Since 1977, the requirement has been that individuals receive an IRS Form 1099-G if they win a jackpot of more than $1,200 at a casino.
As the value of the dollar and inflation have taken their toll, it is much more common now for gamblers to face the dreaded jackpot, and some individuals receive multiple jackpots in a single day – many of which are just above the $1,200 threshold.
This puts undue burden on casino staff to document all of those jackpots and pay out the winner.
Therefore, I propose a change to the Internal Revenue Code to update the jackpot limit from $1,200 to $10,000.
This change would remove the excess burden on casino staff and simplify the reporting requirements for the individual taxpayer.