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Author Topic: 1098's for last year  (Read 1555 times)

applegam

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1098's for last year
« on: January 31, 2007, 04:24:14 AM »
Any one seen them yet?

 

Scooby48

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Re: 1098's for last year
« Reply #1 on: February 01, 2007, 08:40:06 AM »
1099 and they must be mailed by Jan. 31.  So they should be in the mail.

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Edited on 2/1/2007 9:40 AM

ScottieG

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Re: 1098's for last year
« Reply #2 on: February 01, 2007, 08:58:53 AM »
I got my 1099 yesterday in the mail applegam.
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Are you CRAZY?????

TWOHAND834

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Re: 1098's for last year
« Reply #3 on: February 01, 2007, 08:23:02 PM »
Yeah.  This sucks.  In previous years I thought I got my 1099s around mid January before my W2s.  NOW....I get my W2 near the beginning of the month and my 1099 has yet to arrive.  Before anybody jumps my arse, I know they have until the 31st.  But, what is the hold up this year compared to years past?
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Steven Vance
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KDawg77

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Re: 1098's for last year
« Reply #4 on: February 01, 2007, 08:28:11 PM »
Someone here earned enough to actually report? LOL j/k
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ScottieG

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Re: 1098's for last year
« Reply #5 on: February 02, 2007, 05:49:05 AM »
K-Dawg between finishing in the top 100 in doubles, cashing in team, and bracket money I have $1898.57 to claim....which stinks because most of it came from brackets!!!
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Are you CRAZY?????

dballz

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Re: 1098's for last year
« Reply #6 on: February 02, 2007, 09:02:01 AM »
i have a question. i thought they only sent those to you if you made $600 or more in one event or in brackets? i received mine yesterday and the total that they had for me was the amounts from all the events and brackets combined. did they change how they are taxing amounts or what?

TWOHAND834

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Re: 1098's for last year
« Reply #7 on: February 02, 2007, 01:39:36 PM »
No.  They take the total amount from all the events as well as the brackets and combine all the earnings on one 1099.  As we post every year, getting a 1099 from the brackets is retarded.  REASON:  You put up 1000 dollars in the brackets.  You get back 600.  That means not only did you lose 400, but you also get taxed.  I could ask our government all day why this is.  My luck, the answer I would get back is, "Because we can."
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Steven Vance
Former Pro Shop Operator

If anyone out there is worried about the scores being too high, try duckpin!!
Steven Vance
Former Pro Shop Operator
Former Classic Products Assistant Manager

VBP-Dustin

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Re: 1098's for last year
« Reply #8 on: February 02, 2007, 01:47:07 PM »
i have to claim 1290.00    also  REMINDER KEEP YOUR BRACKET COPYS SO YOU CAN WRITE IT OFF

SplitKing

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Re: 1098's for last year
« Reply #9 on: February 02, 2007, 01:48:52 PM »
Quote
No.  They take the total amount from all the events as well as the brackets and combine all the earnings on one 1099.  As we post every year, getting a 1099 from the brackets is retarded.  REASON:  You put up 1000 dollars in the brackets.  You get back 600.  That means not only did you lose 400, but you also get taxed.  I could ask our government all day why this is.  My luck, the answer I would get back is, "Because we can."

If you itemize you expense on your tax return you should be able to include expenses incurred for the tournament.  (Travel, hotel, food, entry fees (including bracket entry fees) and maybe even more expenses)  Just make sure you have all receipts.  I am by no means a CPA so I would consult with a CPA but I am pretty damn sure you can do this.

Bigmike

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Re: 1098's for last year
« Reply #10 on: February 02, 2007, 01:50:00 PM »
Thats why you keep the receipt they give you when you enter the brackets/pots. Usually you can try to offset some of the tax with a deduction. Normally you can offset quite a bit like airfare, hotel, food, equipment bought at the tournament. You just need those magic receipts.
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