Taxes - Page 2

obsidian · #11 10-03-2005, 04:35 PM

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That makes me feel a lot better. I'm a college student...I also live with my parents. I got like 1k or something from the summer job or maybe even less, but that's it.

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If that's the case then $1000 isn't anything to worry about. This becomes more of an issue for those making $5000+ or make their living from poker.

scott2130 · #12 10-03-2005, 04:45 PM

Mostly true. If you make a living at it and file a schedule c, then anything over $600.00 is an issue. SE tax starts at $400.00 net, if you file Sch C.

BigBiceps · #13 10-03-2005, 06:31 PM

If your parents are then still claiming you as a dependent, your poker income may disallow their deduction.

Just a warning.

BigBiceps · #14 10-03-2005, 06:33 PM

Download the instructions from irs.gov for Form 1040. The answer is somewhere in the first 10 or so pages. There is a table for AGI required to file.

TheJbot · #15 10-12-2005, 02:22 AM

Anyone who knows Please!!!
I have lived in japan for over 5 years now paying taxes here and not filing in the US. Would I need to file online poker winnings that were not won within the US.?

-jbot-

swiftrhett · #16 10-12-2005, 04:24 AM

If you don't own a home in the US, you can file under foreign exclusion and earn up to $80k / year tax free from the US, as long as you spend 330 days / year outside the country.

We also have a tax treaty with Japan, so you don't have to pay taxes to Japan the first 2 years you worked there (or the US, if you were gone 330 days/year and don't own a home on US soil).

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Anyone who knows Please!!!
I have lived in japan for over 5 years now paying taxes here and not filing in the US. Would I need to file online poker winnings that were not won within the US.?

-jbot-

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swiftrhett · #17 10-12-2005, 04:29 AM

Greg Raymer has a good post on this if you use the search button. Don't listen to most of these fools. If you earn one dollar playing poker (the IRS rounds to dollars), you have to pay taxes on it. That is not one dollar net for the year, mind you.

If you have ever sat down and stood up with more than a dollar of profit from a poker section, you must declare it under "other income" as gambling profit. You must itemize your losing sessions under itemized deductions. If you were normally not itemizing, and just using your standard deduction, congratulations, you have just been screwed by the IRS. Call it poker tax. Effectively, you have to give a lot of your first $1k in net poker winnings for the year to the IRS.

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Ok I read a lot from the search engine. The overall stance was that it's better to pay taxes. Anyways, made 1k this year playing mostly .25/.50, .5/1, and casino whoring in my free time. I had a job over the summer that didn't pay much at all. Should I worry about the 1k? Non of it has entered my bank account yet...it's all in neteller. Should I make $200 transfers from neteller to my bank account every month or something? I really don't know.

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TheJbot · #18 10-13-2005, 01:13 AM

swiftrhett, thanks for the reply. I feel much better.