As Stated before I am NOT A PRACTICING TAX CPA even my answers are worth exactly what you are paying for them

The Casino MAY issue you two W2G'S
Tournament payout (if it exceeds the $5,000 net win threshold)
and
Bounty payout W2G and that would list
REPORTABLE WINNINGS (box 1) AS $9,000 because that is the transaction associated with the winning $1,000 bullet. I THINK that each bullet and the results from that entry would be treated as separate events for tax reporting purposes.

The Casino might also COMBINE the bounty and the Prize pool win in the reporting on a single W2G. It's an interesting question and a good question to send directly to WSOPFAQ for a definitive answer.

The tricky part is say a $3500 tourney cash (taxable but NOT reportable ) with a $10,000 bounty the NET win is clearly $12,500 but it is entirely possible they could REPORT ANY of the following
W2G BOX 1 $10,000 Bounty Win amount only with no entry offset
W2G BOX 1 $ 9,000 Bounty win amount with cost of entry offset
W2G BOX 1 $12,500 Bounty and prize pool win with cost of entry offset

Realize that what is being REPORTED is not what is necessarily TAXABLE by law................ and also why I repeatedly say I am NOT a tax CPA LOL.

Side note upon doing some specific research on the 300 x rule and REQUIRED withholding there may be an exception for poker tournaments.
This has nothing to do with the taxability only if a 24% Withholding is ever a requirement for a person with a valid Tax ID number.

OMG it will be a very complicated situation as for base cost will be different for each players as this is rebuy tournament.

As bounty starts in day 2 , some lucky players with just shooting single bullet and many with multiple bullets with multiple day 1 entries and re-entrees.

As WSOP requires you to have a player’s card , they have records of cost of each players.

And I would like to believe that they will add and combine total rebuys as total cost
for each players.

For tournaments taxable amount:
Winning- cost of tournaments( buy-ins)= taxable or non taxable amount to IRS.

In bounty tournaments it should be:
Winning Amount ( bounty/ bounties + cashed amount-buying ( all the bullets) = net winnings for tax purposes.

While discussing and answering above post I found out something strange!
While looking at prize pool (2023 Mystery Million Bounty event # 3 ) I noticed these :
Place paid:
666 to 764 = $2210
765 to 1006 = $2000
1008. = $5060
1009. = $5033
1010. = $4729

1, How come places 765 to 1006 paid less than place 1008 !
2, Pay out for 1007 is not listed.

I know there has to be something explainable for difference of pay out between 1006 and 1008 ! Unless everyone who made day 2 (1006 players) were paid on day 1 , 1007th place payout voucher on day 1.

I would be very surprised if they did this. You can certainly deduct multiple entries from your overall wins for the year, but I doubt the casino will do that for you in a single tournament on the form. Each entry is considered a separate wager. TBH, this is probably how players should view it too, though it’s easy not to.

In a similar vein, I always find it annoying that they don’t include tip in the cost. If a player is leaving hundreds or even thousands of dollars in tip, it’s pretty unfair that they are being taxed on profit they never made. I suppose this goes back to the whole inability to deduct expenses for non professionals. Still, it hurts the players. It hurts the dealers. The only thing it benefits is Uncle Sam, which I suppose is the way it is with lots of tax laws.

As for bounties, it would not be at all surprising to me if those are treated a little differently from regular tournament winnings for tax purposes. More like a jackpot or something like that. In that case, I would think they will only issue w-2s for $5k bounties and above, and may even issue one for each rather than a sum total. Last year I won a table game bet which laid 500-1 on $10. They issued a w-2 for that single bet, even though it was not > $5000 because it was considered a jackpot.

Anyhow, as RealMcCoy mentioned, the only folks who can properly answer these questions, in theory, are the WSOP. It would just be really nice if they created a FAQ which detailed all of the tax treatments for their events. I don’t believe regulations change all that often, so it’s not like they would have to constantly update the FAQ. And they are dealing with folks from all over the world, and with amounts that often eclipse reportable levels. Just tell us in detail what to expect from the WSOP then people can seek more expert advice on how to best handle specific situations.

I understand you being issued a w-2 g for winning a Royal Flush or something.
But you had extra separate bet of $10 for a Progressive Jackpot.

But for bounty we are placing any extra bet . That’s the part of our buy-ins.
All the bounty tournament clearly says that certain % of buy-ins goes towards Bounties.

The open road beckons.

This is a view along rt 93 from the Phoenix area to Las Vegas. I'll be seeing this in 8 days.

I believe the issue you run into is cash payouts can be claimed at any point during the series and I don’t believe it has to be at the same time as collecting bounty payouts. Those cannot even be redeemed till the afternoon of day 2, which is hours after regular payouts are available.

So I believe it’s reasonable to assume you will get different w-2s for applicable bounties vs applicable regular cash payouts. Since everyone who is eligible for a bounty has already cashed, they will apply your buy-in against the cash amount, and zero against the bounty. At least this would make sense to me. what they actually do is still up for debate.

