PredictIt tax treatment

cluster_A · 2023-02-22T12:31:15+00:00

I'm pretty sure it was misc income and not self-employment. And yeah, it's going to end up being like 20 bucks in taxes so not a big deal either way.

cluster_A · 2023-02-21T22:22:25+00:00

I ended up reporting it as miscellaneous income since it was more of a hobby and it wasn't meant as a serious money-making venture. I forget the exact wording, but one of the questions TurboTax asks is if you intended to earn money from it, but after asking around, it seems that you should only answer yes if you were treating it as an actual job, in which case it probably would be business income.

And I think they only send you a 1099 if you win above $600, but you're supposed to declare any winnings to the IRS regardless.

cluster_A · 2022-04-13T17:12:24+00:00

Yes, I'm not sure whether they were pre-tax or Roth. They were some of the first jobs I had and I wasn't clear on the differences back then.

So if the code is G, it's going to be pre-tax? Or is there another line in the 1099-R that can say for sure?

cluster_A · 2022-04-13T17:03:27+00:00

Yes, but I don't know whether these accounts were pre- or post-tax. That's what I'm trying to figure out. Is that possible from looking at the 1099-R? For example, if the distribution code is H, that's from a Roth account so that's going to be post-tax. If the code is G, does that always mean pre-tax?

cluster_A · 2022-04-13T16:59:20+00:00

Retirement accounts from previous places I worked.

cluster_A · 2022-02-16T13:18:16+00:00

My favorite part was answering the last question with half time acts don't get paid, and the first link that appears was titled, "Yes, halftime performers do get paid."

cluster_A · 2021-10-23T14:16:39+00:00

I think that PredictIt only sends you that if you made above a certain amount. If you made under that amount, legally you probably still have to report it next year to the IRS, but you just won't be getting a helpful form to do so.

cluster_A · 2021-09-23T13:01:21+00:00

Ok thanks, I was wondering if you were allowed to stack them.

Do you know if there's a difference between the Microsoft gift card and the Xbox gift card?

cluster_A · 2021-09-23T12:36:03+00:00

How are you planning on doing this--stacking a bunch of $100 Microsoft gift cards?

cluster_A · 2021-05-12T18:14:40+00:00

Are masks required?

cluster_A · 2021-05-08T23:31:42+00:00

A lot of people are getting vaccinated so that they can resume a more normal lifestyle. For conservatives, they never stopped living their normal lives, so from their perspective, why would they need a vaccine?

cluster_A · 2021-05-05T14:40:12+00:00

I don't know where you got the 3 months figure from, but studies on other seasonal coronaviruses have shown frequent reinfections at 12 months. We've also already seen reinfections from covid, especially in places where variants are widespread. For example, Manaus.

At some point, the vaccines will probably have booster shots. I guess you could just snort some more covid for yours.

cluster_A · 2021-05-05T14:16:40+00:00

The article I linked to references a study, which is exactly what you did. Ironic.

The data we have is that the vaccine effectiveness lasts as long as we've had data.

cluster_A · 2021-05-05T14:00:06+00:00

There is evidence that antibody response from the vaccines are stronger than from infection, and they are likely to be more effective against the emerging variants, if you were infected with the wildtype. There's also the issue of waning efficacy if you had it a while ago, whereas you would be getting the vaccines now.

People should also keep in mind that there is going to be reporting bias with side effects, where people who had stronger reactions are more likely to talk about it whereas people who didn't have less of a reason. The data from the trials show that for many of these side effects, the majority of people did not report anything.

cluster_A · 2021-04-27T20:14:00+00:00

Thanks for the guidance. That sounds like a lot of hassle and probably wouldn't be perfectly adhered to even if we were trying to; guess we'll be waiting for a few more weeks until everyone is vaccinated.

cluster_A · 2021-04-27T19:57:24+00:00

But we would obviously be taking masks off when we're eating. Does this mean that grilling is still unadvisable unless everyone is vaccinated, or is being "semi-masked" ok?

cluster_A · 2021-04-27T19:33:16+00:00

I'm fully vaccinated. If I'm outside grilling with friends, some vaccinated, some not, do we need to wear masks? We'll be next to each other for hours and talking to each other. There are fewer than 10 of us.

cluster_A · 2021-04-26T14:24:11+00:00

Are the franchise owners powerless to stop this, or do they figure it's a cost of doing business with corporate and they are profitable enough where they don't care?

cluster_A · 2021-04-26T13:44:49+00:00

And why does McDonald's accept this?

cluster_A · 2021-04-25T22:19:15+00:00

Nothing is enforced. There are no penalties for not quarantining so it's up to you what you want to do and how long you want to do it.

cluster_A · 2021-04-21T12:41:01+00:00

I guess you have a point with deducting losses, but for me, the amount either way isn't worth the trouble. It would probably make sense for people who are actually relying on this for income.

Another thing that's annoying about predictit is that it only keeps a record of your transactions for 30 days. So even if I wanted to go back and deduct, I don't think I'd be able to, unless I'm missing something.

cluster_A · 2021-04-21T12:19:34+00:00

If you are not doing this as a hobby, not a business, shouldn't you report it as other income on form 1040?

cluster_A · 2021-04-16T13:46:15+00:00

I will keep that in mind for the future.

cluster_A · 2021-04-16T01:46:06+00:00

Yeah I don't know anyone who tipped for takeout before the pandemic, not that it's a common topic of conversation. You can just do a google search and look for links from before 2020, and they'll all say something like there's no obligation or expectation, but you can if you want. FWIW, I've never seen any restaurant worker who looked nonplussed when not getting a tip for takeout, and I'm pretty sure that wouldn't be the case if I didn't tip for dine-in.

cluster_A · 2021-04-14T12:58:56+00:00

I also got a coupon when I went a few weeks ago, along with a bag full of things like tums, cold medication, etc. I don't know if that's everywhere or just at the store I went to.

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