How are the poker players winners taxed on their winnings we see on TV? I understand professional players are required to file tax returns and pay taxes, but what about the amateurs?

It is taxed as regular earned income, you fill out a form and claim it on your taxes. Billy Baxter who is a pro poker player is famous for his court case to have money won from playing poker classified as earned income. Because at the time it was being taxed at a higher bracket, Baxter's case was that just like a football player or hockey player, poker players make there money the same way, so it should be taxed the same way as other pro sports players. He won the case so it is now earned income and must be reported ti the I.R.S. There are many online sites like z-directory where you can find much details about poker games and also the percentage of taxes applied after winning.

You must pay taxes on all winnings, professional or amateur. If you earn money in the United States, you are required to report it to the IRS.

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I just read an article about the IRS wanting to withold a certain percentage (I forgot how much but I believe it is around 25%) on poker tournament wins over $5000 minus buy-in costs. Every gambling establishment, as well as charity tournaments will have to withhold some of the winnings before paying out. I have never won a tournament before so I do not know what kind of tax form is filled out. If it is a W-2G, you might be able to offset gambling losses towards your win.

Good Luck at the tables,

TOP DOLLAR PLAYER