Payouts were made on all the day 1s. 1006 advanced to day 2 and got $2,000 as a day 2 min-cash. 1007th did get paid and was omitted by oversight but is listed if you click on "results" for that event instead of "payouts". Players could cash multiple times and still not make it to day 2 and thus fail to be in the top 1006. Player 1008th (really is 1007th when you look at "results" page) cashed several times on the four day 1s for a total of $5060 so he is listed as finishing 1008th since he won the most money of anyone who did not make it to day 2. Only about 5% made it to day 2. https://www.wsop.com/tournaments/res...r=-1&curpage=2

Thanks for explaining this mystery, RedOak!

I'm guessing they pay a certain % of each Day 1's field, perhaps making some minor adjustments on the last Day 1 and/or letting the total payouts be off by a little (which I'm pretty sure is true).

Would have been a lot less confusing if the Prize Pool tab showed the original planned payouts with a note that players could cash multiple times. Below $2,000, it really did just drop slowly to a min cash of $1,061; also, about 15% of the field did get paid except that multiple prizes to the same people dropped it to 13.8%.

Yeah, top 15% get paid, so if say Day 1B they have 2,000 entries that flight, they know they will pay top 300 for that flight. There will be a money bubble on Day 1B to get to top 300. But then tourney continues through how many ever levels they said would be played that day.
Last year was my first time at the WSOP, played 2 events, Cashed/made Day 2 on one event. Cash bubble for the day burst around 10:45pm, but the flight didn't bag until a little after midnight. Plenty of people cashed the flight but didn't make Day2.

These places may not be very easy to navigate, but:

There is a Taco Bell attached to Planet Hollywood
There is a McDonalds right near The Linq
There is an In N Out in the Linq Promenade

Places like Linq Promenade and the Bazaar Shops right outside of Horsehoe might have more places, I'm not very familiar with either.

There ARE a good number of less expensive eating options in the Miracle Mile shops at Planet Hollywood, right down the strip from the Horseshoe and Paris. These aren't high-end gourmet places, but mostly chains including Earl of Sandwich, Chipotle, Chick-fil-A, and a place called Ocean One Bar and Grille which has a very inexpensive diner-type menu.

Checking to see if this is just a me problem or if effecting anyone else. So I have funded my payfiniti account/bravo tbic and have my players card linked/followed all the instructions, etc. When I am using a computer and pull up the bravo website everything seems to be functioning perfectly and I can register for events, etc. However when using the bravo app on my phone (which is logged into the same account) and pull up the wsop option the same way I do on computer it just has a poker chip that spins indefinitely and I cant see the option to select any tournaments to register or anything. Not sure if I am doing anything wrong or what but I assume most people will use their phones to register for events via bravo and not carry around a laptop so want to see what I may be missing here.

App has never worked for registering mtts at WSOP . You need to login to the bravo website using your phone, madness in this day and age I know .

LOL wow! I feel kinda dumb I didn't even think to try that at all. That definitely works, thank you! (silly that you can't do that on the app tho)

Which player's card is this? A WSOP player's card, really??? I have played the WSOP internationally (Paris, Bahamas and other circuit events) but don't remember having been given a player's card... An account, surely. Or perhaps I will simply need to go to the tbic counter to get all of this setup upon arrival, is this correct?

A caesars rewards card

It's a lot harder to program a mobile app than a website.

I'll be staying at the flamingo for about a week and a half, without a car. Are there any grocery stores nearby that are easy to get too/can walk too? Somewhere with fruits/vegs/meat, not just a walgreens.

There’s a Target grocery up the strip after PH across Harmon. Probably a 15 minute walk. Doubt there’s anything like that closer. But Google can probably help.

Fancy


Sent from my iPhone using Tapatalk

You could also consider using the bus. For instance, line 202 runs along Flamingo. Among others, there's a Smith's and a Sprouts Farmers Market on West Flamingo, and a Target on East Flamingo.

And use the Transit app if you do : it is the best thing ever to see exactly where the bus is and to not lose those extra minutes/that extra patience

That’s interesting !

FYI, don't wait until the last minute and figure to rely on Payfiniti and Bravo Poker. I had a Bravo account last year with ACH withdrawals directly from my checking account. I just tried to fund my Bravo TBIC via Payfiniti. After successfully linking to my bank account and agreeing to terms and conditions, I got the following message denying me permission to make the deposit to my account: "We're sorry, but we are unable to process your transaction. Our decision was based in whole or in part on information obtained from Certegy Payment Solutions LLC (Certegy). Certegy provides authentication and risk management services to merchants and businesses nationwide.

Certegy did not make the decision to take the adverse action and is unable to tell you the specific reasons why the adverse action was taken by us.

Under the Fair Credit Reporting Act, you have the right to obtain a free copy of your information held in Certegy's file, if you request it no later than 60 days after you receive this notice. In addition, if you find that any information in Certegy's file is inaccurate or incomplete, you have the right to dispute it with Certegy.

You may reach Certegy at www.askcertegy.com; toll free at (833-293-3133), or write to Certegy Payment Solutions, LLC, P.O. Box 908, Grand Junction, CO 81502 ."

So -- back to bringing cash