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Old 11-20-2006, 02:54 PM
JKratzer JKratzer is offline
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Join Date: Oct 2003
Location: not necessarily stoned, but beautiful
Posts: 3,448
Default Re: Retirement accounts for poker players?

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no not from gambling winnings, it must be earned income.

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Not true. Poker earnings are earned income

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so then does this guy also have to pay self-employment taxes, because if so then he is basically filing as a pro.

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yes. i met with a cpa recently and we decided i'm going to be filing as a pro poker player. the best way for me to do this (could be different depending on your situation) was for me to be the sole proprieter of my own business. so i have to pay self-employment tax and social security and stuff like that. but then i can also take deductions for business related stuff, like my computer costs, or interent costs or travel expenses if i go to a casino to play poker, etc. probably worth it to meet with someone yourself to find out the best thing for you to do. i'm gong to be setting up a SEP IRA account, which is nice because you can put a lot more into it than a normal roth ira.
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