Taxes
 

Ok I read a lot from the search engine. The overall stance was that it's better to pay taxes. Anyways, made 1k this year playing mostly .25/.50, .5/1, and casino whoring in my free time. I had a job over the summer that didn't pay much at all. Should I worry about the 1k? Non of it has entered my bank account yet...it's all in neteller. Should I make $200 transfers from neteller to my bank account every month or something? I really don't know.

Re: Taxes
 

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Ok I read a lot from the search engine. The overall stance was that it's better to pay taxes. Anyways, made 1k this year playing mostly .25/.50, .5/1, and casino whoring in my free time. I had a job over the summer that didn't pay much at all. Should I worry about the 1k? Non of it has entered my bank account yet...it's all in neteller. Should I make $200 transfers from neteller to my bank account every month or something? I really don't know.

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Whether or not you transfer it into your bank account is irrelevant -- in the US, all gambling winnings are taxable.

Acme

Re: Taxes
 

I just got a $5 parking ticket. If I don't pay in the next 48 hours it will become a $25 parking ticket. Do you think I should pay it?

Re: Taxes
 

You are likely below the total AGI required to file. Look at irs.gov for more info.

Re: Taxes
 

Tried...nothing.

Re: Taxes
 

Go to H&R Block. Or whoever your daddy uses to do his taxes.

Re: Taxes
 

Would you not collect a poker bonus if all you had to do was mail in a single form? Then why wouldn't you file so you can get a refund?

Re: Taxes
 

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Ok I read a lot from the search engine. The overall stance was that it's better to pay taxes. Anyways, made 1k this year playing mostly .25/.50, .5/1, and casino whoring in my free time. I had a job over the summer that didn't pay much at all. Should I worry about the 1k? Non of it has entered my bank account yet...it's all in neteller. Should I make $200 transfers from neteller to my bank account every month or something? I really don't know.

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Do you have other income besides poker? Are you young and a student or do you have a real job? If you made under a certain amount in total income this year (I think its 7k, but it might be 4k, i'd have to double check), then you don't have to file.

Re: Taxes
 

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Ok I read a lot from the search engine. The overall stance was that it's better to pay taxes. Anyways, made 1k this year playing mostly .25/.50, .5/1, and casino whoring in my free time. I had a job over the summer that didn't pay much at all. Should I worry about the 1k? Non of it has entered my bank account yet...it's all in neteller. Should I make $200 transfers from neteller to my bank account every month or something? I really don't know.

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Do you have other income besides poker? Are you young and a student or do you have a real job? If you made under a certain amount in total income this year (I think its 7k, but it might be 4k, i'd have to double check), then you don't have to file.

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That makes me feel a lot better. I'm a college student...I also live with my parents. I got like 1k or something from the summer job or maybe even less, but that's it.

Re: Taxes
 

In 2005 you the standard deduction is 5k. So if you live at home and your parent claim you as a deduction then you can make 5k and don't have to file. If you had any withholding from your summer job you can file to get a refund. Check out www.irs.gov for all your tax questions.

Re: Taxes
 

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That makes me feel a lot better. I'm a college student...I also live with my parents. I got like 1k or something from the summer job or maybe even less, but that's it.

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If that's the case then $1000 isn't anything to worry about. This becomes more of an issue for those making $5000+ or make their living from poker.

Re: Taxes
 

Mostly true. If you make a living at it and file a schedule c, then anything over $600.00 is an issue. SE tax starts at $400.00 net, if you file Sch C.

Re: Taxes
 

If your parents are then still claiming you as a dependent, your poker income may disallow their deduction.

Just a warning.

Re: Taxes
 

Download the instructions from irs.gov for Form 1040. The answer is somewhere in the first 10 or so pages. There is a table for AGI required to file.

Re: Taxes
 

Anyone who knows Please!!!
I have lived in japan for over 5 years now paying taxes here and not filing in the US. Would I need to file online poker winnings that were not won within the US.?

-jbot-

Re: Taxes
 

If you don't own a home in the US, you can file under foreign exclusion and earn up to $80k / year tax free from the US, as long as you spend 330 days / year outside the country.

We also have a tax treaty with Japan, so you don't have to pay taxes to Japan the first 2 years you worked there (or the US, if you were gone 330 days/year and don't own a home on US soil).

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Anyone who knows Please!!!
I have lived in japan for over 5 years now paying taxes here and not filing in the US. Would I need to file online poker winnings that were not won within the US.?

-jbot-

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Re: Taxes
 

Greg Raymer has a good post on this if you use the search button. Don't listen to most of these fools. If you earn one dollar playing poker (the IRS rounds to dollars), you have to pay taxes on it. That is not one dollar net for the year, mind you.

If you have ever sat down and stood up with more than a dollar of profit from a poker section, you must declare it under "other income" as gambling profit. You must itemize your losing sessions under itemized deductions. If you were normally not itemizing, and just using your standard deduction, congratulations, you have just been screwed by the IRS. Call it poker tax. Effectively, you have to give a lot of your first $1k in net poker winnings for the year to the IRS.

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Ok I read a lot from the search engine. The overall stance was that it's better to pay taxes. Anyways, made 1k this year playing mostly .25/.50, .5/1, and casino whoring in my free time. I had a job over the summer that didn't pay much at all. Should I worry about the 1k? Non of it has entered my bank account yet...it's all in neteller. Should I make $200 transfers from neteller to my bank account every month or something? I really don't know.

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Re: Taxes
 

swiftrhett, thanks for the reply. I feel much better.