Question about tournament payouts.
- Thread starter JMS
- Start date
What would make you think they wouldn't be responsible for income tax on their earnings, like the rest of us? Certainly they would be entitled to deduct all related expenses like entry fees and travel, but I can't believe they are exempt from income tax. I can't imagine why they would be.
Now, over the course of a year the overall tax may be minimal after all the related expenses for tournaments played in and not making it to the money are taken into account.
Now, over the course of a year the overall tax may be minimal after all the related expenses for tournaments played in and not making it to the money are taken into account.
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Where is Bobby Jindal?
Shouldnt he be in the picture with BO?
Taxes are due on ALL income. Whether it be earned in a foreign country or in the USA. Both Federal, and State are due on the profit.
You can Incorporate yourself and like a racehorse all cost assoicated with your ability to play. Food, housing, travel cost, anything out of pocket.
Get a good tax accountant, if you are winning BIG tournaments.
Smaller tourneys can hardly cover cost. Just keep your receipts.
Uhmmm yeah they gotta pay taxes. Always been that way, but what is it about the times we live in now that escapes you View attachment 148654 ???
Shouldnt he be in the picture with BO?
Taxes are due on ALL income. Whether it be earned in a foreign country or in the USA. Both Federal, and State are due on the profit.
You can Incorporate yourself and like a racehorse all cost assoicated with your ability to play. Food, housing, travel cost, anything out of pocket.
Get a good tax accountant, if you are winning BIG tournaments.
Smaller tourneys can hardly cover cost. Just keep your receipts.
Bobby ?? Hell no. He has been against everthing Obama is for. Mary Landrieu though.......oh yeah, when it doesn't hurt her politically.
If you make a dime, Uncle Sam wants his share.....not matter how you made it.
A sad but true fact of the IRS.
A sad but true fact of the IRS.
Yeppers! They gotta pay taxes. Just like the rest of us who don't shot pool as well as they do.
On the Seminole pro tour you have to fill out a w-9 to collect your winnings
Why? Did you not defer the taxes on that money when you put it in? That is the whole idea of an IRA, to defer the taxes until you take the money out.
What is pretty sad is that Social Security income is taxed since that money was not tax deferred when it was contributed.