SaltyCajun.com http://www.angler-products.com//
MESSAGE BOARD Register Weather/Tides/Launches Store Go Premium! Sponsors Raffles

Notices

Go Back   SaltyCajun.com > General Discussion Forums > General Discussion (Everything Else)
Reload this Page Tourny winnings tax question

General Discussion (Everything Else) Discuss anything that doesn't belong in any other forums here.

Reply
 
Thread Tools Display Modes
  #1  
Old 07-30-2011, 11:50 AM
Top Dawg's Avatar
Top Dawg Top Dawg is offline
Swordfish
  
Join Date: Jun 2011
Location: swla
Posts: 6,946
Cash: 510
Default Tourny winnings tax question
I got my tax form from cca in the mail for the trout shootout. I was wondering do I need to send this form to someone or bring it wit me when I do my taxes next year? And what would y'all think the percentage they are gonna tax me on $5000
Reply With Quote
  #2  
Old 07-30-2011, 11:53 AM
"W"'s Avatar
"W" "W" is offline
Catch fish in DA face!!
  
Join Date: May 2009
Location: Big Lake LA
Posts: 32,974
Cash: 7,879
Default
Quote:
Originally Posted by Top Dawg View Post
I got my tax form from cca in the mail for the trout shootout. I was wondering do I need to send this form to someone or bring it wit me when I do my taxes next year? And what would y'all think the percentage they are gonna tax me on $5000
28%
Reply With Quote
  #3  
Old 07-30-2011, 11:55 AM
coco's Avatar
coco coco is offline
Trophy Trout
  
Join Date: Jul 2011
Location: toledobendlake
Posts: 265
Cash: 1,100
Default
take it with you when u get taxes done 500.00 or there about so better save some of it
Reply With Quote
  #4  
Old 07-30-2011, 12:40 PM
eman eman is offline
Swordfish
  
Join Date: May 2009
Location: Baton Rouge
Posts: 6,033
Cash: 606
Default
i hit a couple of taxable jackpots at the casino and they keep 30% for taxes if you ask them to take taxes. I got a little of it back at tax time.
Reply With Quote
  #5  
Old 07-30-2011, 12:54 PM
PUREBAY2200's Avatar
PUREBAY2200 PUREBAY2200 is offline
Ling
  
Join Date: May 2009
Location: OZ
Posts: 3,744
Cash: 2,136
Default
Ull get a 1099 in the mail come tax time..... I'd put 30% away n an account to cover u.
It just depends on Ur total income at the end of the year.
Reply With Quote
  #6  
Old 07-30-2011, 01:05 PM
Top Dawg's Avatar
Top Dawg Top Dawg is offline
Swordfish
  
Join Date: Jun 2011
Location: swla
Posts: 6,946
Cash: 510
Default
More like 1500. I got the 1099 already
Reply With Quote
  #7  
Old 07-30-2011, 01:23 PM
jchief's Avatar
jchief jchief is offline
Calcasieu Extreme Rods
  
Join Date: May 2009
Location: Carlyss, America
Posts: 10,371
Cash: 13,597
Default
where did you get the $1500 from? The 1099 should only have the amount you won and you should bring it with you when you get your taxes done.
Reply With Quote
  #8  
Old 07-30-2011, 01:49 PM
Jordan's Avatar
Jordan Jordan is offline
Great White
  
Join Date: May 2009
Location: DeRidder,LA
Posts: 10,399
Cash: 2,584
Default
30% of $5000 is $1500....
Reply With Quote
  #9  
Old 07-30-2011, 02:13 PM
Top Dawg's Avatar
Top Dawg Top Dawg is offline
Swordfish
  
Join Date: Jun 2011
Location: swla
Posts: 6,946
Cash: 510
Default
^^^
Reply With Quote
  #10  
Old 07-30-2011, 02:16 PM
eman eman is offline
Swordfish
  
Join Date: May 2009
Location: Baton Rouge
Posts: 6,033
Cash: 606
Default
Casino told me they hold the max. out so that you are covered no matter what bracket you fall into. I'm sure tourneys do same.
Reply With Quote
  #11  
Old 07-30-2011, 06:38 PM
fishinpox's Avatar
fishinpox fishinpox is offline
Blue Marlin
  
Join Date: May 2009
Location: baton rouge
Posts: 8,470
Cash: 5,366
Default
Save your recipts for gas for tourney day plus 5-10 more trips that you had to "prefish", baits, food , drinks , ect ..... N write it off toward your winnings
Reply With Quote
  #12  
Old 07-30-2011, 06:43 PM
"W"'s Avatar
"W" "W" is offline
Catch fish in DA face!!
  
