Live - SteveKerr - 2014 WSOP - June 12 to 19

compuease

BlondeFish;376911 wroteCan anybody confirm that if the cash was <$10K, e.g., $9,999, the WSOP won't deduct any taxes because the net profit after the buy-in is less than the $5K tax threshold?

Pretty sure is has been net profits all along, ie winnings after deduction of buyin.. This link seems to explain it plainly..

Poker Tournament Taxes Imposed? Recover Taxes On Poker Winnings

In your case there would be no withholding... cept at Seneca..:mad:

SteveKerr

everytime I have been taxed it is after the buy in is subtracted from the total payout.

If that is greater then $5,000 then you will be taxed on that, except at Seneca and Borgata

BlondeFish

So the 30% withholding tax can really screw up Canadians in trying to maximize their $EV! I'm having one of those "AHA" moments (or maybe it's just gas!), so I'm going to put on my thinking cap for the possibly big strategic implications when I play my first US tournament in five years (WPT 500), and maybe create a new thread later.

SteveKerr;376917 wroteeverytime I have been taxed it is after the buy in is subtracted from the total payout.

If that is greater then $5,000 then you will be taxed on that, except at Seneca and Borgata

westside8

BlondeFish;376923 wroteSo the 30% withholding tax can really screw up Canadians in trying to maximize their $EV! I'm having one of those "AHA" moments (or maybe it's just gas!), so I'm going to put on my thinking cap for the possibly big strategic implications when I play my first US tournament in five years (WPT 500), and maybe create a new thread later.

Retroactively looking, when I cashed in WSOPc, I basically got the nut worse finish because any payout less then what I got, I would've not paid withholding, and obviously anything higher is better so I netted the lowest amount possible

BlondeFish

Gross! :arghh: I have confirmed with the Aria TD that I can win up to $6,695 on Day 2 of the WPT 500 without being taxed (3 buy-ins), so if I'm lucky enough to cash, I may have to make "bad" plays to maximize my after-tax profit! :baffled:

westside8;376925 wroteRetroactively looking, when I cashed in WSOPc, I basically got the nut worse finish because any payout less then what I got, I would've not paid withholding, and obviously anything higher is better so I netted the lowest amount possible

westside8

BlondeFish;376926 wroteGross! :arghh: I have confirmed with the Aria TD that I can win up to $6,695 on Day 2 of the WPT 500 without being taxed (3 buy-ins), so if I'm lucky enough to cash, I may have to make "bad" plays to maximize my after-tax profit! :baffled:

Don't be so sure - re-entries are treated separately so even though I re-entered, only my "active" buy-in was used in the withholding calculation.

Anyways - should take this off into another thread and not clutter this one further.

BlondeFish

Email sent. I would have used my WMD to figure out the huge strategic implications of the 30% withholding tax if I was there in both situations. Hopefully, I'll get to use my formula and strategies during WPT 500. If anybody wants to discuss the strategies, please contact me.

westside8;376927 wroteAnyways - should take this off into another thread and not clutter this one further.

« Previous Page