Taxes

#1 10-01-2005, 04:56 PM

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.

AcmeSalesRep · #2 10-01-2005, 05:27 PM

[ QUOTE ]
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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Whether or not you transfer it into your bank account is irrelevant -- in the US, all gambling winnings are taxable.

Acme

randomstumbl · #3 10-01-2005, 05:57 PM

I just got a $5 parking ticket. If I don't pay in the next 48 hours it will become a $25 parking ticket. Do you think I should pay it?

BigBiceps · #4 10-01-2005, 06:48 PM

You are likely below the total AGI required to file. Look at irs.gov for more info.

#5 10-01-2005, 08:59 PM

Tried...nothing.

JonPKibble · #6 10-01-2005, 09:02 PM

Go to H&R Block. Or whoever your daddy uses to do his taxes.

Jimbo · #7 10-01-2005, 09:05 PM

Would you not collect a poker bonus if all you had to do was mail in a single form? Then why wouldn't you file so you can get a refund?

jman220 · #8 10-01-2005, 09:47 PM

[ QUOTE ]
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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Do you have other income besides poker? Are you young and a student or do you have a real job? If you made under a certain amount in total income this year (I think its 7k, but it might be 4k, i'd have to double check), then you don't have to file.

#9 10-01-2005, 10:08 PM

[ QUOTE ]
[ QUOTE ]
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.

[/ QUOTE ]

Do you have other income besides poker? Are you young and a student or do you have a real job? If you made under a certain amount in total income this year (I think its 7k, but it might be 4k, i'd have to double check), then you don't have to file.

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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.

scott2130 · #10 10-03-2005, 04:11 PM

In 2005 you the standard deduction is 5k. So if you live at home and your parent claim you as a deduction then you can make 5k and don't have to file. If you had any withholding from your summer job you can file to get a refund. Check out www.irs.gov for all your tax questions.