vpFREE2 Forums

US screws VP players with this years tax rebate

#1

Beware all gamblers with moderate+ incomes and w2G's to report on their 2007 return. This year our FED incentive rebate check was suppose to be $1200. Because my $24,000 in W2G's boosted our AGI to over 150,000 , I had to pay a luxury type tax against the rebate for 5% of any surplus over the 150K. This wiped out $1000 of the $1200 rebate ( 17% left , this is a ripoff ! ) , so now I'm only getting $200. Pray it dont happen to you ! I'm hoping for some miracle solution from my CPA, but it dont look too promising !

regards...Tom

[Non-text portions of this message have been removed]

#2

Tom, you can still qualify for the remainder of the $1200 on your 2008 tax
return if your AGI does not exceed $150,000 this year.

···

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
tomflush
Sent: Sunday, March 16, 2008 5:46 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] US screws VP players with this years tax rebate

Beware all gamblers with moderate+ incomes and w2G's to report on their 2007
return. This year our FED incentive rebate check was suppose to be $1200.
Because my $24,000 in W2G's boosted our AGI to over 150,000 , I had to pay a
luxury type tax against the rebate for 5% of any surplus over the 150K. This
wiped out $1000 of the $1200 rebate ( 17% left , this is a ripoff ! ) , so
now I'm only getting $200. Pray it dont happen to you ! I'm hoping for some
miracle solution from my CPA, but it dont look too promising !

regards...Tom

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#3

That's an excellent point.

Every year the feds prosecute one poor high visibility case to make us all
scared. This year they are double dosing us with the lie that we have to
file to receive it.

The hook is, yes, but it's really a reduction of the 2008 rates, and
although they're making a huge whoop out of it, if you don't receive it for
whatever reason in June-ish, you'll see YOUR MONEY when you file your 08
return.

It's exactly like the $200 shell game they trick us with, probably four
years ago in an election year.

···

On Sun, Mar 16, 2008 at 8:15 PM, Randy <randyc@uclaalumni.net> wrote:

  Tom, you can still qualify for the remainder of the $1200 on your 2008
tax
return if your AGI does not exceed $150,000 this year.

-----Original Message-----
From: vpFREE@yahoogroups.com <vpFREE%40yahoogroups.com> [mailto:
vpFREE@yahoogroups.com <vpFREE%40yahoogroups.com>] On Behalf Of
tomflush
Sent: Sunday, March 16, 2008 5:46 PM
To: vpFREE@yahoogroups.com <vpFREE%40yahoogroups.com>
Subject: [vpFREE] US screws VP players with this years tax rebate

Beware all gamblers with moderate+ incomes and w2G's to report on their
2007
return. This year our FED incentive rebate check was suppose to be $1200.
Because my $24,000 in W2G's boosted our AGI to over 150,000 , I had to pay
a
luxury type tax against the rebate for 5% of any surplus over the 150K.
This
wiped out $1000 of the $1200 rebate ( 17% left , this is a ripoff ! ) , so
now I'm only getting $200. Pray it dont happen to you ! I'm hoping for
some
miracle solution from my CPA, but it dont look too promising !

regards...Tom

No virus found in this incoming message.
Checked by AVG.
Version: 7.5.519 / Virus Database: 269.21.7/1330 - Release Date: 3/15/2008
2:36 PM

No virus found in this outgoing message.
Checked by AVG.
Version: 7.5.519 / Virus Database: 269.21.7/1330 - Release Date: 3/15/2008
2:36 PM

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#4

You still have to qualify in 2008 if you don’t qualify in 2007.

···

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
Michael Stapp
Sent: Sunday, March 16, 2008 6:31 PM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] US screws VP players with this years tax rebate

That's an excellent point.

Every year the feds prosecute one poor high visibility case to make us all
scared. This year they are double dosing us with the lie that we have to
file to receive it.

The hook is, yes, but it's really a reduction of the 2008 rates, and
although they're making a huge whoop out of it, if you don't receive it for
whatever reason in June-ish, you'll see YOUR MONEY when you file your 08
return.

It's exactly like the $200 shell game they trick us with, probably four
years ago in an election year.

On Sun, Mar 16, 2008 at 8:15 PM, Randy <HYPERLINK "mailto:randyc%40uclaalumni.net"randyc@uclaalumni.-net> wrote:

Tom, you can still qualify for the remainder of the $1200 on your 2008
tax
return if your AGI does not exceed $150,000 this year.