Join Date: May 2009
Location: Big Lake LA
Posts: 32,974
Cash: 7,879
Default
Once you get all your income and if you go long form you can hide that in.....should not affect you........ I get about 4 or 5 extra 1099 a year and just turn them all in to Tax Broker... Its just extra non taxed income...... If you normally get money back you will be fine, this will not effect you...now if it was 20 or 30K that would be different
Reply With Quote
  #13  
Old 07-30-2011, 08:31 PM
evis102 evis102 is offline
Red Snapper
  
Join Date: Sep 2009
Location: Sulphur, Louisiana
Posts: 1,180
Cash: 1,516
Default
A word of advice. Under no circumstances do you want to give the IRS a reason to look at you. Go talk to a CPA.
Reply With Quote
  #14  
Old 07-30-2011, 09:13 PM
Top Dawg's Avatar
Top Dawg Top Dawg is offline
Swordfish
  
Join Date: Jun 2011
Location: swla
Posts: 6,946
Cash: 510
Default
Just blows my mind that they tax a fishing tournament winning with all the taxes that u pay to fish a tourny. That's for another day. Don't get me started on the government.
Reply With Quote
  #15  
Old 07-30-2011, 09:49 PM
Raymond's Avatar
Raymond Raymond is offline
Sailfish
  
Join Date: May 2009
Location: Lake Charles La
Posts: 4,217
Cash: 1,384
Default
1099's are sent out on any winnings over $500. Agree with evis about the IRS, I wouldnt try to write off tournament expenses unless I could show them considerable entry fees.
Reply With Quote
  #16  
Old 07-31-2011, 08:33 AM
Top Dawg's Avatar
Top Dawg Top Dawg is offline
Swordfish
  
Join Date: Jun 2011
Location: swla
Posts: 6,946
Cash: 510
Default
Maybe I'll get a break this year. I aim single and none all year long and I'm getting married in october
Reply With Quote
  #17  
Old 07-31-2011, 09:45 AM
H2OFwlKlr H2OFwlKlr is offline
Tripletail
  
Join Date: Jun 2009
Location: Rayne, LA
Posts: 714
Cash: 1,668
Default
Quote:
Originally Posted by Top Dawg View Post
Maybe I'll get a break this year. I aim single and none all year long and I'm getting married in october


Probably not going to get a break if your future wife works also, you will then be considered a "DINK" double income no kids


When you start a family you will start getting a "break"
Reply With Quote
  #18  
Old 07-31-2011, 10:54 AM
Top Dawg's Avatar
Top Dawg Top Dawg is offline
Swordfish
  
Join Date: Jun 2011
Location: swla
Posts: 6,946
Cash: 510
Default
She doesn't work any more and she has a child
Reply With Quote
  #19  
Old 07-31-2011, 11:19 AM
H2OFwlKlr H2OFwlKlr is offline
Tripletail
  
Join Date: Jun 2009
Location: Rayne, LA
Posts: 714
Cash: 1,668
Default
Quote:
Originally Posted by Top Dawg View Post
She doesn't work any more and she has a child


Awesome, you get a "break" right away!


Still keep at least 30% of your winnings to cover taxes. The winnings are considered non-labor income and you will be taxed the highest percentage. Since your status is changing it may not end up being that much, but be safe not sorry. I agree it sucks, but at least you still have $3500 to spend on what you please, not bad!
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 07:10 AM.


Contact Us - Louisiana's Best Fishing, Hunting, and Outdoors Forum - New Posts - Mobile - Archive - Privacy - Terms - Top

Powered by vBulletin®
Copyright ©2000 - [ARG:3 UNDEFINED], Jelsoft Enterprises Ltd.
vB.Sponsors
vBCredits v1.4 Copyright ©2007 - 2008, PixelFX Studios
SaltyCajun.com logo provided by Bryce Risher

All content, images, designs, and logos are Copyright © 2009-2012,
Salty Cajun, LLC
No unathorized use is permitted
Geo Visitors Map