KHSPoker21 0 Posted July 10, 2007 Share Posted July 10, 2007 This is my first cashout from an online site for poker. I recieved a check for $1600 and I am not sure as to how much I should put aside because tis will be filed on my income tax correct? Like I said this is my first cashout and I don't know the procedure after I've cashed my check. I hold a part time job in addition to school in FL. Any help would be appreciated. Link to post Share on other sites
gobears 0 Posted July 10, 2007 Share Posted July 10, 2007 One link below - I'd google around as I'm sure a lot of articles cover poker and taxes. From the article below, no state tax in Florida so 40% should easily cover any federal taxes.Tax Tips Link to post Share on other sites
chrozzo 19 Posted July 10, 2007 Share Posted July 10, 2007 whos gonna know if u dont report it? Link to post Share on other sites
Jam-Fly 8 Posted July 10, 2007 Share Posted July 10, 2007 Having to pay taxes on a $1600? That's sick Link to post Share on other sites
ErikRyland1 0 Posted July 10, 2007 Share Posted July 10, 2007 This actully made me " lol "What ?Cash out 400 in a check / have a friend give you cash for itPut it on online banking and spend it.ROFL at OPBut if your making serious money / yes file and do all that. Link to post Share on other sites
CaneBrain 95 Posted July 10, 2007 Share Posted July 10, 2007 if your cashout is under 10,000 dollars I wouldnt worry about taxes much. Link to post Share on other sites
dna4ever 2 Posted July 10, 2007 Share Posted July 10, 2007 This is my first cashout from an online site for poker. I recieved a check for $1600 and I am not sure as to how much I should put aside because tis will be filed on my income tax correct? Like I said this is my first cashout and I don't know the procedure after I've cashed my check. I hold a part time job in addition to school in FL. Any help would be appreciated.Dont worry about it. Remember that $2000 you lost earlier in the year? Poker is all about ups and downs and it looks like you ended down YET AGAIN. Darndest thing. Link to post Share on other sites
2bthebest 2 Posted July 10, 2007 Share Posted July 10, 2007 Dont worry about it. Remember that $2000 you lost earlier in the year? Poker is all about ups and downs and it looks like you ended down YET AGAIN. Darndest thing.Aren't you still on probation? Link to post Share on other sites
dna4ever 2 Posted July 10, 2007 Share Posted July 10, 2007 Aren't you still on probation?yea 2 more years, darndest thing ... Link to post Share on other sites
WhatArunAA 0 Posted July 10, 2007 Share Posted July 10, 2007 LOLLLLLL Link to post Share on other sites
ErikRyland1 0 Posted July 10, 2007 Share Posted July 10, 2007 This is my 400th post. Hi Chrozzo Link to post Share on other sites
MyPlayIsRAB 0 Posted July 10, 2007 Share Posted July 10, 2007 LOLLLLLLlol youre a sicko, go out to buy a tv and end up buying a laptop Link to post Share on other sites
Merby 3 Posted July 10, 2007 Share Posted July 10, 2007 If you're Canadain... Zero! Link to post Share on other sites
WhatArunAA 0 Posted July 10, 2007 Share Posted July 10, 2007 i'm on it right now!! Link to post Share on other sites
sennin 0 Posted July 10, 2007 Share Posted July 10, 2007 If you're Canadain... Zero!weeeeee Link to post Share on other sites
KHSPoker21 0 Posted July 10, 2007 Author Share Posted July 10, 2007 One link below - I'd google around as I'm sure a lot of articles cover poker and taxes. From the article below, no state tax in Florida so 40% should easily cover any federal taxes.Tax Tips Like I said, I'm new at this but doesn't 40% sound like a little much??? Link to post Share on other sites
freak2304 0 Posted July 10, 2007 Share Posted July 10, 2007 Like I said, I'm new at this but doesn't 40% sound like a little much???not to Uncle Sam! but like others have said...I wouldn't really worry about it with it being only $1600, but that's just me. Link to post Share on other sites
vonteego3 0 Posted July 11, 2007 Share Posted July 11, 2007 Like I said, I'm new at this but doesn't 40% sound like a little much???If you're a law-abiding citizen, setting aside 20% will more than cover it since you only have a part-time job as a student.Along the same vein, don't go over 55 on the highway, always come to a complete stop for a full 5 seconds at a stop sign, and stop looking at amputee porn. Link to post Share on other sites
chgocubs99 0 Posted July 11, 2007 Share Posted July 11, 2007 Props for thinking about this and smart man for trying to do it the right way, but like others said, you have nothing to worry about here. Link to post Share on other sites
KHSPoker21 0 Posted July 11, 2007 Author Share Posted July 11, 2007 Thanks for all the feedback I appreciate it and its nice to know im probably good to go! Link to post Share on other sites
ErikRyland1 0 Posted July 11, 2007 Share Posted July 11, 2007 Tommarow's News headline " KHS goes to prison for life " loooooooool Link to post Share on other sites
Suited_Up 2 Posted July 11, 2007 Share Posted July 11, 2007 Tommarow's News headline " KHS goes to prison for life " loooooooool Don't think so. Link to post Share on other sites
zmoney 0 Posted July 11, 2007 Share Posted July 11, 2007 Tommarow's News headline " KHS goes to prison for life " looooooooolMore likely headline " Erik Ryland banned from FCP for dumb *** posts" Link to post Share on other sites
ErikRyland1 0 Posted July 11, 2007 Share Posted July 11, 2007 More likely headline " Erik Ryland banned from FCP for dumb *** posts"N00b Link to post Share on other sites
king1305 0 Posted July 11, 2007 Share Posted July 11, 2007 I'm sure Erik Ryland can help you out with what to do with big baller amounts? Link to post Share on other sites
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