Re: SE Tax Maximums?
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You should file as a hobbyist if you make more at your regular job, especially if you make a lot more, than at poker.
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The amt of money you make at different "for profit" activities isn't an issue. The nature of the income is the issue. If you make 200,000 a year as a lawyer and another 5,000 a year running a concession stand for 1 month at the fairgrounds, the 5,000 would most likely be subject to at least medicair tax and should be reported on schedule C. It doesn't matter how small an income you make, it matters if you run your activity the way a business man would and if you intend to make a profit.
Now, if you're playing poker in the same careless way that people buy lottery tickets, in other words, choosing the cards you play based on friend's birthdays, then you don't have to pay self employment tax, because you aren't treating poker as a business. YOu should treat it as gambling income and report your gross wins on the front of your return and your gross losses on schedule A. If your income from poker is truly gambling income, than I would label it as such, no need to be overly specific.
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