Got my tax return yesterday!

[pclstyle]

Originally posted by: Queasy
You didn't get a tax return. You got back what you overpaid to the government.

yes, yes, that was already brought up various times.

 

[Kev]

Originally posted by: crownjules

Originally posted by: pclstyle

Originally posted by: Kev
I had to pay 150 to state and 450 to federal because of stupid poker taxes

Oh wait that means I had poker wins

what I didn't realize about online poker- they don't just tax you for the money you walk away from the table with- you're taxed for ALL of your winnings during the entire session. So you could have won 1500 but lost 2k, putting you 500 under- and you'd still be taxed for the full 1500.

Huh? How in the world does that work? I realize that taxes are on earned income, and so in your example situation you "earned" $1500 before losing it plus another $500. Is there a way in your taxes to report losses and have those count as a credit or something? Just interested in case at some point in the future my winnings become significant to actually report on taxes.

He is wrong, with gambling you declare all your winnings as income and deduct losses as itemized deducitons. So your gross income is higher but it pretty much works the same. It's pretty fvcking stupid though, and extremely irritating because I have to keep a diary of every winning/losing session.

 

[Kev]

Originally posted by: pclstyle

Originally posted by: crownjules

Originally posted by: pclstyle

Originally posted by: Kev
I had to pay 150 to state and 450 to federal because of stupid poker taxes

Oh wait that means I had poker wins

what I didn't realize about online poker- they don't just tax you for the money you walk away from the table with- you're taxed for ALL of your winnings during the entire session. So you could have won 1500 but lost 2k, putting you 500 under- and you'd still be taxed for the full 1500.

Huh? How in the world does that work? I realize that taxes are on earned income, and so in your example situation you "earned" $1500 before losing it plus another $500. Is there a way in your taxes to report losses and have those count as a credit or something? Just interested in case at some point in the future my winnings become significant to actually report on taxes.

Well, that's how it worked for me at least. There was a sub-note about how you could "mention" your losses because of "reinvestment" and "recycling" of funds, but there was nothing solid IIRC. H&R Block didn't seem to be able to do anything about it either.

Fortunately for me, it wasn't 1500/2000, it was more like 700/580. But that was already enough of a turnoff for me, since it had been the now ex-girlfriend playing on my account, under my SS #, etc.

dude, you f'd up.

 

[kogase]

Originally posted by: pclstyle

Originally posted by: Queasy
You didn't get a tax return. You got back what you overpaid to the government.

yes, yes, that was already brought up various times.

He insists on posting that over and over again in every thread about taxes so we all know what he thinks... *golf clap*

 

[pclstyle]

Originally posted by: Kev

Originally posted by: crownjules

Originally posted by: pclstyle

Originally posted by: Kev
I had to pay 150 to state and 450 to federal because of stupid poker taxes

Oh wait that means I had poker wins

what I didn't realize about online poker- they don't just tax you for the money you walk away from the table with- you're taxed for ALL of your winnings during the entire session. So you could have won 1500 but lost 2k, putting you 500 under- and you'd still be taxed for the full 1500.

Huh? How in the world does that work? I realize that taxes are on earned income, and so in your example situation you "earned" $1500 before losing it plus another $500. Is there a way in your taxes to report losses and have those count as a credit or something? Just interested in case at some point in the future my winnings become significant to actually report on taxes.

He is wrong, with gambling you declare all your winnings as income and deduct losses as itemized deducitons. So your gross income is higher but it pretty much works the same. It's pretty fvcking stupid though, and extremely irritating because I have to keep a diary of every winning/losing session.

Hmm, thanks for that info. Like I said, that was in my case. They were pretty vague when they sent me the receipt to be filed, and H&R didn't seem to be able/want to do anything about deductions. But my gross winnings/losses was relatively insignificant anyway, so I don't feel too bent up about it.

 

[rh71]

Between my wife and I, we had to pay $300 total. Not a big but tax returns in the past were so nice for us. "Thanks for giving us our money back" nice.

 

[Gibson486]

I did my state on friday and I got it today that was really fast

 

[FeuerFrei]

I'm only getting around $300. I hope to buy this mp3 player.
Probably won't get the check for another month or so.

 

[JS80]

Originally posted by: pclstyle

Originally posted by: Kev
I had to pay 150 to state and 450 to federal because of stupid poker taxes

Oh wait that means I had poker wins

what I didn't realize about online poker- they don't just tax you for the money you walk away from the table with- you're taxed for ALL of your winnings during the entire session. So you could have won 1500 but lost 2k, putting you 500 under- and you'd still be taxed for the full 1500.

What dumb ass ONLINE poker site sent you a 1099-G?

 

[Trey22]

Paid over $1600 to the state... Fed gave me back $186. No splurging.

 

[Kev]

Originally posted by: pclstyle

Originally posted by: Kev

Originally posted by: crownjules

Originally posted by: pclstyle

Originally posted by: Kev
I had to pay 150 to state and 450 to federal because of stupid poker taxes

Oh wait that means I had poker wins

what I didn't realize about online poker- they don't just tax you for the money you walk away from the table with- you're taxed for ALL of your winnings during the entire session. So you could have won 1500 but lost 2k, putting you 500 under- and you'd still be taxed for the full 1500.

Huh? How in the world does that work? I realize that taxes are on earned income, and so in your example situation you "earned" $1500 before losing it plus another $500. Is there a way in your taxes to report losses and have those count as a credit or something? Just interested in case at some point in the future my winnings become significant to actually report on taxes.

He is wrong, with gambling you declare all your winnings as income and deduct losses as itemized deducitons. So your gross income is higher but it pretty much works the same. It's pretty fvcking stupid though, and extremely irritating because I have to keep a diary of every winning/losing session.

