View Single Post
  #9  
Old 11-21-2005, 10:37 PM
Shoe Shoe is offline
Member
 
Join Date: Jul 2004
Location: Mil-town
Posts: 98
Default Re: Brand Spanking New

[ QUOTE ]
[ QUOTE ]
I thought you couldn't put money in a regular or roth IRA unless it was earned income(like from a job)? So a SEP-IRA would probably be the best option?

[/ QUOTE ]

That's correct. If you have no earned income at all (or poker is the lion's share of your income), then you'll probably be declaring as a professional, and all the poker income would become self-employment income, and a SEP is a good choice.

[/ QUOTE ]

Poker income is "earned income", atleast according the following cardplayer article:

Link

So my understanding is that it can be used to fund a Roth or whatever. Please correct me if I'm wrong.
Reply With Quote