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Forced Cashout!

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Tue Apr 26, 2011, 04:49 PM
(#1)
nrogm's Avatar
Since: Jan 2011
Posts: 11
WhiteStar
zzz

Last edited by nrogm; Mon May 30, 2011 at 11:04 PM..
 
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Tue Apr 26, 2011, 05:39 PM
(#2)
roomik17's Avatar
Since: Aug 2010
Posts: 4,556
BronzeStar
Sad day, just cashed out my balance... but no mention of what they will do with my 300 or Fpp's....
 
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FPPs - Tue Apr 26, 2011, 05:42 PM
(#3)
gjschiff's Avatar
Since: Aug 2010
Posts: 58
BronzeStar
Quote:
Originally Posted by roomik17 View Post
Sad day, just cashed out my balance... but no mention of what they will do with my 300 or Fpp's....
thread on 2+2 talks about PS and the DOJ making arrangements for the FPPs in NVG. Not sure if we can get them once we cash out, but I cashed out anyway. I had about 340 or so, and I think I saw something about getting about .01 cents for each FPP.
 
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Tue Apr 26, 2011, 08:03 PM
(#4)
!!!111Dan's Avatar
Since: Jul 2010
Posts: 3,290
Excuse my ignorance...what is NVG?
 
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Tue Apr 26, 2011, 08:47 PM
(#5)
Roots Levi's Avatar
Since: Feb 2011
Posts: 5
BronzeStar
Only made $40. Is it even worth cashing out?
I am completely ignorant in regards to taxes, etc.
Any insight?
 
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Tue Apr 26, 2011, 08:54 PM
(#6)
Drew300's Avatar
Since: Nov 2010
Posts: 199
BronzeStar
Quote:
Originally Posted by Roots Levi View Post
Only made $40. Is it even worth cashing out?
I am completely ignorant in regards to taxes, etc.
Any insight?

Sure every dollar is worth it!!! Why would you let them keep it???
 
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Tue Apr 26, 2011, 09:04 PM
(#7)
hobojim11247's Avatar
Since: Jun 2010
Posts: 1,388
BronzeStar
I have about 5600 Fpp and $0.76 in cash. I also have 4 tickets totaling $71 in buy ins for SCOOP tournaments that I have not heard jack crap about.. Wait and see what happens is all I can do.
 
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Tue Apr 26, 2011, 09:14 PM
(#8)
TrumpinJoe's Avatar
Since: Jun 2010
Posts: 4,557
Here is the reply I received in response to my inquiry about FPP balances.

Hello,

Thank you for contacting PokerStars.

In light of recent developments, PokerStars is no longer offering
real money play to US residents, or residents of US territories.

The PokerStars Cashier is now available for you to cash out the
funds in your real money account balance, which was the number one
priority for PokerStars.

PokerStars is currently working with the US government to achieve
an agreement on what can be done with FPPs. PokerStars would prefer
that players be allowed to use their FPPs in the VIP Store as normal,
however no final decision has been agreed.

Rest assured, should you choose to await any decision prior to
cashing out, your real money balance is completely safe.

We apologize for the inconvenience and appreciate your patience.

Regards,

Vielka
PokerStars Support Team
 
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Tue Apr 26, 2011, 09:18 PM
(#9)
HurtToSit's Avatar
Since: Oct 2010
Posts: 23
BronzeStar
You will receive cash for your scoop tickets..........I had won a $215 ticket, a $33, and an $11. I have withdrawn my balance.................bye bye poker stars.............hello merge and bodog.
 
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Tue Apr 26, 2011, 10:07 PM
(#10)
teepack's Avatar
Since: Sep 2010
Posts: 42
BronzeStar
Quote:
Originally Posted by Roots Levi View Post
Only made $40. Is it even worth cashing out?
I am completely ignorant in regards to taxes, etc.
Any insight?
Roots Levi, did you make $40 profit? Or is that less than what you put in? If it's less than what you put in, you shouldn't have any tax worries. If you made $40 in profit, there is a line on your income tax refund for gambling winnings. Just put $40 on it next year and you'll be able to sleep soundly knowing you paid your fair share of taxes.

I wonder if anybody in the Treasury Department has bothered to figure out how much more tax dollars the U.S. gets each year from honest poker players declaring their on-line gambling winnings on their tax forms? I'm guessing it is a significant amount of money that the government just shut off the valve for.

Dopes.

I have more than 4,000 FPPs and I had $55 in bonuses that I had qualified for that I hadn't cashed out yet! I was saving those in reserve for in case I ever got all the way wiped out. Sure wish I had gone ahead and bought those bonuses.
 
