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#1
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Retirement accounts for poker players?
This is probably a personal finance 101 question, but...
If poker is your sole source of income, what -- if any -- retirement accounts can you create to defer paying taxes on gambling winnings? As I understand it, you aren't allowed to fund a Roth IRA account with gambling winnings. Is this true for all retirement accounts? Does it matter whether you claim gambling winnings as "Other Income" on your taxes or whether you file as a professional gambler? What kinds of retirements accounts can you create if you're self-employed? |
#2
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Re: Retirement accounts for poker players?
You can get a ROTH IRA as long as it is income.
You can also get SEP-IRA. |
#3
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Re: Retirement accounts for poker players?
I am not sure what you mean by "income." Do gambling winning count? If so, that contradicts what I have heard. Or does it depend on how you file your taxes?
This stuff makes my head hurt. Say someone made over $100,000 playing poker, so he is not eligible for a Roth IRA. He does not plan to file as a professional gambler. Can he fund an SEP-IRA account with some of these winnings? |
#4
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Re: Retirement accounts for poker players?
[ QUOTE ]
I am not sure what you mean by "income." Do gambling winning count? If so, that contradicts what I have heard. Or does it depend on how you file your taxes? This stuff makes my head hurt. Say someone made over $100,000 playing poker, so he is not eligible for a Roth IRA. He does not plan to file as a professional gambler. Can he fund an SEP-IRA account with some of these winnings? [/ QUOTE ] no not from gambling winnings, it must be earned income. |
#5
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Re: Retirement accounts for poker players?
[ QUOTE ]
no not from gambling winnings, it must be earned income. [/ QUOTE ] Not true. Poker earnings are earned income |
#6
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Re: Retirement accounts for poker players?
[ QUOTE ]
[ QUOTE ] no not from gambling winnings, it must be earned income. [/ QUOTE ] Not true. Poker earnings are earned income [/ QUOTE ] 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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