IRA question

[cardsharkk04]

I've been a caddy for the last 6 years and have never reported taxes (its all untraceable cash). This year I have to report the 50k I made playing poker last year. Is it worth it to report the 5k I made caddying last summer along with the poker winnings, and put it into a roth IRA, or do you think it is better to to not report it, not pay taxes on it, and just invest it myself??

Any feedback is helpful, thanks

[KaneKungFu123]

latter

[Sniper]

You should pay your taxes properly!

[Ed Miller]

[ QUOTE ]
You should pay your taxes properly!

[/ QUOTE ]

You also shouldn't post on a public message board that you committed a felony.

[cardsharkk04]

Thanks for all the help

obviously you guys have never caddied

[Carl_William]

what does latter mean in this context?

[Dazarath]

[ QUOTE ]
what does latter mean in this context?

[/ QUOTE ]

[ QUOTE ]
Is it worth it to report the 5k I made caddying last summer along with the poker winnings, and put it into a roth IRA, or do you think it is better to to not report it, not pay taxes on it, and just invest it myself??

[/ QUOTE ]

I think?

[mdeck]

There's no reason to avoid paying your taxes, especially if you plan on doing any sort of investing in the future. It's just not worth the potential hassle you may set yourself up for. Adding 5k more for taxes is not going to hurt your bottom line as much as say an audit + fines would if the IRS decided to go after you say 5-10 years down the road.