Re: Ways of reporting poker winnings
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You may not have done this right. With the schedule C you will also get to take the standard deduction of ~$5,000. If you take the schedule A route, you will eat up the standard deduction.
Out of curiosity, what did you use to figure out your taxes?
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Downloaded the forms and figured it myself by hand.
When using schedule C I did take the standard deduction of $5150 but SE taxes on my $8290 in schedule c (poker) income was $1171!
When I do it the schedule A way, I take an itemized deduction of $25,340 instead of the standard deduction and do not pay anything in SE taxes.
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