need advice from college students

[baronzeus]

Last year I made like $4000. I put that in my financial aid app along with my parents' salaries and we are paying $x per quarter combined. This $x is significantly lower than the $40K a year that i'd be paying otherwise

Here lies the problem. In my taxes this year, I am going to have to report my poker winnings. I don't know exactly what it's going to be but I expect it to be enough to be noticable.

I'm really worried about my tuition going up a ton. Like if my tuition jumps from $x to 4*$x per quarter, I am not going to be able to pay for it. My poker bankroll is just that-my poker bankroll. If i have to withdraw, say 10K every 3 months, I'm pretty much going to have to quit poker.

This isn't a bitch post at all. I'm genuinely concerned that I'm not gonna be able to afford college next year. Anyone know how much my poker assets will affect my FAFSA amounts? How much will my tuition change? Anything else I can do?

[bicyclekick]

I knwo somebody who just didn't pull any money out for a bit cause of a very similar reason. Sucks you can't live the high-life but least you'll get through it.

[baronzeus]

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I knwo somebody who just didn't pull any money out for a bit cause of a very similar reason. Sucks you can't live the high-life but least you'll get through it.

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not sure what you mean [img]/images/graemlins/frown.gif[/img] i don't want to live the high life,

so he just kept his monye in poker websites and didn't report it? is this legal? i dont want to get in ttrouble with the IRS

[Michael Davis]

"so he just kept his monye in poker websites and didn't report it? is this legal? i dont want to get in ttrouble with the IRS"

It's not legal not to report it but they can't find out, especially if you keep it in the pokersites. Just report in when you're out of school. Pull it out gradually over 2-3 years if you think it looks fishy, but unless it's over 200kish it's not gonna be a problem. I'm just guessing here.

-Michael

[Sponger15SB]

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but unless it's over 200kish it's not gonna be a problem.

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Yeah, I doubt financial aid would be a problem for someone with $200,000 in the bank.


wait? this what you're talking about? how can i delete a post

[juris]

[ QUOTE ]
"so he just kept his monye in poker websites and didn't report it? is this legal? i dont want to get in ttrouble with the IRS"

It's not legal not to report it but they can't find out, especially if you keep it in the pokersites. Just report in when you're out of school. Pull it out gradually over 2-3 years if you think it looks fishy, but unless it's over 200kish it's not gonna be a problem. I'm just guessing here.

-Michael

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Honestly and with respect to a long time poster, this is honestly the worst advice possible for this situation.

It's taxable now. There are things that could be done, but they're illegal and I'm not going to recommend those options. Anyone telling you to defer or they won't find out is just not giving good advice.

[stillbr]

I'm a college student aswell, and this is the first year I've made a substancial amount of $ playing poker. One thing I've alwasy thought about is lets say I made 20k online, and lets say I (falsely) lost 15k playing home games and casino games. What keeps me from now reporting only 5k in my income? There is no way anyone could ever find out about homegame or casino losses right?

[theben]

why would you have reported that and risked getting less financial aid? theres no way they would check for that or even care. why report it in the first place

[danzasmack]

sell the account for cash.

If you really want to get out of it, im sure you could sell off a large portion of the $ for a %.

[jba]

[ QUOTE ]
sell the account for cash.

If you really want to get out of it, im sure you could sell off a large portion of the $ for a %.

[/ QUOTE ]

and the money you get for selling it is somehow not taxable?? hmmmmm sounds wrong.