Tax Implications- big tournament win
I didn't see a particular place to post this so might as well be here. I am a college student who quit his job to play poker as the main source of income. I've never really had to worry about taxes because I assumed that little 3-700 cashouts every week would slide under the radar and I could just plead ignorance if caught. After a 10K December and a 50K January (empire 200k win) I feel that the government is just about guaranteed to want their supposedly entitled piece. The question is how much of this 60k will have I to give back and who do I need to talk to etc.?? I would love to get a response back from those who have made a big score online and now deal with the huge tax implications currently. I am a dependent and have been told by my parents to keep the money in my account until a course of action is found.
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