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#1
12-04-2006, 03:27 PM
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Turbo Tax
I would like to use Turbo Tax because it seems simple,cheap and a time saver, but I dont know if it can handle poker income correctly. Have any of you guys who have jobs + poker income used soley Turbo Tax in the past to do your taxes? Im cool with paying my fair share and I really dont want an audit or any kind of fraud charges to worry about.
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#3
12-04-2006, 05:29 PM
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Re: Turbo Tax
I use TurboTax and it it fine. You still have to do your own session tracking, and come up with these 2 numbers: the total winnings of all your winning sessions + bonuses + rakeback, and the total losses of all your losing sessions.
-Tom
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#4
12-04-2006, 08:14 PM
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Re: Turbo Tax
Thx for the reply Tom. Just to clarify, TT will not ask me for a day by day break down for poker correct? Just the totals. Is that 'legal' with the IRS?
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#5
12-05-2006, 09:08 AM
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Re: Turbo Tax
disclaimer: i am not an accountant etc.
i've used turbo tax for two years and you just enter the two numbers (net win and net loss); i am 99% certain you are only obligated to provide records if audited, they are not part of a normal tax return (online or paper)
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#6
12-05-2006, 10:02 AM
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Re: Turbo Tax
[ QUOTE ]
disclaimer: i am not an accountant etc. i've used turbo tax for two years and you just enter the two numbers (net win and net loss); i am 99% certain you are only obligated to provide records if audited, they are not part of a normal tax return (online or paper) [/ QUOTE ] You just add the gambling winnings on 1 page and the losses on another. You will need to keep your detailed records if you are audited. If you can walk and talk at the same time you can use TT. [img]/images/graemlins/tongue.gif[/img]
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#7
12-06-2006, 10:52 AM
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Re: Turbo Tax
[ QUOTE ]
Thx for the reply Tom. Just to clarify, TT will not ask me for a day by day break down for poker correct? Just the totals. Is that 'legal' with the IRS? [/ QUOTE ] It just asks for the 2 numbers. You can use "Supporting Details" if you want to store your session wins and losses, but you're better off using a spreadsheet or other tool. -Tom
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#8
12-06-2006, 11:21 AM
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Re: Turbo Tax
[ QUOTE ]
[ QUOTE ] disclaimer: i am not an accountant etc. i've used turbo tax for two years and you just enter the two numbers (net win and net loss); i am 99% certain you are only obligated to provide records if audited, they are not part of a normal tax return (online or paper) [/ QUOTE ] You just add the gambling winnings on 1 page and the losses on another. You will need to keep your detailed records if you are audited. If you can walk and talk at the same time you can use TT. [img]/images/graemlins/tongue.gif[/img] [/ QUOTE ] this is all correct
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#9
12-06-2006, 11:48 AM
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Re: Turbo Tax
Disclaimer : I am an Accountant.
Turbo Tax is easy and pretty self explanatory. It is wise to keep a tracker of all of your sessions and wins/losses, but this does not need to be submitted with you tax return. Just enter your net winnings on the appropriate line. Keep detailed records in case you do get audited.
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#10
12-06-2006, 12:09 PM
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Re: Turbo Tax
[ QUOTE ]
I would like to use Turbo Tax because it seems simple,cheap and a time saver, but I dont know if it can handle poker income correctly. Have any of you guys who have jobs + poker income used soley Turbo Tax in the past to do your taxes? Im cool with paying my fair share and I really dont want an audit or any kind of fraud charges to worry about. [/ QUOTE ] I [img]/images/graemlins/heart.gif[/img] TTax. Its all I need. I use the online version and e-file. Life is so easy. Indy
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