Hmm, thanks for that info. Like I said, that was in my case. They were pretty vague when they sent me the receipt to be filed, and H&R didn't seem to be able/want to do anything about deductions. But my gross winnings/losses was relatively insignificant anyway, so I don't feel too bent up about it.

You probably came out ahead by not itemizing deductions with such a low amount of winnings, because if you itemize you lose the standard deduction.

 

[Kev]

Originally posted by: JS80

Originally posted by: pclstyle

Originally posted by: Kev
I had to pay 150 to state and 450 to federal because of stupid poker taxes

Oh wait that means I had poker wins

what I didn't realize about online poker- they don't just tax you for the money you walk away from the table with- you're taxed for ALL of your winnings during the entire session. So you could have won 1500 but lost 2k, putting you 500 under- and you'd still be taxed for the full 1500.

What dumb ass ONLINE poker site sent you a 1099-G?

none of them do, but if you get audited and they see 10,000 bucks coming from neteller that you didn't declare, you are fvcked.

 

[Schfifty Five]

Originally posted by: Queasy
You didn't get a tax return. You got back what you overpaid to the government.

So then the name tax return would be suitable no? Stop trying to be a smartass.

 

[whistleclient]

Originally posted by: pclstyle
Guess those charities and other misc. writeoffs really paid off this year. Am I one of the few smiling?



If you're - what are you splurging on? (plasma tv, cpu upgrade, paying some bills, emigrant)

If you're - what are you cutting back on? (child's tuition, food, "guess that vacation has to wait till '09")

you do realize that if you got a big return, that just means you estimated your taxes incorrectly and gave the government an interest free loan for a year of your money, right? it's not "free money" as many people seem to view it...

 

[pclstyle]

Originally posted by: tangent1138

Originally posted by: pclstyle
Guess those charities and other misc. writeoffs really paid off this year. Am I one of the few smiling?



If you're - what are you splurging on? (plasma tv, cpu upgrade, paying some bills, emigrant)

If you're - what are you cutting back on? (child's tuition, food, "guess that vacation has to wait till '09")

you do realize that if you got a big return, that just means you estimated your taxes incorrectly and gave the government an interest free loan for a year of your money, right? it's not "free money" as many people seem to view it...

repost x 999102390129384710923857

copy/paste riposte: Well, I look at them usually like a little extra something that I didn't factor into my bills, private investments, 401k, along with all those other misc. automated payments that nibble at your paycheck. So if it's a refund: when it comes, I see it as a little flex money that I wasn't completely aware of, is not necessary for my survival, and am thus a little more liberal about spending.

 

[Kev]

Originally posted by: pclstyle

Originally posted by: tangent1138

Originally posted by: pclstyle
Guess those charities and other misc. writeoffs really paid off this year. Am I one of the few smiling?



If you're - what are you splurging on? (plasma tv, cpu upgrade, paying some bills, emigrant)

If you're - what are you cutting back on? (child's tuition, food, "guess that vacation has to wait till '09")

you do realize that if you got a big return, that just means you estimated your taxes incorrectly and gave the government an interest free loan for a year of your money, right? it's not "free money" as many people seem to view it...

repost x 999102390129384710923857

copy/paste riposte: Well, I look at them usually like a little extra something that I didn't factor into my bills, private investments, 401k, along with all those other misc. automated payments that nibble at your paycheck. So if it's a refund: when it comes, I see it as a little flex money that I wasn't completely aware of, is not necessary for my survival, and am thus a little more liberal about spending.

I just hope you realize that it's just money that you overpaid to the government. To put it another way, you were giving the government an interest free loan. In summary, it is not free money. Did I mention how smart I am? In case you couldn't tell from the first three sentences, I am very smart. Very smart indeed.

 

[Digobick]

Owed $600 to Federal, and another $600 to state.

However, I won't be cutting back on anything; instead, I'll just have my company take out an extra $100+ for taxes each month.

 

[zanieladie]

Originally posted by: pclstyle

Originally posted by: Kev
I had to pay 150 to state and 450 to federal because of stupid poker taxes

Oh wait that means I had poker wins

what I didn't realize about online poker- they don't just tax you for the money you walk away from the table with- you're taxed for ALL of your winnings during the entire session. So you could have won 1500 but lost 2k, putting you 500 under- and you'd still be taxed for the full 1500.

Wow...just another reason for me to stay away from on-line gambling.

 

[Schfifty Five]

Originally posted by: Kev

Originally posted by: pclstyle

Originally posted by: tangent1138

Originally posted by: pclstyle
Guess those charities and other misc. writeoffs really paid off this year. Am I one of the few smiling?



If you're - what are you splurging on? (plasma tv, cpu upgrade, paying some bills, emigrant)

If you're - what are you cutting back on? (child's tuition, food, "guess that vacation has to wait till '09")

you do realize that if you got a big return, that just means you estimated your taxes incorrectly and gave the government an interest free loan for a year of your money, right? it's not "free money" as many people seem to view it...

repost x 999102390129384710923857

copy/paste riposte: Well, I look at them usually like a little extra something that I didn't factor into my bills, private investments, 401k, along with all those other misc. automated payments that nibble at your paycheck. So if it's a refund: when it comes, I see it as a little flex money that I wasn't completely aware of, is not necessary for my survival, and am thus a little more liberal about spending.

I just hope you realize that it's just money that you overpaid to the government. To put it another way, you were giving the government an interest free loan. In summary, it is not free money. Did I mention how smart I am? In case you couldn't tell from the first three sentences, I am very smart. Very smart indeed.

LOL, yes you are very smart.

But I think you forgot to mention to the OP that he basically was giving the government an interest free loan. And that it was his money to begin with.