Details for WSOP Circuit Event August 29, 2007 thru September 13, 2007 - Page 2

NickMPK · #11 08-07-2007, 09:02 PM

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I got a $49 room for 8\29 and 8\30, but they quoted me a $200+ room rate for the Friday and Saturday on Labor Day weekend. So going off site for those days. I booked my room about 3 weeks ago.

Do anyone know if they award a ring for the $300 event? I want one of those. lol

Are they still going to give 1099Gs for barley getting in the money? Really iratated me last year when I cashed $700 on a $330 buy in as was taxed on $700.

Also, they do not seem to be advertising it near as much as last year. Hope the turn out is as good.

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They don't withhold money for taxes, do they? Don't they just give you a form stating how much you won? No matter what the form says, you are only legally responsible for your actual winnings (in this case $370). You might want to save your entry receipt as evidence of the buy-in amount if the 1099 doesn't say so.

whymelord · #12 08-07-2007, 09:11 PM

Yes, they withheld some for MS income tax (which I could have gotten back if I tried since I don't live in MS) which was only about $20 or so, but then of course I lost my tournement recipt so winding up paying taxes on the whole whopping $721. Good thing I s&^k a poker and didn't make any other taxable cashes.

RR · #13 08-07-2007, 09:42 PM

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Yes, they withheld some for MS income tax (which I could have gotten back if I tried since I don't live in MS) which was only about $20 or so, but then of course I lost my tournement recipt so winding up paying taxes on the whole whopping $721. Good thing I s&^k a poker and didn't make any other taxable cashes.

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I left MS in 2005 so they mighit have changed it, but the MS tax is nonrefundable. It used to be 5% and you could get it back and they changed it to a 3% "fee" (non-refundable).

whymelord · #14 08-07-2007, 09:56 PM

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I left MS in 2005 so they mighit have changed it, but the MS tax is nonrefundable. It used to be 5% and you could get it back and they changed it to a 3% "fee" (non-refundable).

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Humm, I suspect you are correct since it was 3%.....good thing I didn't waste my time trying to get it back. I had the impression I could, maybe he wanted me to think that since he could tell I was P0'd about the "fee", the 1099G, and the bad beat I had just taken [img]/images/graemlins/tongue.gif[/img] .

CincyLady · #15 08-08-2007, 01:59 PM

Wow, they (Tunica casinos)tax you for state taxes? They used to do that in Indiana, until some players filed a lawsuit against the casinos. Now they don't take any taxes out.

tippy · #16 08-08-2007, 03:33 PM

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Wow, they (Tunica casinos)tax you for state taxes? They used to do that in Indiana, until some players filed a lawsuit against the casinos. Now they don't take any taxes out.

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The 3% you are talking about is Mississippi State Tax. The way you do it is you can write it off against your home states income tax when you compute your refund in your home state. My home state was Alabama, which had a section on the back of the form 10-40 to apply tax paid to other states toward what you owed Alabama. Other states may differ on how they handle it. Of course it isn't really a refund of the money, just an offset. Every little bit helps though.

whymelord · #17 08-08-2007, 09:24 PM

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Wow, they (Tunica casinos)tax you for state taxes? They used to do that in Indiana, until some players filed a lawsuit against the casinos. Now they don't take any taxes out.

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The 3% you are talking about is Mississippi State Tax. The way you do it is you can write it off against your home states income tax when you compute your refund in your home state. My home state was Alabama, which had a section on the back of the form 10-40 to apply tax paid to other states toward what you owed Alabama. Other states may differ on how they handle it. Of course it isn't really a refund of the money, just an offset. Every little bit helps though.

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Makes sense, maybe I can use that info next time [img]/images/graemlins/smile.gif[/img] , I just know that I had to pay that last year at the WSOP $330 game with a $720 win at the Grand in 2006. A few months after that at the Gold Strike a $800 win on a $100 entry fee and I paid nothing. Hope someone will explain.

JohnnyGroomsTD · #18 08-09-2007, 12:45 AM

The difference is the interpretation of tax code. MGM/Mirage legal has a different interpretation of tax code than Harrah's corporate legal.

whymelord · #19 08-09-2007, 01:47 PM

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The difference is the interpretation of tax code. MGM/Mirage legal has a different interpretation of tax code than Harrah's corporate legal.

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I think what you are saying is that Harrah's interpets it as any $600 or more win regardless of amount wagered and MGM/Mirage interpets it as ($600 * bet amount) as the threshold for reporting/collecting taxes?

If so, no wonder everyone on this list seems down on Harrah's managment. That would seem to put the WSOP at a disadvantage to WPT when the events are held in the same area at the same time. (like in January in Tunica?)

JohnnyGroomsTD · #20 08-09-2007, 02:25 PM

No, The interpretation by MGM is that winnings are not taxed unless the player wins $5,000 over the initial buy-in. At that point, the 3% MS tax comes into effect. the 300-1 rule applies as well...