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Tue Apr 26, 2011, 10:37 PM
(#11)
Roots Levi's Avatar
Since: Feb 2011
Posts: 5
BronzeStar
Quote:
Originally Posted by teepack View Post
Roots Levi, did you make $40 profit? Or is that less than what you put in? If it's less than what you put in, you shouldn't have any tax worries. If you made $40 in profit, there is a line on your income tax refund for gambling winnings. Just put $40 on it next year and you'll be able to sleep soundly knowing you paid your fair share of taxes.
Thanks for the reply teepack. Yes, it is $40profit-started BR from 0. Never had an official job though and never had to do my own taxes. Do i still have to worry about reporting this? or can i just direct cash out to my bank account?
 
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NVG - Tue Apr 26, 2011, 10:46 PM
(#12)
gjschiff's Avatar
Since: Aug 2010
Posts: 58
BronzeStar
Quote:
Originally Posted by !!!111Dan View Post
Excuse my ignorance...what is NVG?
Sorry, Dan - should have been more specific. It is in the General Poker Discussion section on the News, Views, and Gossip Forum, thread is called "New cashout option available to me on Stars".
 
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Tue Apr 26, 2011, 11:43 PM
(#13)
hemetdennis's Avatar
Since: Oct 2010
Posts: 2,019
BronzeStar
I'M NOT CASHING OUT YET IF I DO I CANT CHAT ON MONEY TABLES

GO LAKERS

 
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Tue Apr 26, 2011, 11:52 PM
(#14)
spike8998's Avatar
Since: Apr 2010
Posts: 853
Quote:
Originally Posted by hemetdennis View Post
I'M NOT CASHING OUT YET IF I DO I CANT CHAT ON MONEY TABLES

GO LAKERS

Ducks , Kings , Lakers , who's next ? God help them
 
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Wed Apr 27, 2011, 12:02 AM
(#15)
!!!111Dan's Avatar
Since: Jul 2010
Posts: 3,290
Quote:
Originally Posted by Roots Levi View Post
Thanks for the reply teepack. Yes, it is $40profit-started BR from 0. Never had an official job though and never had to do my own taxes. Do i still have to worry about reporting this? or can i just direct cash out to my bank account?
Roots, welcome to the forum first ...hopefully we'll have much reason to frequent this place in the very near future...don't start nay-sayers..i know.
If you've never had a job ...then don't sweat it. Taxes aren't paid to the irs unless you make at least ...something like 9k in earnings in a year. So if you get a job this year and make the minimum, then you could report it. Look at irs website to see the actual minimum taxable earnings. But I think it's around 9K.
You should be fine.


ps. Thank you gjs.
 
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Wed Apr 27, 2011, 12:07 AM
(#16)
TARIQ06's Avatar
Since: Jun 2010
Posts: 380
BronzeStar
Quote:
Originally Posted by Roots Levi View Post
Thanks for the reply teepack. Yes, it is $40profit-started BR from 0. Never had an official job though and never had to do my own taxes. Do i still have to worry about reporting this? or can i just direct cash out to my bank account?



just to answer your question, you do not have to worry about any taxes on this profit, the irs do not require you to file taxes if your income is less than 9350 if you are 65 or less and your filing status is single, now if you can be claim as a dependent and u made more than 950 than u have to file, so if 40 dollars is the total amount of income you have made for 2010 then you are ok.. i am pretty sure you can qualify or someone can claim you as a dependent since your income is below the requirement..either way you are good to go..
 
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Wed Apr 27, 2011, 01:31 AM
(#17)
Roots Levi's Avatar
Since: Feb 2011
Posts: 5
BronzeStar
Quote:
Originally Posted by !!!111Dan View Post
Roots, welcome to the forum first ...
Quote:
Originally Posted by TARIQ06 View Post
just to answer your question, you do not have to worry about any taxes on this profit....
Thank You Dan and TARIQ. Very informative. Just started building in April. I'll cash this out and save it for when we can start playing online again.
Thanks again guys very much appreciated.
 
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Wed Apr 27, 2011, 01:41 AM
(#18)
ONiX360's Avatar
Since: Oct 2010
Posts: 116
do you have to cash out everything? i would like to atleast leave 2.20 in to talk to other players from other countrys
 
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Wed Apr 27, 2011, 01:47 AM
(#19)
hemetdennis's Avatar
Since: Oct 2010
Posts: 2,019
BronzeStar
Quote:
Originally Posted by ONiX360 View Post
do you have to cash out everything? i would like to atleast leave 2.20 in to talk to other players from other countrys

ALL OR NONE

GO LAKERS

 
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Wed Apr 27, 2011, 08:39 AM
(#20)
MethylONE's Avatar
Since: Jun 2010
Posts: 4
BronzeStar
I'm wondering what's going to happen for the PSO month. I guess I don't have to wonder much longer.

I'll wait a few days to cash out since I was in 53rd on Black Friday. ...I was pacing myself this month too, hadn't played many tourneys... grrrrrrr
 

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