need advice from college students
 

Last year I made like $4000. I put that in my financial aid app along with my parents' salaries and we are paying $x per quarter combined. This $x is significantly lower than the $40K a year that i'd be paying otherwise

Here lies the problem. In my taxes this year, I am going to have to report my poker winnings. I don't know exactly what it's going to be but I expect it to be enough to be noticable.

I'm really worried about my tuition going up a ton. Like if my tuition jumps from $x to 4*$x per quarter, I am not going to be able to pay for it. My poker bankroll is just that-my poker bankroll. If i have to withdraw, say 10K every 3 months, I'm pretty much going to have to quit poker.

This isn't a bitch post at all. I'm genuinely concerned that I'm not gonna be able to afford college next year. Anyone know how much my poker assets will affect my FAFSA amounts? How much will my tuition change? Anything else I can do?

Re: need advice from college students
 

I knwo somebody who just didn't pull any money out for a bit cause of a very similar reason. Sucks you can't live the high-life but least you'll get through it.

Re: need advice from college students
 

why would you have reported that and risked getting less financial aid? theres no way they would check for that or even care. why report it in the first place

Re: need advice from college students
 

sell the account for cash.

If you really want to get out of it, im sure you could sell off a large portion of the $ for a %.

Re: need advice from college students
 

[ QUOTE ]
sell the account for cash.

If you really want to get out of it, im sure you could sell off a large portion of the $ for a %.

[/ QUOTE ]

and the money you get for selling it is somehow not taxable?? hmmmmm sounds wrong.

Re: need advice from college students
 

[ QUOTE ]
I knwo somebody who just didn't pull any money out for a bit cause of a very similar reason. Sucks you can't live the high-life but least you'll get through it.

[/ QUOTE ]

not sure what you mean [img]/images/graemlins/frown.gif[/img] i don't want to live the high life,

so he just kept his monye in poker websites and didn't report it? is this legal? i dont want to get in ttrouble with the IRS

Re: need advice from college students
 

"so he just kept his monye in poker websites and didn't report it? is this legal? i dont want to get in ttrouble with the IRS"

It's not legal not to report it but they can't find out, especially if you keep it in the pokersites. Just report in when you're out of school. Pull it out gradually over 2-3 years if you think it looks fishy, but unless it's over 200kish it's not gonna be a problem. I'm just guessing here.

-Michael

Re: need advice from college students
 

let your bankroll take a hit. I had to withdraw a substantial amount for tuition and board this year and as a result I'm playing limits a little less then what I used to (but its also a lot more fun). During the school year, work on poker part-time to get your bankroll back up to par, and then let 'er rip again next summer.

Re: need advice from college students
 

If the income is a problem, leave the money in the poker accounts. You'll never get in trouble for this. When u no longer need to have a low income, then withdraw it and pay taxes.

Re: need advice from college students
 

[ QUOTE ]
If the income is a problem, leave the money in the poker accounts. You'll never get in trouble for this. When u no longer need to have a low income, then withdraw it and pay taxes.

[/ QUOTE ]

Wow. I didn't know this. I just assumed I'd have to pay taxes on whatever i made. Thanks