LOL TAX
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Let's talk about finances.
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Let's talk about finances.
by Xaston » Sun Sep 23, 2007 11:35 am
Boy, you got me confused with a man who repeats himself.
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Xaston - Posts: 8833
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- Location: Dartmouth, MA
by GodlikeRoy » Sun Sep 23, 2007 3:08 pm
Poker is silly.
It is not enough to be good at chess, you must also play well.
Somewhere in the world someone is training when you are not. When you race him, he will win.
It is not enough to be good at chess, you must also play well.
Somewhere in the world someone is training when you are not. When you race him, he will win.
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GodlikeRoy - Posts: 7430
- Joined: Sun Jul 24, 2005 1:43 am
by Xaston » Sun Sep 23, 2007 3:23 pm
Woody, Awesome!
Follow-up:
Say I expect to win $100k this year and make the contribution as such, but I later win a big tournament and make > $250k for the year. Can I then add another contribution?
Follow-up:
Say I expect to win $100k this year and make the contribution as such, but I later win a big tournament and make > $250k for the year. Can I then add another contribution?
Boy, you got me confused with a man who repeats himself.
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Xaston - Posts: 8833
- Joined: Mon Nov 15, 2004 1:45 pm
- Location: Dartmouth, MA
![[As]](https://pofex.com/images/smilies/As.gif "The Ace of Spades")
by woody » Sun Sep 23, 2007 9:01 pm
For a SEP-IRA, you do not have to make only one lump sum payment. For calendar year 2007 you can make as many payments as you want from January 1, 2007 until the extended due date of your 2007 tax return. If you get a maximum extension until October 15, 2008 you have until that time to make your SEP-IRA payments.
As I stated in my previous post, if you over fund your 2007 contribution, there are tax provisions to allow you to take out the overfunding and any earnings that the overfunding earned, so overfunding the SEP-IRA is not a problem. It happens quite often. I believe that the deadline to correct the overfunding if it occurs for any calendar year is the extended due date of the tax return for that year.
When you make the contribution, you need to indicate which calendar year the contribution is for.
As I stated in my previous post, if you over fund your 2007 contribution, there are tax provisions to allow you to take out the overfunding and any earnings that the overfunding earned, so overfunding the SEP-IRA is not a problem. It happens quite often. I believe that the deadline to correct the overfunding if it occurs for any calendar year is the extended due date of the tax return for that year.
When you make the contribution, you need to indicate which calendar year the contribution is for.
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woody - Posts: 625
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by Nortonesque » Mon Sep 24, 2007 12:11 am
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Nortonesque - Enthusiast (B&M & Online)
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by pokerzen » Mon Sep 24, 2007 8:23 am
<Big_Leon> start with the RAZZ tourney?
<pokerzen1> when did the razz tourney start?
<Big_Leon> starts in 2 minutes
<Big_Leon> just drew seats
<pokerzen1> too late then
<pokerzen1> damn damn damn
<Big_Leon> no, it's not too late gogogogogo
<pokerzen1> what's the tourney number?
<Big_Leon> 55852225
<Big_Leon> password is - irunbad i think
<Big_Leon> irunbad
<pokerzen1> made it
<pokerzen1> okay now how do you play razz?
<Big_Leon> i have no idea
<pokerzen1> when did the razz tourney start?
<Big_Leon> starts in 2 minutes
<Big_Leon> just drew seats
<pokerzen1> too late then
<pokerzen1> damn damn damn
<Big_Leon> no, it's not too late gogogogogo
<pokerzen1> what's the tourney number?
<Big_Leon> 55852225
<Big_Leon> password is - irunbad i think
<Big_Leon> irunbad
<pokerzen1> made it
<pokerzen1> okay now how do you play razz?
<Big_Leon> i have no idea
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pokerzen - Pro (Online)
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by Big_Leon » Mon Sep 24, 2007 11:51 am
The older you get, the more rules they are going to try and get you to follow. You just gotta keep on livin', man. L-I-V-I-N. - Wooderson
Personally I just assume everyone sucks until they show otherwise. - Nortonesque
Personally I just assume everyone sucks until they show otherwise. - Nortonesque
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Big_Leon - Posts: 686
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- Location: Houston, TX
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