,000 range is presented for payment, the cashier at the designated IRS window is required to ask the patron if they have identical wagers, and if so, how many. All such wagers must be presented at the same time for aggregation by the cashier. Should the patron state that they have no additional wagers, it will be shown on the form the accuracy of the patron. action will be determined by the IRS. The same rule applies to residents of another country, but Federal income tax withholding of 300/0 is required. (An identical wager is one in the same race and wagering pool, not withstanding that the type of wager is a box, key or wheel)

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