bighomage
05-26-2005, 04:55 PM
I'm 18 and I've been playing on Party Poker for about 3 months. I live in Indiana, and my parents are still my main source of income for living expenses and they'll probably pay for a lot of it when I go off to college. From time to time, I take some money out of my bankroll to pay for my miscellaneous expenses from time to time. Over the course of the year, I'll probably take out about $1500. Am I really going to have to pay taxes on this? I'm assuming the answer's unfortunately going to be yes. Should I just put some money aside that I'm going to have to give up come tax day? If so, how much should I expect to pay. I've never filled out a tax form so this stuff's over my head. Any advice would be appreciated. I also live in Indiana if that matters. Thanks.