#11
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Re: Retirement accounts for poker players?
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[ QUOTE ] well the original poster wanted to know whether a non-pro could have a retirement account from the gambling winnings. I don't see any ruling where a non-pro could have a retirement account. [/ QUOTE ] Since I'm not an expert, I might be way off, but I don't see how being a pro vs. non-pro changes the nature of the income, as it is still legally "earned income." [/ QUOTE ] no, if you are a non-pro then it is gambling winnings. it doesnt matter if technically it is income, it matters how it is classified on your tax return. just file as a pro, if you have made enough money that you are considering starting retirement accounts then you should be filing as a pro. Its the "correct" way to file, and therefore *hopefully* the way that is less likely to get you audited. |
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