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#1
12-14-2004, 09:12 PM
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Money in big events.
This is a question directed toward people that have won or come in the top 3 positions in big buy-in events. Say there is a prize pool of about 3 million dollars and 1st place receives 1 million. How much of that 1 million is going to be taxed? Say you place 2nd and receive $500,000. How much of that will you see? Is it the higher you place, the more percentage you will be taxed? How about if you just make the money and receive about $13,000, do you get all of that? The reason I'm asking is because I recently won a seat to the Poker Stars Carribean Adventure in a $33 plus rebuys tourney and I can't keep thinking about how set I would be if I could just make the money and parlay $33 into about $12,000. I know that might not be much to you guys but to a 20 year old college student it seems like quite a bit. One last question about tourneys. How do I change my mindset from one of just making the money into winning the whole tourney? I'm not use to a lot of money and winning about $15,000... I'd be on top of the world. What can I do to change that? Thanks a lot for your guys' help. See you in the Bahamas!
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#3
12-15-2004, 01:00 AM
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Re: Money in big events.
your winnings at the tourney are considered income. it is your responsibility to report those winnings, and pay taxes on them accordingly. how honest you are in your reporting of course is up to you.
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#5
12-15-2004, 02:34 PM
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Re: Money in big events.
yeah, that's my first question, will they even let you on the ship? You might not want Pokerstars to know you're only 20.
Next, if you win in a US casino, they will withhold a certain percent for taxes. If you win $1m at the WSOP, you will walk out with about $600,000. On a cruise, I doubt they withhold anything.
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#7
12-15-2004, 03:30 PM
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Re: Money in big events.
Hate to be the bearer of bad news but this is straight from PokerStars:
"You must be 18 years of age or of legal age of majority in your jurisdiction (whichever is greater) to play either in satellites or in any of the Events. Please note that if you win the PokerStars Caribbean Adventure main event, but do not meet the age requirement for the WPT Championship (age 21 at the time of the championship), you will forfeit without compensation the entry into the WPT Championship. For complete age information please visit our Terms and Conditions."
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#8
12-15-2004, 03:33 PM
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Re: Money in big events.
[ QUOTE ]
Hate to be the bearer of bad news but this is straight from PokerStars: "You must be 18 years of age or of legal age of majority in your jurisdiction (whichever is greater) to play either in satellites or in any of the Events. Please note that if you win the PokerStars Caribbean Adventure main event, but do not meet the age requirement for the WPT Championship (age 21 at the time of the championship), you will forfeit without compensation the entry into the WPT Championship. For complete age information please visit our Terms and Conditions." [/ QUOTE ] Hopefully you can still keep your 1K and even the room at Atlantis. Not sure how closely WPT checks ages. You may want to post in the WPT forum. Hope it works out for you.
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#9
12-15-2004, 03:37 PM
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Re: Money in big events.
When I first read this a while ago I didn't quite get it either, but it means the following:
You can play in the Carribean event if you're 18+. The winner of this event gets an entry into the WPT Finals, which you must be 21 to play in. So, if you win this event and get an entry to the Finals, you must be 21+ to take advantage of it, otherwise that portion of the prize is void. Other than that, you're more than welcome to play @ 18+.
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#10
12-15-2004, 04:04 PM
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Re: Money in big events.
Oh I definately read the rules before I played the tournament. Basically, if I win, I take home 1st prize money and a $25,000 seat to the WPT Championships held at the Bellagio on April 18th-24th. But, being only 20, I actually wont be able to claim the seat in the WPT Championship. I think that the seat will go to second place. Unless... in some weird twist of events 2nd place happens to be someone under 21 then I guess it will go to third. If I do happen to win, you can bet your last dollar that I'm going to try to pocket that $25,000 and keep it for myself. Wish me luck as I pursue my goal of becoming the youngest WPT first place finisher ever!
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