Taxes?

Hi guys - need some help.

I'm normally a small stakes NL player but took a shot this month at higher stakes. I'm in the process of cashing out about 23k and am wondering what I'm supposed to do about taxes? I'm totally green in this area, I'm 21 and my parents still claim me as a dependent, so any help would be much appreciated. What would you guys do in this situation?

Gracias.

[Niediam]

There are about a million threads (and some recent 2+2 articles) about this so just do a search.

But to give you the quick answer. You owe federal taxes on the total of your winning sessions - just not the amount you withdraw. You may then also deduct your losing sessions by itemizing your deductions up to the total of your winning sessions.