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slot winnings Under current policy, slot machine jackpot winnings of $1,200 or more require a W-2G tax form This threshold has not been updated since 1977,  slot machine winnings © Shutterstock The IRS Advisory Council recommends increasing the reporting threshold for slot machine jackpot  You can try to win big at the casino but make sure you understand tax laws before you do Gambling winnings are taxable income but losses are deductible

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