#1
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IRA and Poker
Am I correct in my understanding that you cannot use your place your poker winnings into an IRA? Anything you can do?
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#2
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Re: IRA and Poker
[ QUOTE ]
Am I correct in my understanding that you cannot use your place your poker winnings into an IRA? Anything you can do? [/ QUOTE ] depends on how you file taxes. Do you file as a small business? KRishan |
#3
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Re: IRA and Poker
Nope, I filed as a student/dependent that made some money playing poker.
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#4
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Re: IRA and Poker
[ QUOTE ]
Nope, I filed as a student/dependent that made some money playing poker. [/ QUOTE ] Then no. Your money wasn't earned income. |
#5
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Re: IRA and Poker
You will need to file as a a pro and not go over the max to put money in an IRA.
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#6
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Re: IRA and Poker
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You will need to file as a a pro and not go over the max to put money in an IRA. [/ QUOTE ] You do need to file as a pro and pay SE tax. However, there is no MAX you can not go over. If you are not a participant in a pension plan then you income can be any amount and you are stilleligible for an IRA. |
#7
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Re: IRA and Poker
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If you are not a participant in a pension plan then you income can be any amount and you are stilleligible for an IRA. [/ QUOTE ] ROTH IRAs have a MAGI limit for contributing. Traditional IRAs have a MAGI limit that affects whether your contributions are deductable (provided you're in a pension plan). |
#8
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Re: IRA and Poker
[ QUOTE ]
[ QUOTE ] If you are not a participant in a pension plan then you income can be any amount and you are stilleligible for an IRA. [/ QUOTE ] ROTH IRAs have a MAGI limit for contributing. Traditional IRAs have a MAGI limit that affects whether your contributions are deductable (provided you're in a pension plan). [/ QUOTE ] SEP-IRA. There is no income limit and you can save up to $45k/year. |
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