My accountant says that I cant...

[detroitplayer]

Your social security benefits are also relient on earned income. Like that's going to be around by the time most people here retire anyway. [img]/images/graemlins/confused.gif[/img]

[lightw1thoutheat]

thanks for all the help guys.
just sucks now that i have to go back to a very shitty internship this summer to make that money. well its still money, im gonna stop complaining now.
-light

[AcmeSalesRep]

[ QUOTE ]
thanks for all the help guys.
just sucks now that i have to go back to a very shitty internship this summer to make that money. well its still money, im gonna stop complaining now.
-light

[/ QUOTE ]


Look at it this way...if you just had your internship, you would put x% of all your "earnings" into savings. With your poker play, you can put more money into savings and have it be a lower percentage of your total earnings (earned income plus poker).

Another thing...IRAs are not the only way to save for the long-term. You can open up a typical brokerage account to save if you would prefer to save your poker winnings and not take on an internship position.

Acme

[TomBrooks]

I'm curious why you ended your subject with '...' instead of writing out "fund IRA", or "Fund IRA w/ Poker $" or something like that.

[SinCityGuy]

If you file under Schedule C as a professional gambler, you can invest up to $42,000 in a Uni-K 401 plan, the first $15,000 of which is deferred taxable income.