Thanx for reply.
APA sending out 1099 to players?
- Thread starter AcuraHeel
- Start date
Thanx for reply.
Lol - Forum policeman
payout was $1,000
Pretty easy to see where the amount on your 1099 came from. With the slightest bit of research i found a copy of last years tournament program online that lists the payouts and what each amount was for.
you finished 9th and you received an outlaw COMMEMORATIVE cue valued at $300 commemorative jacket valued at $100 and you received $600 in cash. You received $100 when you registered and an additional $500 after your excellent finish. Good job.
The commemorative cue can't be purchased and was a special order thus the price difference.
I looked the price up on the regular outlaw single cue case that was given in some of the packages of higher finishers and the msrp was 49 bucks. APA valued that one at 50 bucks.
you also received $300 cash for your travel to vegas and your room was completely paid for. you weren't sent a 1099 for that part.
1099's must be given out as many have stated for any amount over $599
too bad some people don't want to do a little research to actually find out the facts before they start jumping on the bandwagon and making wrong statements about things they are obviously ignorant of.
If you add that grand onto your yearly income and it is considered income according to the gov't. not the APA, it isn't going to make you miss out on buying a burger at sonic. not a big deal.
Good luck and good shooting
Pretty easy to see where the amount on your 1099 came from. With the slightest bit of research i found a copy of last years tournament program online that lists the payouts and what each amount was for.
you finished 9th and you received an outlaw COMMEMORATIVE cue valued at $300 commemorative jacket valued at $100 and you received $600 in cash. You received $100 when you registered and an additional $500 after your excellent finish. Good job.
The commemorative cue can't be purchased and was a special order thus the price difference.
I looked the price up on the regular outlaw single cue case that was given in some of the packages of higher finishers and the msrp was 49 bucks. APA valued that one at 50 bucks.
you also received $300 cash for your travel to vegas and your room was completely paid for. you weren't sent a 1099 for that part.
1099's must be given out as many have stated for any amount over $599
too bad some people don't want to do a little research to actually find out the facts before they start jumping on the bandwagon and making wrong statements about things they are obviously ignorant of.
If you add that grand onto your yearly income and it is considered income according to the gov't. not the APA, it isn't going to make you miss out on buying a burger at sonic. not a big deal.
Good luck and good shooting
I wonder how many people get them that have blowed $$ for years trying to win a trip to vegas...
Blowed and blowed and blowed for years solid...sad...
I recently talked with a guy who had to quit the APA and other pool leagues because hes on disability and they found out he finished in the money in some nickle and dime tourny and considered it income. This guy dont have two quaters and now cant play league pool anymore without getting hassled, they must be real hard up...
I recently talked with a guy who had to quit the APA and other pool leagues because hes on disability and they found out he finished in the money in some nickle and dime tourny and considered it income. This guy dont have two quaters and now cant play league pool anymore without getting hassled, they must be real hard up...
They HAVE TO REPORT IT.
I lost a distributor once who I had paid bonuses to of just over $600 one year. I sent him, as required by men with guns who would take my stuff and maybe even me if I didn't obey, a 1099 by the Jan 31 postmark, but he had already filed his taxes by then as he was mostly a working stiff. He had to pay for a re-do and boy did he read me the riot act....and I lost his business because of it.
It's not APA's fault that they must follow IRS regs. Try not doing it and see what happens (kidding).
Jeff Livingston
Start getting a receipt from your local pool hall for table time. Hell, if you're nice ask for receipts for other people's table time and they'll probably do it for you.
Kind of like you can spot people who have won in sports books in Vegas grabbing losing tickets out of the garbage cans. Write that sh*t off!
For people who can't itemize I don't see a solution. What a crappy situation. The IRS sucks.
Kind of like you can spot people who have won in sports books in Vegas grabbing losing tickets out of the garbage cans. Write that sh*t off!
For people who can't itemize I don't see a solution. What a crappy situation. The IRS sucks.
I recently talked with a guy who had to quit the APA and other pool leagues because hes on disability and they found out he finished in the money in some nickle and dime tourny and considered it income. This guy dont have two quaters and now cant play league pool anymore without getting hassled, they must be real hard up...
This is BS. People on disability can earn up to a certain amount before they start losing the benefit.
I had no idea that I would be paying taxes on a cue or jacket....plain and simple. Its the simple fact that I was under the impression that those are prizes for shooting well and placing pretty good in the national event. I have NO problem getting taxed for $$$ that I've won.
I can tell you that most people in my area had no idea of this. I play league 3 times a week. Most of us are thinking that all of our league dues take care of the jackets,cues,etc.
And my room was paid for if I chose to stay with a random person. I chose not to and had to pay $75 a night. I can't see myself staying with a stranger for 5 days.. The money I got for the trip did not cover what I paid.......
I can tell you that most people in my area had no idea of this. I play league 3 times a week. Most of us are thinking that all of our league dues take care of the jackets,cues,etc.
And my room was paid for if I chose to stay with a random person. I chose not to and had to pay $75 a night. I can't see myself staying with a stranger for 5 days.. The money I got for the trip did not cover what I paid.......
