Are you dreaming of hitting the jackpot and winning a million dollars at the casino? It can be an exhilarating and life-changing experience, but have you ever wondered what happens next? While the possibility of striking it rich is alluring, there are certain things you should be aware of before cashing in that big win. This article will explore what happens if you win a million dollars at the casino.

Understanding Taxes on Gambling Winnings

If you win a million dollars at the casino, you first need to understand the taxes you’ll be liable for. In the US, gambling winnings are considered taxable income subject to federal and state taxes. This means the casino will likely withhold a portion of your winnings for taxes before paying the remainder.

Claiming Your Winnings

After you win a million dollars at the casino, you’ll need to claim your winnings. This involves providing identification and completing various forms, such as a W-2G form, used to report your gambling winnings to the IRS. The casino will also retain a copy of this form for their records. read more