![]() It’s all but meaningless in determining whether Paddock was money ahead, treading water, or sinking like a stone.įor that information, Form 1040 Schedule A is essential. ![]() Former top IRS Criminal Investigation special agents interviewed this week just shrugged at the publication of that $5 million figure. Casinos by law issue issue a Form W-2G titled “Certain Gambling Winnings” to players who score jackpots and winnings subject to federal income tax withholding.īut that’s not the tax form that’s sure to intrigue investigators. Paddock amassed gambling “winnings” of $5 million in 2015 verified in IRS forms, but the number is misleading. He pumped up to $100,000 per hour through the machines, some media outlets breathlessly reported, apparently not fully appreciating the fact most of those machines had an extremely high rate of payout.
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