Re: Clarifications about Tax
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thanks. unfortunately i have not made 10k in poker winnings this year. some people are saying i must declare anyways. i am confused.
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There is a certain threshold (I am not sure of the current number). If you made above that threshold you must file, and you must declare all income, including gambling income. If your total income is below that threshold, you do not have to file, although you can file to get a refund of any tax withheld. This is explained in the beginning of the tax form booklet.
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I am not sure if this is the exemption you are speaking of, but I recall that there is a provision that says that 1.) if you are under a certain age (I believe 23 or so), and have earned under a certain amount in a tax year (~4350 or so), then you do not have to file. Please consult IRS literature on this to find out exactly what the deal is, but this loophole applied to me for FEDERAL (but not local) taxes several years ago when I was in college.
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