|
Title: WSOP 2011 - Taxed winnings? Post by: Spraggs on January 26, 2011, 01:26:22 AM Hey,
Just read the article about the WSOP this year, and at the bottom there was this: "Tax forms will be completed for those with winnings in excess of $5,000 net of event buy-in. Players without a Tax Identification Number and foreign players from non-tax treaty countries are subject to up to 30 percent tax withholding." Does this count for us Brits? In the past we haven't been taxed for winnings in the WSOP. Thanks in advance Title: Re: WSOP 2011 - Taxed winnings? Post by: Bongo on January 26, 2011, 01:39:12 AM I believe we're a tax treaty country so you can keep all winnings subject to filling in the paperwork.
Title: Re: WSOP 2011 - Taxed winnings? Post by: Woodsey on January 26, 2011, 01:42:56 AM You need an ITIN number, I know some of the card rooms can fix this up for you, Bellagio always used to be very helpful............
Title: Re: WSOP 2011 - Taxed winnings? Post by: redarmi on January 26, 2011, 01:44:47 AM You can do it at the irs website.....file it asap if you are planning on going. Do a google search for ITIN number
Title: Re: WSOP 2011 - Taxed winnings? Post by: Rupert on January 26, 2011, 02:25:09 AM We have a tax treaty. In the past 3 years or so the Rio have always been very helpful getting you an ITIN should you require one.
Title: Re: WSOP 2011 - Taxed winnings? Post by: doubleup on January 26, 2011, 12:27:37 PM You can do it at the irs website.....file it asap if you are planning on going. Do a google search for ITIN number dont think that you can get one "just in case" (but I might be wrong). The procedure if you dont have an itin (last year for me) is to complete a form that gets sent off to the irs, who send on the itin number later. You get paid the full amount. Title: Re: WSOP 2011 - Taxed winnings? Post by: redarmi on January 26, 2011, 12:34:59 PM My understanding is that you can as we are from a tax treaty country. If you qualified under one of the other status then you would have to file a tax return first.
Title: Re: WSOP 2011 - Taxed winnings? Post by: Jon MW on January 26, 2011, 12:49:17 PM You can do it at the irs website.....file it asap if you are planning on going. Do a google search for ITIN number dont think that you can get one "just in case" (but I might be wrong). The procedure if you dont have an itin (last year for me) is to complete a form that gets sent off to the irs, who send on the itin number later. You get paid the full amount. The regulation a few years ago was that you could only apply for one when you had a reason to apply for it - I don't think it's changed. Title: Re: WSOP 2011 - Taxed winnings? Post by: doubleup on January 26, 2011, 12:56:34 PM My understanding is that you can as we are from a tax treaty country. If you qualified under one of the other status then you would have to file a tax return first. Whether you can or not *should* be irrelevant as (if you don't have an itin) you can fill in a form and get paid out in full. Title: Re: WSOP 2011 - Taxed winnings? Post by: Jon MW on January 26, 2011, 01:03:41 PM plus what doubleup says, it's just as long to fill in the forms whenever you do it, so you might as well wait until you have to - and you'll get more help with it from the casino staff rather than have to work any of it out by yourself.
Title: Re: WSOP 2011 - Taxed winnings? Post by: Spraggs on January 26, 2011, 01:35:06 PM Thanks guys that's answered my questions.
I probably should have known we were in a tax treaty having a business degree (brag) but just wanted to make sure i wasn't going to lose 30% of my $8million this year. :) |