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#1
10-30-2007, 01:34 AM
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SEP-IRA for professional poker players
I'm thinking this is a MUST for those who file as professionals, ie self-employed. You can make tax-deductible contributions up to 25% of your compensation (profit) yearly. That's pretty huge isn't it? Any reason NOT to set one up?
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#2
10-30-2007, 01:39 AM
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Re: SEP-IRA for professional poker players
[ QUOTE ]
I'm thinking this is a MUST for those who file as professionals, ie self-employed. You can make tax-deductible contributions up to 25% of your compensation (profit) yearly. That's pretty huge isn't it? Any reason NOT to set one up? [/ QUOTE ] When you don't have too much cash laying around.
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#3
10-30-2007, 03:26 AM
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Re: SEP-IRA for professional poker players
It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't.
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#4
10-30-2007, 11:03 AM
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Re: SEP-IRA for professional poker players
[ QUOTE ]
It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't. [/ QUOTE ] Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me. Krishan
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#5
10-30-2007, 12:07 PM
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Re: SEP-IRA for professional poker players
[ QUOTE ]
[ QUOTE ] It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't. [/ QUOTE ] Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me. Krishan [/ QUOTE ] Wtf? You are contributing for 2008 already? Vanguard only gives me 2006 and 2007 as options... how is this possible?
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#6
10-30-2007, 12:28 PM
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Re: SEP-IRA for professional poker players
[ QUOTE ]
[ QUOTE ] [ QUOTE ] It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't. [/ QUOTE ] Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me. Krishan [/ QUOTE ] Wtf? You are contributing for 2008 already? Vanguard only gives me 2006 and 2007 as options... how is this possible? [/ QUOTE ] Typo, meant '07. Krishan
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#7
10-31-2007, 09:03 AM
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Re: SEP-IRA for professional poker players
[ QUOTE ]
[ QUOTE ] [ QUOTE ] It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't. [/ QUOTE ] Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me. Krishan [/ QUOTE ] Wtf? You are contributing for 2008 already? Vanguard only gives me 2006 and 2007 as options... how is this possible? [/ QUOTE ] Seeing as we are approaching 2008, how is 2006 still an option for contribution? Also, is opening an SEP IRA anymore complicated than say opening a brokerage account at vanguard and then pointing and clicking?
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#8
10-31-2007, 01:10 PM
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Re: SEP-IRA for professional poker players
I know this has been discussed at length and I'm pretty sure I know the answer, but I'll ask it again anyways:
I am a full time student with no other income besides poker. I am currently investing in various index funds. I am not eligible for a retirement account, (IRA, 401k etc) since my income is not considered "earned" by the IRS. So basically I am stuck with my index funds until I graduate and get a real job, correct?
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