1099
I am afraid that you must not remember that you won an additional $500 in cash for your 9th place win. Your total was correct and the IRS requires that you were sent a 1099 and this is nothing new.
You also did not pay $75 a night for your room. You can opt out of sharing a room with someone from you area or pay the difference which is around $40 bucks. Clearly your choice.
You received $300 in cash for you travel reimbursment when you registered in vegas for the singles championships.
Flights from Raleigh on southwest airlines are around $300 sometimes less and sometimes a little more.
So what it boils down to is your original post kinda left out a lot of important info. on what you actually received.
Once again a thread without the facts just put up to try to cause discontent.
I am afraid that you must not remember that you won an additional $500 in cash for your 9th place win. Your total was correct and the IRS requires that you were sent a 1099 and this is nothing new.
You also did not pay $75 a night for your room. You can opt out of sharing a room with someone from you area or pay the difference which is around $40 bucks. Clearly your choice.
You received $300 in cash for you travel reimbursment when you registered in vegas for the singles championships.
Flights from Raleigh on southwest airlines are around $300 sometimes less and sometimes a little more.
So what it boils down to is your original post kinda left out a lot of important info. on what you actually received.
Once again a thread without the facts just put up to try to cause discontent.
Pool....The only sport where the players financially lose everytime and yet still have to pay the govt. for that privelidge.
Anyone understand yet why I'm so anal on NPR?
Jeff Livingston
What model of Outlaw cue was given away?
It isn't hard to look it up in the http://www.muellers.com/ catalog and see what the retail price is. I am not sure if anyone has the "store"/wholesale price available online, but I have last year's catalog and pool-hall/merchant price list somewhere I could dig up.
Edit:
http://www.muellers.com/Outlaw.html
I don't see a single cue with a retail price over $125. Merchant price is, of course, going to be less than that.
Double edit:
http://www.pooldawg.com/brand/outlaw/pool-cues
http://www.ozonebilliards.com/oucucoso.html
http://www.cuestore.com/pool_cues/outlaw/ol_series/1
http://www.billiards.com/outlaw-cues
They were not seriously claiming one of these cues was worth $300 were they?! That is outright screwing over their league members on taxes if so. Why the heck would they do that? Must be some sort of dodgy accounting/tax angle on their part.
It isn't hard to look it up in the http://www.muellers.com/ catalog and see what the retail price is. I am not sure if anyone has the "store"/wholesale price available online, but I have last year's catalog and pool-hall/merchant price list somewhere I could dig up.
Edit:
http://www.muellers.com/Outlaw.html
I don't see a single cue with a retail price over $125. Merchant price is, of course, going to be less than that.
Double edit:
http://www.pooldawg.com/brand/outlaw/pool-cues
http://www.ozonebilliards.com/oucucoso.html
http://www.cuestore.com/pool_cues/outlaw/ol_series/1
http://www.billiards.com/outlaw-cues
They were not seriously claiming one of these cues was worth $300 were they?! That is outright screwing over their league members on taxes if so. Why the heck would they do that? Must be some sort of dodgy accounting/tax angle on their part.
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CTWITTY
FIRST....find me a flight from Raleigh to Vegas for $300? My team just won cities and are going in August. Our team just booked flights with Southwest. Our tickets prices on average were $457. That gives us an 8 month window for booking. TEND TO THE FACTS OF YOUR LIFE...
And 9th place paid an additional $200...not $500
Are you seriously telling me what I paid and didn't pay? I received $600 cash....TOTAL.... I don't think I've ever said I didn't get that much? I don't mind someone disagreeing or having an opinion. You come on here TELLING me what I've done or not did which is ridiculous. It's funny how a lot of you are an expert on OTHERS Living.
From APA Site:9th place
$ 300-OutlawCommemorative
$ 100-CashatRegistration ChampionshipCuebyCuestix
$ 200-CashPayout
$50 - Outlaw Single Cue Case
100 - Commemorative Championship Jacket
***$300 for travel at regional level
GRAND TOTAL= $1,050.00
FIRST....find me a flight from Raleigh to Vegas for $300? My team just won cities and are going in August. Our team just booked flights with Southwest. Our tickets prices on average were $457. That gives us an 8 month window for booking. TEND TO THE FACTS OF YOUR LIFE...
And 9th place paid an additional $200...not $500
Are you seriously telling me what I paid and didn't pay? I received $600 cash....TOTAL.... I don't think I've ever said I didn't get that much? I don't mind someone disagreeing or having an opinion. You come on here TELLING me what I've done or not did which is ridiculous. It's funny how a lot of you are an expert on OTHERS Living.
From APA Site:9th place
$ 300-OutlawCommemorative
$ 100-CashatRegistration ChampionshipCuebyCuestix
$ 200-CashPayout
$50 - Outlaw Single Cue Case
100 - Commemorative Championship Jacket
***$300 for travel at regional level
GRAND TOTAL= $1,050.00
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I'm sorry, but I don't understand any of what you're saying (to me) here.
