a chop gone extremely bad

[Lil_Hellmuth 0]

At my local B & M we have a bad beat jackpot. The qualifying hand is Aces full of Jacks beaten by quads or better. Well anyway the other night a group of 4-5 friends are playing at the same 1-2 NL table and discussing how awesome it would be if they hit the jackpot. Some guy then discusses whether they all just want to chop the jackpot if it goes off. Surprisingly all agree.A long story short. Board reads A 6 6 4 4.The guy who proposed the chop has 44 which loses to 66. They all chop the jackpot of 42 KInstead of getting 21 K he gets 4.2 K. Netting him a 15.8K loss. Here is the kicker. Casino rules indicate that they table must write off on taxes there share of the jackpot. So although the guy who lost the jackpot got 4.2 K he had to claim 21 K. And the people who were supposed to get the table share only have to claim 3K. Pretty much in all the guy who proposed the chop completely screwed himself and after taxes is not going to get much at all.

[AlphaOmega 0]

That. fucking. sucks

[mobius481 0]

I don't care what I agreed to. If they made me pay taxes on 21K I sure as shit would not take only 4200. You would owe more money than you got.

[alf13 0]

Not true....if you chop....you clear it with the floor and everybody gets to pay their fair share....There is no reason he has to claim 21k when he gets 4k or so.

[ricker 0]

somehow, the math doesn't add up. 4-5 friends chopping the jackpot? what about table share? I would think the table share that those 4-5 other friends got would be added into the kitty, so either way, he still ought to come out ahead.

[Lil_Hellmuth 0]

Not true....if you chop....you clear it with the floor and everybody gets to pay their fair share....There is no reason he has to claim 21k when he gets 4k or so.

I didnt believe it at first either. However the floor man on duty says it is in the jackpot rules that they have to claim what their initial share would of been regardless of any deals made.Im sorry though. I am taking 1/2 the jackpot regardless of what I agreed to.

[mobius481 0]

somehow, the math doesn't add up. 4-5 friends chopping the jackpot? what about table share? I would think the table share that those 4-5 other friends got would be added into the kitty, so either way, he still ought to come out ahead.

I think he meant there were 4-5 of his friends at a full 10 person table. Therefore the 42K split 10 ways is 4.2K

[Pupsta 0]

wow, if this story is true, and you stiffed your buddy like that, you're a complete dick.

[PotDragon 0]

However the floor man on duty says it is in the jackpot rules that they have to claim what their initial share would of been regardless of any deals made.

He would have had to show me that rule in writing. If so...no choice to but to suck it up. My word means more to me than money.

[rsmbox 1]

so as not to get dicked over, why not split the post-tax money?

[Pupsta 0]

so as not to get dicked over, why not split the post-tax money?

because apparently, even though they're good enough friends to agree to chop the jackpot, they're assholes.

[PotDragon 0]

so as not to get dicked over, why not split the post-tax money?

No doubt !!!!!!!

[TheWynn 0]

So the rest of the table shares the other 21k? And the 5 other guys, including the winner, share 21k?

[ricker 0]

So the rest of the table shares the other 21k? And the 5 other guys, including the winner, share 21k?

that's what didn't make any sense to me! By the way, PLEASE PLEASE PLEASE for the love of God Wynn, bring back your old avatar. damn Jweb and his dialup loving. Give us poor saps something to look forward to when we see that you've posted again

[SabaAba 0]

It doesn't matter what the casino claims you won for tax purposes, you are the one that claims it at the end of the year, so if he had to claim 21K but only got 4.2K, he would just offset his wins from his losses. Of course it's easier for the guys who had to claim 3K and got 4.2K, but they are all technically responsible for the same amount of taxes.And there is no casino that withholds taxes for you, therefore, it doesn't really matter.Lastly, I've never hear a stupid rule about deal making and the casino not claiming for tax purposes what they actually paid you, that's just WRONG and stupid.

[sholden 0]

They didn't happen to miss their high-fives in celebration, by any chance?

[Lil_Hellmuth 0]

CLARIFICATIONThis was a full ring. There were 10 players present 4-5 which were friends. I was not present at the table.The jackpot when it went off was at 42K. 1/2 to the loser of the hand 1/4 to the winner and 1/4 as table share.It would normally be paid as suchLoser of hand: 21KWinner of Hand: 10.5KTable Share: 1312However with the deal each person got 4.2 KThe people were taxed as the money would normally be distributed.

[Pupsta 0]

CLARIFICATIONThis was a full ring. There were 10 players present 4-5 which were friends. I was not present at the table.The jackpot when it went off was at 42K. 1/2 to the loser of the hand 1/4 to the winner and 1/4 as table share.It would normally be paid as suchLoser of hand: 21KWinner of Hand: 10.5KTable Share: 1312However with the deal each person got 4.2 KThe people were taxed as the money would normally be distributed.

i absolutely call bullshit on your story.why would the casino facilitate the chop for you? why would they not give each player their post-tax dues, and then the money get divvied up?

[loogie 115]

i absolutely call bullshit on your story.why would the casino facilitate the chop for you? why would they not give each player their post-tax dues, and then the money get divvied up?

We've got Intentional Bullshit on Lil_Hellmuth. We will be replacing embellished story meant to impress newbies with cool, refreshing Miller Lite.

