Taxes after Wsop

StArDemonn

StArDemonn

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The 2016 world series of poker Main Event final table was set back in July, but the final nine players played for the most coveted title in all of poker.

Prize After -Tax Prize
1. Qui Nguyen $8,005,310 $4,682,153
2. Gordon Vayo $4,661,228 $2,262,428
3. Cliff Josephy $3,453,035 $1,778,467
5. Vojtech Ruzicka$1,935,288 $1,644,995
6. Kenny Hallaert $1,464,258 $1,464,258
4. Michael Ruane $2,576,003 $1,397,478
7. Griffin Benger $1,250,190 $875,133
8. Jerry Wong $1,100,076 $680,300
9. Fernando Pons $1,000,000 $550,416
 

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Entrik

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Why such high taxes?
It is immediately after the tournament? Or what? Half of the amount was taken ...
 
lovemiscou

lovemiscou

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So i guess the real winner of the wsop is the US goverment, lol.
 
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kruseraww

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hm I like this post could I take this 4,682,153 to go please ill pay 5$ to get my lunch!!
 
Andrey Smirnov

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I have no clue in US tax system, but these taxes are fk huge
 
XXPXXP

XXPXXP

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this is huge tax, but I doubt , they may hire a good accountant to get some tax return. don't think they will pay that much in actual situation.
 
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Knightdyce

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I assume the winnings are counted as a lottery, that is why the taxes are huge. its actually bad for the game making it come more as a luck game than a skill game . if you know what I mean by that.
 
XXPXXP

XXPXXP

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I assume the winnings are counted as a lottery, that is why the taxes are huge. its actually bad for the game making it come more as a luck game than a skill game . if you know what I mean by that.

I think it is the income tax rate
see the cap here
112

all winners are in the cap to pay 39%+ tax to IRS.
besides there are some state tax
 
curtinsea

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this is all based on the 'marginal tax rate'

millionaires do not pay that marginal tax rate. they invest and defer, they donate and deduct, they reduce their overall tax burden through use of the convoluted tax code

these numbers are good for effect, but aren't accurate in the real world
 
Kenzie 96

Kenzie 96

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Over & under on the number of folks present for "The Rapture", who bitch about the timing?
 
Shumkoolie

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I know in listening to many podcasts, a lot of Canadian players don't even bother playing the Main Event because of the taxes levied upon the winners. There's probably others from other countries that won't play the Main Event for that very reason.

I think this sums it up best. #irwinrschyster #wwf

IRSPoker
 
edc1

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the goverment always wins with its high taxes,its not just poker they tax to hell-the lottery is heavily taxed as well-same thing with winning big at casino they get you b4 you leave with yer money
 
naruto_miu

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Thank God this shit don't happen In canada, I mean I'd be so pissed having to fork up 4mill cuz of taxes? Give me a break
 
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Do the non US citizens have to pay tax on their WSOP winnings to the US govt as well?
 
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skaterick

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I think some of the November 9 ers will be able to show expenses ( entry fees , lodging , food, travel costs, etc , as well as other losses, if any ) to reduce their actual taxes . Professional gamblers can , and should , keep a logbook, or some kind of other dated record filled with that kind of info . as I understand it , its total year end profit , after expenses, that will be taxed .
 
Jillychemung

Jillychemung

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Here is the annual article from the guy that does the tax hit calculations - link
 
DMJN

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what about non-US citizens? they have to pay tax on their WSOP winnings to the US govt aswell?
 
naruto_miu

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Do the non US citizens have to pay tax on their WSOP winnings to the US govt as well?

what about non-US citizens? they have to pay tax on their WSOP winnings to the US govt aswell?

Why wouldn't they ? Taxes are taxes, and the U.S isn't letting non-U.S citizens. I would think they (Non-U.S citizens) have It worse as they would have to pay the U.S taxes and then, their country of origins taxes. So they're getting hit twice but then they can get It back, some how come tax time. This Is what I think though, so I could be wrong
 
moots

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Why wouldn't they ? Taxes are taxes, and the U.S isn't letting non-U.S citizens. I would think they (Non-U.S citizens) have It worse as they would have to pay the U.S taxes and then, their country of origins taxes. So they're getting hit twice but then they can get It back, some how come tax time. This Is what I think though, so I could be wrong

Did you see number 6? :rolleyes:

The 2016 World Series of Poker Main Event final table was set back in July, but the final nine players played for the most coveted title in all of poker.

Prize After -Tax Prize
1. Qui Nguyen $8,005,310 $4,682,153
2. Gordon Vayo $4,661,228 $2,262,428
3. Cliff Josephy $3,453,035 $1,778,467
5. Vojtech Ruzicka$1,935,288 $1,644,995
6. Kenny Hallaert $1,464,258 $1,464,258
4. Michael Ruane $2,576,003 $1,397,478
7. Griffin Benger $1,250,190 $875,133
8. Jerry Wong $1,100,076 $680,300
9. Fernando Pons $1,000,000 $550,416
 
ilyass

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a brutal system of taxes in the United States
 
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rhombus

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Do the non US citizens have to pay tax on their WSOP winnings to the US govt as well?
I though they paid the taxes for their own Country or do they get screwed twice :eek:


Also if they pay taxes on earnings doesnt that mean it s a skill game and they have earned the $$$$$.

How can it be a skill game when they pay taxes but then say poker is a game of luck and gambling and ban it poker

PS cant they say they work for Starbucks and pay 0 % Tax lol
 
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