Re: IRS Withholding on US Tournament Winnings Starts in 2008
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What am I missing? Is this even an issue? If you go onto "Who Wants to be a Millionaire" and win $250,000, I can assure you you do not pocket the whole $250,000. Uncle gets his take right up front.
A lot of folks that are not on a regular salary get withholding taken out.
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The problem is that for professional poker player, when they hit a 'big score like $250,000' it's not all winnings.
Most of it has to cover the entries of tournaments where they didn't win anything. But if the IRS is keeping a big chunk of the bankroll, it's difficult to do so.
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