Similar to a pay raise

Did you hit any jackpots? Did you get a great comp? We all want to know!
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Quisper
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Joined: Fri Sep 03, 2021 11:08 am

Similar to a pay raise

Post by Quisper »

I am ending 2023 +$71,000 on VP (I play mostly high limits).
+71,000 is higher than usual for me because I hit two $5 Royals in 2023 for a taxable total of $40,000.
I mentioned my 2023 total to a good friend who plays a lot of live poker and some slots. He immediately said, "Uh oh! You're gonna go into a higher tax bracket! That's the penalty for winning! Too bad!"
I was perplexed. I have actually heard this before. I don't know if people are jealous or if they are uninformed.
Anything I do to increase my income is going to have tax implications. (Other than robbing banks, which has its own implications. lol)
If we get a nice increase in our salary, everyone congratulates us. No one says, "Uh oh!"
Same thing with VP winnings. It's money in the bank. Regardless of the tax changes, it is still plus income for me. I would never reject a salary increase because it might push me into a higher tax bracket. Bottom line plus income is bottom line plus income.

olds442jetaway
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Joined: Tue Aug 21, 2007 9:08 pm

Post by olds442jetaway »

👍 WTG! I agree. Hopefully, you enjoy the game as well. I had another loss this year. Mostly from being under Royaled. Most of my play is on 98-99 percent machines not counting comps. Again……congrats!

dinghy
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Joined: Mon Apr 29, 2019 8:24 am

Post by dinghy »

Quisper wrote: ↑
Wed Dec 20, 2023 9:50 am
I am ending 2023 +$71,000 on VP (I play mostly high limits).
I don't know if people are jealous or if they are uninformed.
I dabble in the former, and excel at the latter.

What happens when you end 2024 -$71,000 on VP? Do they automatically refund your 2023 tax payment, or do you have to ask for it?

Hiker1
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Joined: Sun Feb 17, 2019 7:45 am

Post by Hiker1 »

Quisper wrote: ↑
Wed Dec 20, 2023 9:50 am
I am ending 2023 +$71,000 on VP (I play mostly high limits).
Anything I do to increase my income is going to have tax implications.
If we get a nice increase in our salary, everyone congratulates us. No one says, "Uh oh!"…
Congrats Quisper, that’s a great year you had! Most of the games I have to play are in the ~98% range, hard to have a positive year - although I came close this year except for a rough last outing for the year in Dec. I agree it’s generally better to win than lose, although depending on other income it can bite if it edges you into a higher tax threshold with the IRS or for those over 65 into a higher Medicare level.

Come Back Kid
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Post by Come Back Kid »

Congratulations Quisper!!! That is awesome!!!

FAA
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Joined: Wed May 28, 2014 11:58 am

Post by FAA »

I cannot approach break even playing low variance 99.1%+ games. This news is quite stunning to process.

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