TAX INFORMATION

How to Retrieve Your W-2G

• Login to your NYRA Bets Account
• Click 'My Account' on the left navigation
• Click 'Transactions/W-2G'
• From there, you can sort through current or past W-2G

NEW IRS TAX REGULATIONS - EFFECTIVE SEPT 28, 2017

The previous IRS thresholds remain the same:

• 300-1 + greater than $600 for reportable
• 300-1 + greater than $5,000 for automatic 24% withholding
• Note: Non-US citizens are 300-1 + greater than $600 for automatic 30% withholding

WHAT'S DIFFERENT?

The old rule used the winning combination base bet to calculate the 300-1 threshold.

Example with Old Rule: $1 Trifecta Box 1-2-3-4, Total Ticket Cost = $24

Base for calculating the 300-1 threshold is $1 (the amount of the winning base bet).

IRS Threshold is $301 (300 x 1 + 1)

1. Suppose the $1 Trifecta payout is $900. This is IRS reportable. The guest receives $900 in winnings.
2. Suppose the $1 Trifecta payout is $6,000. This is IRS automatic withholding of $1,500 leaving the customer with $4,500 in winnings.

The new rule effective 9/28/17

• When betting with a NYRA Bets account, the 300-1 threshold will be calculated based on the total net bet amount through a single electronic account on a single track/day/race/pool.

Example with New Rule: $1 Trifecta Box 1-2-3-4, Total Ticket Cost = $24

Base for calculating the 300-1 threshold is $24 (the amount of the total cost of the ticket).

IRS Threshold is $7,224 (300 x 24 + 24)

1. Suppose the $1 Trifecta payout is $900. This would NOT be IRS reportable. Customer receives $900 in winnings.
2. Suppose the $1 Trifecta payout is $6,000. This would NOT be IRS reporting or withholding. Customer receives $6,000 in winnings.
3. Suppose the $1 Trifecta payout is $8,000. This would be IRS withholding as it is over 300-1 threshold ($7,224). Customer receives $6,006 in winnings. Automatic withholding of $2,000.
4. Payout - Cost of Bet = Net Winnings ($8,000 - $24 = $7,976)
5. New Winnings x Withholding - Withholding Amount ($7,976 x 24% = $1,914)
6. Payout - Withholding Amount = Amount to Customer ($8,000 - $1,994 =$6006)

DO I HAVE TO REPORT MY WINNINGS TO THE IRS?

The Internal Revenue Service requires reporting of payouts on wagers or group of identical wagers that exceed odds of 300 to 1 and pay in excess of $600. IRS regulations also require automatic 24% withholding on payouts that exceed $5,000. Please note that for non-US residents, IRS regulations require automatic withholding of 30% on wagers that exceed odds of 300 to 1 and pay in excess of $600. Windows designated for IRS winning tickets are located on all floors. Patrons must present a picture ID (driver’s license or non-driver’s state ID, federal, state, or city ID or passport). A second form of identification showing the patron’s social security number must also be presented. Effective 9/27/17 New IRS regulations: When betting and receiving paper tickets, the 300-1 threshold will be calculated based on the total amount bet on a single physical ticket in a single track/day/race/pool. When betting with a NYRA Bets Account or NYRA Cash Card, the 300-1 threshold will be calculated based on the total net amount bet through a single electronic account on a single track/day/race/pool.

If you have any questions about W-2G statements or Summary statements please contact [email protected] or by phone at 1-866-775-9880.

For more information on taxes on gambling income, visit the IRS website.