If you are a non-US citizen engaging in casino gambling or some other form of gambling in the USA, you are entitled to casino refund on the tax levied on your winnings. Casinos and other gambling houses are required by law to withhold 30 percent of the winnings of gamblers as tax. While it is very frustrating for the gamblers to see their hard earned money being held back, there is a way out of it. IRS mandates that foreign nationals are entitled to get a refund on the tax levied on their gambling winnings.
Casino gambling is one of the most popular risk based entertainment sports in the USA. Millions of players wager billions of dollars to win big in casinos and other gambling activities. Out of these millions who play, many are non-US citizens. When they win in a casino or in some other form of gambling, they are required to pay 30 percent of their winnings as tax. The gambling house issues a winning slip and Form 1042-S to the individuals that they are supposed to file with the IRS. The IRS thus deduces that the tax has already been paid and the individual cannot be double taxed.
The IRS also understands that foreign nationals need to pay tax in their individual countries and hence, it offers a way out in the form of casino refund. Any non-US citizen can apply for a refund on the tax paid within three years of winning. It has to be borne in mind though that at the time of winning, the individual should have been a non-US citizen. Once the individual submits the casino winning slip and Form 1042-S with the IRS, his or her refund is processed. If the individual has an ITIN number, then the process takes about eight weeks. The time goes up to anywhere between 12 to 18 weeks if the individual does not have an ITIN number.
Individuals have time for casino gambling but they really don’t have the time nor the patience to deal with the IRS in the matter of casino refund on the tax paid. The best option for an individual is to outsource this process to professional tax recovery agencies. These agencies have the wherewithal to deal with the government and get the tax refund. They cover all the aspects when it comes to casino refund. They collect the documents from the individuals, fill up the necessary paperwork and then submit all of it with the IRS. If needed, they also do the follow up to ensure that the entire process is completed in a smooth manner.
If you have won a handsome amount in the form of casino gambling but are grumbling because a sizeable amount has been held back as tax, then don’t worry. You have plenty of resources for getting the casino refund on the tax amount withheld. Get in touch with one of the many companies that specialize in getting tax refunds on casino winnings and see the money come into your account without any headache.