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Or, was my plan of gambling all day ruined? You can choose to walk away. I imagine you know what happened next. That was embarrassing. I looked down, saw the 2,credit hit, looked up at the floor manager looking at me, and swore. I called out to him, to explain. I know some of you can indeed imagine it. Once again, make sure you have a plan in case you win. Finally, you get paid. If you keep good gambling records, it usually works out well to choose to not pay federal taxes. Someone else shows up to verify the jackpot. It is what I remember whenever I tip my slot attendant after winning my own taxable jackpots. Make yourself a plan. Do you know that look? Next up is the hand pay and more decisions. Slot attendants are great. A slot attendant comes. And, after the hand pay, I had trouble deciding what to do next. Treasury Department. Will you leave the casino or will you make a night of it? I was checking to see if I could cycle my bankroll on this slot machine. The CTR is a reporting requirement for U. You can always choose not to accept a taxable jackpot. Can you imagine how I was feeling? Are you ready to win a big jackpot the next time you play a slot machine? He kept walking, now with a frown. Make friends, if you can. Make it part of your plan, okay? One of my biggest issues with slot machine casino gambling has been the surprises, like winning an unexpectedly large jackpot. I even asked the slot attendant to pinch me. Are you ready to win a thousand-dollar slot machine jackpot? For them, any gambling income from their annual visits to U. I was proud of how well he handled it and told him so at the time. You do have another choice to make, however. Do you ask the casino to provide a brown paper bag, perhaps? I remember telling the floor manager how unreal and dreamlike it felt. Right about then, 30 seconds after the slot machine hit, I basically went into shock. You do the paperwork. But, I do appreciate the sentiment. What do you do with it? Treasury to confirm the source of that much cash. Be nice. To be ready, think it through in advance. Tip 2: This is your chance to meet a floor manager. I always remember how upset this taxable jackpot winner was whenever I work with a slot attendant. So far, this is my largest jackpot won playing slot machines. A really big jackpot! I know because some of you have won even bigger jackpots while playing slots. I really do. I was testing to see if it was a winning slot machine. They just nodded to themselves and started hitting the cash-out button. But, there are some slight changes to this process when winning big jackpots. Luckily for me, the slot attendant arrived right about then to save me. But, at that moment, I felt the need to do so. I swore right while looking the floor manager in the eye. Just ask yourself this simple question. Are you sure? In part, it monitors and analyzes financial transactions for illegal transactions. What about the remainder? This is where I walked right into trouble. There is another aspect to accepting a lot of cash you should probably be aware of. 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. Feel free to ask the casino for security to walk you to your car. The machine locks up. 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. Under those circumstances, how much cash can you carry without it being in your hand or sticking out somewhere for anyone to notice? Should I just go on with my day? One final note about getting home. Should I stick to the plan I had had in mind? Keep gambling records just in case you win a big jackpot. This includes financial crimes related to money laundering and corruption. Sorry about that! Professionally, I advise you to take most or all the jackpot as a check. My lack of concern here hinges on understanding that big jackpots generate a W-2G tax form when won at a casino. Ask questions. Thank me later. Apparently, as usual with income taxes, what to do is very individualized. Have fun, be safe, and make good choices!{/INSERTKEYS}{/PARAGRAPH} How he handled a big jackpot reminded me of what it was like. You win a jackpot. Basically, you need a plan in case you win a taxable jackpot. It was very early in the morning. I care that you have a plan. I won it early on Saturday, December 21, , at a. After you get the hand pay, will you stay or will you go? Either way, for a large jackpot where you ask for cash, you can expect banded stacks sometimes called bricks of hundred-dollar bills. {PARAGRAPH}{INSERTKEYS}Are you ready? That is if your plan includes requesting some or all your taxable jackpot in cash. I remember the moment clearly. Nevertheless, I thought you should know about the CTR. Unlike me, try to remember where you parked your car. And, you have your I. As the floor manager and slot attendant walked away after the hand pay, they began walking by me. If you choose to accept a taxable jackpot, then you will receive a W-2G. Anyway, they looked both nervous and like they wanted to go. Get My Free Report Revealing…. I was just trying to be helpful. Get to know them. The danger of not keeping gambling records is having to pay income taxes when avoiding them, or getting a refund later, was entirely possible.