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1arrowheaddr
1arrowheaddr
1arrowheaddr
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July 22nd, 2014 at 2:07:55 PM permalink
Can someone become a professional gambler mid-year? If they had been a recreational gambler up to that point.
Buzzard
Buzzard
Buzzard
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July 22nd, 2014 at 2:16:03 PM permalink
Sorry,July 18 was the cut off date. You can reapply after Nov. 16 for 2015.
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
DRich
DRich
DRich
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July 22nd, 2014 at 2:23:03 PM permalink
Quote: 1arrowheaddr

Can someone become a professional gambler mid-year? If they had been a recreational gambler up to that point.



I believe you can as long as the majority of your income for the whole year came from gambling. Don't forget you will have to pay about 8% of your income for FICA and Medicare.
At my age, a "Life In Prison" sentence is not much of a deterrent.
Boz
Boz
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July 22nd, 2014 at 2:36:56 PM permalink
Quote: DRich

I believe you can as long as the majority of your income for the whole year came from gambling. Don't forget you will have to pay about 8% of your income for FICA and Medicare.




Are you an IRS agent or just a do-goodie trying to make sure everyone supports a system that punishes hard work and risk taking to better ones life so the pyramid can support those unwilling to do the same?
OnceDear
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OnceDear
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July 22nd, 2014 at 2:39:48 PM permalink
Aw C'mon. The OP was clearly asking from an IRS perspective, so what's wrong answering him fully in the same vein?
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
Boz
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July 22nd, 2014 at 2:47:10 PM permalink
Quote: OnceDear

Aw C'mon. The OP was clearly asking from an IRS perspective, so what's wrong answering him fully in the same vein?




Just a deeper question on the system and how unfair it is. Probably not the right place for it but most agree it punishes risk takers and rewards those who never strive for more. SS is just more of the same. At least they put a cap on it, something liberals want to remove.
DRich
DRich
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July 22nd, 2014 at 3:56:24 PM permalink
Quote: Boz

Are you an IRS agent or just a do-goodie trying to make sure everyone supports a system that punishes hard work and risk taking to better ones life so the pyramid can support those unwilling to do the same?



Huh?? Everyone that files as a professional gambler has to pay self employment taxes. I am pretty sure if you filed as a professional gambler and didn't pay any FICA that would be an automatic audit flag.

It sounds like you need to read Marissa's book.
At my age, a "Life In Prison" sentence is not much of a deterrent.
AxiomOfChoice
AxiomOfChoice
AxiomOfChoice
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July 22nd, 2014 at 4:15:37 PM permalink
Quote: DRich

Huh?? Everyone that files as a professional gambler has to pay self employment taxes.



I think you mean, everyone who is self employed has to pay self employment taxes.

Quote:

I am pretty sure if you filed as a professional gambler and didn't pay any FICA that would be an automatic audit flag.



Would they even audit you? If you make an obvious mistake like that on your return don't they just correct it and send it back to you?
DRich
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July 22nd, 2014 at 4:23:35 PM permalink
Quote: AxiomOfChoice

I think you mean, everyone who is self employed has to pay self employment taxes.



Would they even audit you? If you make an obvious mistake like that on your return don't they just correct it and send it back to you?



Yes, of course all people filing as self employed would have to.

I don't know exactly how it would go down. When I forgot to claim some W2G's a letter audit was started.
At my age, a "Life In Prison" sentence is not much of a deterrent.
mickeycrimm
mickeycrimm
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July 22nd, 2014 at 7:23:59 PM permalink
you have to pay the employee's and the employer's side of FICA. It's more like 15.5% for everything above like $4000, I think.
"Quit trying your luck and start trying your skill." Mickey Crimm
AxiomOfChoice
AxiomOfChoice
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July 22nd, 2014 at 7:30:05 PM permalink
Quote: mickeycrimm

you have to pay the employee's and the employer's side of FICA. It's more like 15.5% for everything above like $4000, I think.



Right.

Basically, payroll taxes are split between you and your employer. If you employ yourself you have to pay both parts.
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