Jeff Livingston
No prob, George, I just did the same thing on npr.
Everybody misses a shot once in a while.
Jeff Livingston
I'm not a accountant but I do know enough about tax preparation to make the following comments:
- These are not gambling winnings
- The IRS is stepping up its auditing and enforcement of Schedule C abuses. You don't want to file a schedule C for these hobby-related expenses and winnings.
You can try to reduce your taxable income from your winnings by filing a Schedule A under Miscellaneous Expenses that exceed 2% of your AGI. Read the following for more information:
http://www.irs.gov/publications/p529/ar02.html
- These are not gambling winnings
- The IRS is stepping up its auditing and enforcement of Schedule C abuses. You don't want to file a schedule C for these hobby-related expenses and winnings.
You can try to reduce your taxable income from your winnings by filing a Schedule A under Miscellaneous Expenses that exceed 2% of your AGI. Read the following for more information:
http://www.irs.gov/publications/p529/ar02.html
Other Expenses
You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2%-of-adjusted-gross-
income limit. On Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 11, you can deduct expenses that you pay:
To produce or collect income that must be included in your gross income,
To manage, conserve, or maintain property held for producing such income, or
To determine, contest, pay, or claim a refund of any tax.
You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonable and closely related to these purposes.
These other expenses include the following items.
Appraisal fees for a casualty loss or charitable contribution.
Casualty and theft losses from property used in performing services as an employee.
Clerical help and office rent in caring for investments.
Depreciation on home computers used for investments.
Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust.
Fees to collect interest and dividends.
Hobby expenses, but generally not more than hobby income.
Indirect miscellaneous deductions from pass-through entities.
Investment fees and expenses.
Legal fees related to producing or collecting taxable income or getting tax advice.
Loss on deposits in an insolvent or bankrupt financial institution.
Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed to you.
Repayments of income.
Repayments of social security benefits.
Safe deposit box rental.
Service charges on dividend reinvestment plans.
Tax advice fees.
Trustee's fees for your IRA, if separately billed and paid.
If the expenses you pay produce income that is only partially taxable, see Tax-Exempt Income Expenses, later, under Nondeductible Expenses.
You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2%-of-adjusted-gross-
income limit. On Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 11, you can deduct expenses that you pay:
To produce or collect income that must be included in your gross income,
To manage, conserve, or maintain property held for producing such income, or
To determine, contest, pay, or claim a refund of any tax.
You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonable and closely related to these purposes.
These other expenses include the following items.
Appraisal fees for a casualty loss or charitable contribution.
Casualty and theft losses from property used in performing services as an employee.
Clerical help and office rent in caring for investments.
Depreciation on home computers used for investments.
Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust.
Fees to collect interest and dividends.
Hobby expenses, but generally not more than hobby income.
Indirect miscellaneous deductions from pass-through entities.
Investment fees and expenses.
Legal fees related to producing or collecting taxable income or getting tax advice.
Loss on deposits in an insolvent or bankrupt financial institution.
Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed to you.
Repayments of income.
Repayments of social security benefits.
Safe deposit box rental.
Service charges on dividend reinvestment plans.
Tax advice fees.
Trustee's fees for your IRA, if separately billed and paid.
If the expenses you pay produce income that is only partially taxable, see Tax-Exempt Income Expenses, later, under Nondeductible Expenses.
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1099
in your original post you didn't say whether it was 8 ball or 9 ball and you didn't include your case i used the 8 ball payouts. So my bad on that one from incomplete info. on your post.
you didn't mention the additional 200 or the case or the cash for travel.
you made it sound to everyone that you got a jacket a cue and 100 bucks and you were getting a 1099 for 1050 which now we find out that the 1099 was dead on except for the question of the outlaw cue and that won't be more than 100 off if at all.
the fact that it was a commemorative cue makes the cost higher.
I am very familiar with flights from raleigh to vegas and yes you will most likely find one for around 300 on a regular basis. maybe not right when you booked yours but they will be there.
congratulations on your teams win and i am sure you will once again have a great time at an APA event.
We will have to look each other up in April or August as i will be out there at both times.
a 1099 isn't a big deal, especially for an amount that small.
See you in Vegas
in your original post you didn't say whether it was 8 ball or 9 ball and you didn't include your case i used the 8 ball payouts. So my bad on that one from incomplete info. on your post.
you didn't mention the additional 200 or the case or the cash for travel.
you made it sound to everyone that you got a jacket a cue and 100 bucks and you were getting a 1099 for 1050 which now we find out that the 1099 was dead on except for the question of the outlaw cue and that won't be more than 100 off if at all.
the fact that it was a commemorative cue makes the cost higher.
I am very familiar with flights from raleigh to vegas and yes you will most likely find one for around 300 on a regular basis. maybe not right when you booked yours but they will be there.
congratulations on your teams win and i am sure you will once again have a great time at an APA event.
We will have to look each other up in April or August as i will be out there at both times.
a 1099 isn't a big deal, especially for an amount that small.
See you in Vegas