Re: need advice from college students
Why is everyone so gung ho about taxes on this site? First of all, the IRS is not going to know about winnings that you keep on a poker site. They do not devote precious and valueable resources to investigate this deeply into someone who makes less than 40k a year. The cost vs reward is too small, it is simple economics. As a result, one could easily just keep the money in their account until after they graduate. Then when you withdrawal, you will have to report more money at one time, but it will not affect your FASFA.
Secondly, the IRS generally makes people simply pay the taxes they did not when they underreport by a small amount. You're not going to get thrown in jail or pay any substatial fine. If you get caught, you'll pay up, it's EV+ IMHO. Everyone, flips out everytime a post like this comes up. Maybe it's because they feel its unfair if they pay and someone else gets away with not paying it. But when it comes down to a college education, I think OP needs to find a way to avoid losing his grants.
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