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Author Topic: Brackets  (Read 4401 times)

Baboon

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Brackets
« on: June 06, 2010, 08:32:26 AM »
In an average squad, what's the maximum one could spend in brackets and sidepots?
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psaunders300

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Re: Brackets
« Reply #16 on: June 07, 2010, 08:37:31 PM »
quote:
Another thing to keep in mind, is if you win over I think its $600 they will send you a w2? form and you will have to claim it on your taxes. Even if its your own money you get back in a refund on brackets.

Shipper


To be exact, they send you a 1099 form and you must report this on your taxes as income...
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Krakken

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Re: Brackets
« Reply #17 on: June 12, 2010, 10:13:48 AM »
quote:
Another thing to keep in mind, is if you win over I think its $600 they will send you a w2? form and you will have to claim it on your taxes. Even if its your own money you get back in a refund on brackets.

Shipper


But you get to deduct your entry fee from it so it really doesn't matter if you get refunds.  That is taken care of with the entry fee deduction.

Keep your bracket entry receipt.
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ROTO GRIP, There is NO Substitute
Slow Feet, Soft hand = Lots of strikes
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shipper50

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Re: Brackets
« Reply #18 on: June 12, 2010, 01:11:56 PM »
quote:
quote:
Another thing to keep in mind, is if you win over I think its $600 they will send you a w2? form and you will have to claim it on your taxes. Even if its your own money you get back in a refund on brackets.

Shipper


But you get to deduct your entry fee from it so it really doesn't matter if you get refunds.  That is taken care of with the entry fee deduction.

Keep your bracket entry receipt.
--------------------
ROTO GRIP, There is NO Substitute
Slow Feet, Soft hand = Lots of strikes
From what has happened to me in the past if you dont itemize on your taxes you cannot take deductions from brackets or entry fees. It cost me about $300 in taxes in 2006 after I made around $750 at Baton Rouge and since I didn't have a house payment or itemize then, I lost out.

I did get to take my winnings in brackets and entry from 07 with me having been able to itemize.

Maybe one of the tax guys on here can comment.

Shipper
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nutsforbowling

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Re: Brackets
« Reply #19 on: June 12, 2010, 01:53:52 PM »
quote:
quote:
quote:
Another thing to keep in mind, is if you win over I think its $600 they will send you a w2? form and you will have to claim it on your taxes. Even if its your own money you get back in a refund on brackets.

Shipper


But you get to deduct your entry fee from it so it really doesn't matter if you get refunds.  That is taken care of with the entry fee deduction.

Keep your bracket entry receipt.
--------------------
ROTO GRIP, There is NO Substitute
Slow Feet, Soft hand = Lots of strikes
From what has happened to me in the past if you dont itemize on your taxes you cannot take deductions from brackets or entry fees. It cost me about $300 in taxes in 2006 after I made around $750 at Baton Rouge and since I didn't have a house payment or itemize then, I lost out.

I did get to take my winnings in brackets and entry from 07 with me having been able to itemize.

Maybe one of the tax guys on here can comment.

Shipper


I have used the Schedule C to write it up as a business. As long as you don't claim a loss you should be ok.
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averagebowler

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Re: Brackets
« Reply #20 on: June 19, 2010, 03:08:38 AM »
How much are brackets? also if you take first place each  bracket how much is that?
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TheFreeAgent

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Re: Brackets
« Reply #21 on: June 19, 2010, 06:46:36 AM »
I'm not sure how big brackets are there but normal brackets.  10 dollar brackets pay 50 for first and 5 dollar brackets pay 25 for first


quote:
How much are brackets? also if you take first place each  bracket how much is that?





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