[Pupsta 0]

i absolutely call bullshit on your story.why would the casino facilitate the chop for you? why would they not give each player their post-tax dues, and then the money get divvied up?

We've got Intentional Bullshit on Lil_Hellmuth. We will be replacing embellished story meant to impress newbies with cool, refreshing Miller Lite.

i can't taste my beer.I CAN'T TASTE MY BEER!

[Lil_Hellmuth 0]

CLARIFICATIONThis was a full ring. There were 10 players present 4-5 which were friends. I was not present at the table.The jackpot when it went off was at 42K. 1/2 to the loser of the hand 1/4 to the winner and 1/4 as table share.It would normally be paid as suchLoser of hand: 21KWinner of Hand: 10.5KTable Share: 1312However with the deal each person got 4.2 KThe people were taxed as the money would normally be distributed.

i absolutely call bullshit on your story.why would the casino facilitate the chop for you? why would they not give each player their post-tax dues, and then the money get divvied up?

The casino did not facilitate. Everyone got their original money and was taxed according to that. Then they split the money among themselves at the table.You can call all the bullshit that you want. It was the talk of our poker room for a couple of weeks at how stupid the loser of the hand was.

[mobius481 0]

However the floor man on duty says it is in the jackpot rules that they have to claim what their initial share would of been regardless of any deals made.

He would have had to show me that rule in writing. If so...no choice to but to suck it up. My word means more to me than money.

I have to call bs here. Imagine you are in the 25% tax bracket. On your 21K in winnings they would withhold $5250 which is more than your $4200 share. Now, in reality casinos don't withhold federal taxes just state taxes (at least that's the way it is in Louisiana). They do however send a 10-99G to the IRS so they are expecting you to claim it and if you don't they will know all about it. So you wouldn' t actually have to pull out $1000 to pay the other guys to get up to their $4200 but you would have to pay it when taxes are due (assuming you claim it). I would simply say "listen guys, there's no way I'm paying $1000 dollars for you all to make a bunch of money." What I would do is then give everyone else 500-1000 for being understanding.However it all sounds fishy. More than likely the casino would have split it that way if asked but they guy just didn't think about it and someone else maybe realized his tax liability.I wouldn't think someone to be a liar if this happened. I wouldn't expect someone to lose money because they made a deal that the casino wouldn't respect.

[Pupsta 0]

CLARIFICATIONThis was a full ring. There were 10 players present 4-5 which were friends. I was not present at the table.The jackpot when it went off was at 42K. 1/2 to the loser of the hand 1/4 to the winner and 1/4 as table share.It would normally be paid as suchLoser of hand: 21KWinner of Hand: 10.5KTable Share: 1312However with the deal each person got 4.2 KThe people were taxed as the money would normally be distributed.

i absolutely call bullshit on your story.why would the casino facilitate the chop for you? why would they not give each player their post-tax dues, and then the money get divvied up?

The casino did not facilitate. Everyone got their original money and was taxed according to that. Then they split the money among themselves at the table.You can call all the censored that you want. It was the talk of our poker room for a couple of weeks at how stupid the loser of the hand was.

so then how the hell was that a chop gone bad? they all got the same amount of money!you just completely switched up your story.

[Lil_Hellmuth 0]

CLARIFICATIONThis was a full ring. There were 10 players present 4-5 which were friends. I was not present at the table.The jackpot when it went off was at 42K. 1/2 to the loser of the hand 1/4 to the winner and 1/4 as table share.It would normally be paid as suchLoser of hand: 21KWinner of Hand: 10.5KTable Share: 1312However with the deal each person got 4.2 KThe people were taxed as the money would normally be distributed.

i absolutely call bullshit on your story.why would the casino facilitate the chop for you? why would they not give each player their post-tax dues, and then the money get divvied up?

The casino did not facilitate. Everyone got their original money and was taxed according to that. Then they split the money among themselves at the table.You can call all the censored that you want. It was the talk of our poker room for a couple of weeks at how stupid the loser of the hand was.

so then how the hell was that a chop gone bad? they all got the same amount of money!you just completely switched up your story.

The chop went real bad for the person. He got screwed. That was the point of the post....evidently you didnt get it.

[KingAustin 0]

CLARIFICATIONThis was a full ring. There were 10 players present 4-5 which were friends. I was not present at the table.The jackpot when it went off was at 42K. 1/2 to the loser of the hand 1/4 to the winner and 1/4 as table share.It would normally be paid as suchLoser of hand: 21KWinner of Hand: 10.5KTable Share: 1312However with the deal each person got 4.2 KThe people were taxed as the money would normally be distributed.

i absolutely call bullshit on your story.why would the casino facilitate the chop for you? why would they not give each player their post-tax dues, and then the money get divvied up?

The casino did not facilitate. Everyone got their original money and was taxed according to that. Then they split the money among themselves at the table.You can call all the censored that you want. It was the talk of our poker room for a couple of weeks at how stupid the loser of the hand was.

so then how the hell was that a chop gone bad? they all got the same amount of money!you just completely switched up your story.

First of all, this story isnt bullshit. Note that I live in the same city.Pupsta, it was a chop gone wrong because the guy who lost the hand would have had 21k in winnings, but before the hand happened, he said they should chop, effectively cutting his payout greatly.