Do these pro players pay anything into Social Security or even pay any taxes on the money they win ?
Pro Players paying into Social Security and Taxes on monies won
- Thread starter justabrake
- Start date
Why do you care? Work for the IRS? That's the player's business not any of ours. Talk about trolling i guess.
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Probably not a troll.
Just interested in how things work at the professional tournament level.
Just interested in how things work at the professional tournament level.
Here, eat this.
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Was the word "tournament" in the OP's post? Pool players are basically independent contractors and how/when/if they pay taxes is their business.
.................................. Nice.
I don't find this question off base at all.
Most American pool pros are self-employed, and are governed by rules pertaining to the self-employed. If they follow procedures indicated by the IRS, they can qualify for Social Security benefits as well as Medicare. It is certainly in the best interests of any self-employed person, pool player or other, to make the payments that will ensure Social Security and Medicare benefits in their old age.
How many pool players report all of their income and pay into social security is, of course, a private matter, but I hope that as many as possible are following the course of action that ensures them the benefits of the elderly down the road.
Most American pool pros are self-employed, and are governed by rules pertaining to the self-employed. If they follow procedures indicated by the IRS, they can qualify for Social Security benefits as well as Medicare. It is certainly in the best interests of any self-employed person, pool player or other, to make the payments that will ensure Social Security and Medicare benefits in their old age.
How many pool players report all of their income and pay into social security is, of course, a private matter, but I hope that as many as possible are following the course of action that ensures them the benefits of the elderly down the road.
Larger events get player information and issue 1099's as they operate as a business. Whether or not the players actually file taxes is up to them.
Hahahaha this is awesome!
You don't wanna get caught betting each of the next 100 pool pros you see paid taxes every year...
I say you that.
I say you that.
Here’s the reason I asked you could look at my post on the Louis Roberts thread
I was just reading the story on Louie Roberts and it was mentioned he probably didn’t have any SS and in another part said he had $100,000 at one time but at age over 40 didn’t have too much going for himself plus they mentioned drugs plus the story said he was taking money from his rich girlfriend So that’s got to be pretty depressing to live with.
So I thought I’d bring it up this is a forum where you ask questions isn’t it
Money was just a way of keeping score for Louie. It had no intrinsic value to him, other than when he needed some more beer or a sandwich. He never had a car as far as I know and crashed wherever he was at the moment. Louie was on a lifelong quest for the next pool game and everything else was pretty meaningless to him. It's a shame because he had CHARISMA with a capital C! Louie would have been Pool's biggest star if it had ever taken off. He was a great athlete (state pool vault champ) and could sing like Elvis. He kind of looked like a far more handsome version of Christopher Walken.
I'll never forget our first ESPN event in 1983 from Lake Tahoe. Louie was playing Hawaiian Brian for third and fourth place in the first televised match. The cameras were on Louie as he walked around the table to his next shot. He smiled into the lens and piped up, "Don't worry mom, I'll be home to cut the grass as soon as this is over!" That was a real made for TV moment by a troubled genius.
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You got one for me?:thumbup:
well it is our business as if they dont pay guess who gets to pay a little more.
besides if they were smart and got into the system they would be able to get things in old age even if they paid very little.
then we wouldnt have all the old pool players needing to have people begging to give them money because they are broke and sick. they made the personal choice.
besides if they were smart and got into the system they would be able to get things in old age even if they paid very little.
then we wouldnt have all the old pool players needing to have people begging to give them money because they are broke and sick. they made the personal choice.
I’ve fished the King of the Beach kingfish tournament in West Florida since it’s inception 25 years ago. About 5 years ago we took 6th place with a real nice fish. For years we were paid in cash at the end of a really long day. This time they handed us a 1099 before we could get the check and it was a bit of a buzz kill. Apparently The Man got wind of the payouts (50 K for first) and threatened the tournament charity with back taxes if they didn’t account for every penny. The Calcutta’s are still cash and hopefully stay that way. My point is I’m surprised this isn’t also the case in the larger Pool tournaments. I’m all for letting these guys get cash. There’s so many things and programs my taxes are used for thatmake me sick, but kicking in a few bucks so road players can cash a SS check isn’t one of them.
any monies pooled from players in the form of entry fees imo should never be taxed, never ever period
added monies is different
added monies is different
Not that I disagree, but wouldn't it be taxed like gambling winnings?
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