What is best option to invest my poker earnings.

ajizzle · #1 08-09-2007, 12:49 AM

i have a regular 9-5. make about $10k a year extra playing poker. i'm wondering if i can use this money to open a Keogh (not sure if poker constitutes self-employment) or IRA (not sure if poker counts as earned income). If not either of these, what are my best options for this extra money (any way to limit the amount of taxes i pay on it?)

emon87 · #2 08-09-2007, 04:45 AM

read the sticky. But poker only counts as self employed and earned income if you file as a pro gambler which you clearly don't. But you can invest the "poker $" in a ROTH or Trad IRA since you do have earned income.

gull · #3 08-09-2007, 03:28 PM

Yes, as long as you have earned income (from a job), you can put money in an IRA. It doesn't matter where the money came from.

I would recommend investing in index funds. They are well-diversified, low cost, and have higher returns/risk than a savings account.

Fishhead24 · #4 08-15-2007, 08:35 AM

Sorry gull, would have nothing to do with the stock market at this time..........even index funds or mutual funds.

This market has the potential to get very ugly and the risk is greater than anytime in the past 4 years.