IRA and Poker

rainonacongadrum · #1 06-06-2007, 05:43 PM

Am I correct in my understanding that you cannot use your place your poker winnings into an IRA? Anything you can do?

krishan · #2 06-06-2007, 05:56 PM

[ QUOTE ]
Am I correct in my understanding that you cannot use your place your poker winnings into an IRA? Anything you can do?

[/ QUOTE ]

depends on how you file taxes. Do you file as a small business?

KRishan

rainonacongadrum · #3 06-06-2007, 10:36 PM

Nope, I filed as a student/dependent that made some money playing poker.

TheMetetron · #4 06-07-2007, 12:02 AM

[ QUOTE ]
Nope, I filed as a student/dependent that made some money playing poker.

[/ QUOTE ]

Then no. Your money wasn't earned income.

Pokeraddict · #5 06-07-2007, 07:21 AM

You will need to file as a a pro and not go over the max to put money in an IRA.

rocketplayer · #6 06-09-2007, 12:19 AM

[ QUOTE ]
You will need to file as a a pro and not go over the max to put money in an IRA.

[/ QUOTE ]

You do need to file as a pro and pay SE tax.

However, there is no MAX you can not go over. If you are not a participant in a pension plan then you income can be any amount and you are stilleligible for an IRA.

BradleyT · #7 06-09-2007, 12:58 PM

[ QUOTE ]
If you are not a participant in a pension plan then you income can be any amount and you are stilleligible for an IRA.

[/ QUOTE ]

ROTH IRAs have a MAGI limit for contributing.
Traditional IRAs have a MAGI limit that affects whether your contributions are deductable (provided you're in a pension plan).

TheMetetron · #8 06-09-2007, 07:27 PM

[ QUOTE ]
[ QUOTE ]
If you are not a participant in a pension plan then you income can be any amount and you are stilleligible for an IRA.

[/ QUOTE ]

ROTH IRAs have a MAGI limit for contributing.
Traditional IRAs have a MAGI limit that affects whether your contributions are deductable (provided you're in a pension plan).

[/ QUOTE ]

SEP-IRA. There is no income limit and you can save up to $45k/year.