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What about the remainder? If you choose to accept a taxable jackpot, then you will receive a W-2G. The CTR is a reporting requirement for U. Feel free to ask the casino for security to walk you to your car. So, I wrote this article so you can do better than I did and perhaps as well as Richard if you won a large taxable jackpot. I called out to him, to explain. There is another aspect to accepting a lot of cash you should probably be aware of. Someone else shows up to verify the jackpot. Sorry about that! Keep gambling records just in case you win a big jackpot. Apparently, as usual with income taxes, what to do is very individualized. Make it part of your plan, okay? It was very early in the morning. You do have another choice to make, however. Do you ask the casino to provide a brown paper bag, perhaps? One final note about getting home. And, after the hand pay, I had trouble deciding what to do next. Make yourself a plan. They just nodded to themselves and started hitting the cash-out button. I really do. I know because some of you have won even bigger jackpots while playing slots. But, there are some slight changes to this process when winning big jackpots. Will you leave the casino or will you make a night of it? I care that you have a plan. My lack of concern here hinges on understanding that big jackpots generate a W-2G tax form when won at a casino. Slot attendants are great. Get My Free Report Revealing…. Next up is the hand pay and more decisions. Once again, make sure you have a plan in case you win. Professionally, I advise you to take most or all the jackpot as a check. Thank me later. A really big jackpot! The machine locks up. Have fun, be safe, and make good choices!{/INSERTKEYS}{/PARAGRAPH} Tip 2: This is your chance to meet a floor manager. Basically, you need a plan in case you win a taxable jackpot. This includes financial crimes related to money laundering and corruption. Be nice. Ask questions. You do the paperwork. What do you do with it? One time I was sitting two seats away from someone who looked like they had never been in a high limit slots room at a casino. As the floor manager and slot attendant walked away after the hand pay, they began walking by me. I swore right while looking the floor manager in the eye. Treasury Department. Should I stick to the plan I had had in mind? How he handled a big jackpot reminded me of what it was like. That was embarrassing. Get to know them. That is if your plan includes requesting some or all your taxable jackpot in cash. For them, any gambling income from their annual visits to U. Under those circumstances, how much cash can you carry without it being in your hand or sticking out somewhere for anyone to notice? Either way, for a large jackpot where you ask for cash, you can expect banded stacks sometimes called bricks of hundred-dollar bills. But, I do appreciate the sentiment. But, at that moment, I felt the need to do so. {PARAGRAPH}{INSERTKEYS}Are you ready? You can choose to walk away. The danger of not keeping gambling records is having to pay income taxes when avoiding them, or getting a refund later, was entirely possible. Unlike me, try to remember where you parked your car. To be ready, think it through in advance. I remember telling the floor manager how unreal and dreamlike it felt. I imagine you know what happened next. I even asked the slot attendant to pinch me. Luckily for me, the slot attendant arrived right about then to save me. Are you ready to win a thousand-dollar slot machine jackpot? This is where I walked right into trouble. Should I just go on with my day? After you get the hand pay, will you stay or will you go? It is what I remember whenever I tip my slot attendant after winning my own taxable jackpots. In part, it monitors and analyzes financial transactions for illegal transactions. I remember the moment clearly. Are you ready to win a big jackpot the next time you play a slot machine? If you keep good gambling records, it usually works out well to choose to not pay federal taxes. I was just trying to be helpful. I was proud of how well he handled it and told him so at the time. Anyway, they looked both nervous and like they wanted to go. Treasury to confirm the source of that much cash. A slot attendant comes. Can you imagine how I was feeling? Just ask yourself this simple question. He kept walking, now with a frown. Finally, you get paid. You win a jackpot. Nevertheless, I thought you should know about the CTR. One of my biggest issues with slot machine casino gambling has been the surprises, like winning an unexpectedly large jackpot. I won it early on Saturday, December 21, , at a. Make friends, if you can. Right about then, 30 seconds after the slot machine hit, I basically went into shock. Or, was my plan of gambling all day ruined? And, you have your I. So far, this is my largest jackpot won playing slot machines. Are you sure? Do you know that look? I was testing to see if it was a winning slot machine. I always remember how upset this taxable jackpot winner was whenever I work with a slot attendant. I know some of you can indeed imagine it. I looked down, saw the 2,credit hit, looked up at the floor manager looking at me, and swore. I was checking to see if I could cycle my bankroll on this slot machine. You can always choose not to accept a taxable jackpot.