Cashing out big amount?

dant734 · #1 07-30-2007, 05:28 PM

Ive been playing alot of MTT. I keep getting closer and closer to getting the big win. Anyways I was wondering if I get a check sent to me for a couple grand how do the taxes work? Im in the Unnited States so I know the government is gonna know I cashed this big check. Can anyone with exp in this issue help me out. thank you

0evg0 · #2 07-30-2007, 05:30 PM

1. Actually win the money
2. Withdraw in any manner
3. Deposit into bank
4. Spend money
5. ???
1. Profit

cabbagehead7 · #3 07-30-2007, 05:32 PM

hudge party for all of your friends

ianisakson · #4 07-30-2007, 05:32 PM

in terms of taxes, you're responsible for you own reporting. There is a subforum in regards to taxes if that is what you had a question about. There should be plenty of good information already out there. Best of luck on your big score.

ZJ123 · #5 07-30-2007, 05:35 PM

i have gotten a check for 20k from stars, prolly a mistake, but since i didnt lie on my taxes its all good.

BadgerPro · #6 07-30-2007, 05:42 PM

[ QUOTE ]
i have gotten a check for 20k from stars, prolly a mistake, but since i didnt lie on my taxes its all good.

[/ QUOTE ]

20k check? They never let me do more than a 5k check at a time.

As long as you're planning on reporting your winnings I wouldn't worry about cashing a big check. If you're not going to be reporting it then you're on your own as 2+2 won't allow us to let a thread go where people are giving out that kind of advice.

A_Junglen · #7 07-30-2007, 05:49 PM

Bank Wire.