-----Original Message-----
From: HYPERLINK "mailto:vpFREE%40yahoogroups.com"vpFREE@yahoogroups.-com

<vpFREE%40yahoogrou-ps.com> [mailto:

HYPERLINK "mailto:vpFREE%40yahoogroups.com"vpFREE@yahoogroups.-com

<vpFREE%40yahoogrou-ps.com>] On Behalf Of

tomflush
Sent: Sunday, March 16, 2008 5:46 PM
To: HYPERLINK "mailto:vpFREE%40yahoogroups.com"vpFREE@yahoogroups.-com

<vpFREE%40yahoogrou-ps.com>

Subject: [vpFREE] US screws VP players with this years tax rebate

Beware all gamblers with moderate+ incomes and w2G's to report on their
2007
return. This year our FED incentive rebate check was suppose to be $1200.
Because my $24,000 in W2G's boosted our AGI to over 150,000 , I had to pay
a
luxury type tax against the rebate for 5% of any surplus over the 150K.
This
wiped out $1000 of the $1200 rebate ( 17% left , this is a ripoff ! ) , so
now I'm only getting $200. Pray it dont happen to you ! I'm hoping for
some
miracle solution from my CPA, but it dont look too promising !

regards...Tom

No virus found in this incoming message.
Checked by AVG.
Version: 7.5.519 / Virus Database: 269.21.7/1330 - Release Date: 3/15/2008
2:36 PM

No virus found in this outgoing message.
Checked by AVG.
Version: 7.5.519 / Virus Database: 269.21.7/1330 - Release Date: 3/15/2008
2:36 PM

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

No virus found in this incoming message.
Checked by AVG.
Version: 7.5.519 / Virus Database: 269.21.7/1330 - Release Date: 3/15/2008
2:36 PM

No virus found in this outgoing message.
Checked by AVG.
Version: 7.5.519 / Virus Database: 269.21.7/1330 - Release Date: 3/15/2008
2:36 PM

[Non-text portions of this message have been removed]

#5

Gee tom u have agi of over 150,000 and we are to feel sorry for you,i'd gladly give up my rebate to have that high of agi

tomflush <tomflush@nyc.rr.com> wrote: Beware all gamblers with moderate+ incomes and w2G's to report on their 2007 return. This year our FED incentive rebate check was suppose to be $1200. Because my $24,000 in W2G's boosted our AGI to over 150,000 , I had to pay a luxury type tax against the rebate for 5% of any surplus over the 150K. This wiped out $1000 of the $1200 rebate ( 17% left , this is a ripoff ! ) , so now I'm only getting $200. Pray it dont happen to you ! I'm hoping for some miracle solution from my CPA, but it dont look too promising !

regards...Tom

[Non-text portions of this message have been removed]

···

---------------------------------
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[Non-text portions of this message have been removed]

#6

Gene,

I think your post is way off the mark. Gambling winnings should be
offset by losses before they have any impact on your AGI. The rebate
and the AMT were added into the tax code in recent years without
considering the unfair consequences to the way gambling winnings are
treated.

Everyone who is affected should write a strong protest to their
senators and representatives. This part of the tax code is
completely unfair and out of date.

Chris

Gee tom u have agi of over 150,000 and we are to feel sorry for

you,i'd gladly give up my rebate to have that high of agi

tomflush <tomflush@...> wrote: Beware all gamblers with

moderate+ incomes and w2G's to report on their 2007 return. This year
our FED incentive rebate check was suppose to be $1200. Because my
$24,000 in W2G's boosted our AGI to over 150,000 , I had to pay a
luxury type tax against the rebate for 5% of any surplus over the
150K. This wiped out $1000 of the $1200 rebate ( 17% left , this is a
ripoff ! ) , so now I'm only getting $200. Pray it dont happen to
you ! I'm hoping for some miracle solution from my CPA, but it dont
look too promising !

regards...Tom

[Non-text portions of this message have been removed]

---------------------------------
Looking for last minute shopping deals? Find them fast with Yahoo!

Search.

···

--- In vpFREE@yahoogroups.com, gene scheel <clevgs@...> wrote:

[Non-text portions of this message have been removed]

#7

Agreed, but...

Unfortunately, this would be simply tilting at windmills. Don't expect any change soon, no
matter how many letters get written. A possible redemption is to replace the taxing of
earnings with the taxing of spending (i.e., national sales tax, value added tax, etc.). For an
example, take a look at the "Fair Tax".

But, don't hold your breath Our tax system is one that every politician salivates over and they
will not change it without a huge fight. Just think of the tens of thousands of IRS employees
and CPS'a that would lobby against it.

..... bl

···

--- In vpFREE@yahoogroups.com, "kcace1024" <cy4873@...> wrote:

Everyone who is affected should write a strong protest to their
senators and representatives. This part of the tax code is
completely unfair and out of date.

Chris

#8

Anyone that plays dollars on a regular basis will have this problem.

Gee tom u have agi of over 150,000 and we are to feel sorry for

you,i'd gladly give up my rebate to have that high of agi

tomflush <tomflush@...> wrote: Beware all gamblers with

moderate+ incomes and w2G's to report on their 2007 return. This year
our FED incentive rebate check was suppose to be $1200. Because my
$24,000 in W2G's boosted our AGI to over 150,000 , I had to pay a
luxury type tax against the rebate for 5% of any surplus over the
150K. This wiped out $1000 of the $1200 rebate ( 17% left , this is a
ripoff ! ) , so now I'm only getting $200. Pray it dont happen to
you ! I'm hoping for some miracle solution from my CPA, but it dont
look too promising !

regards...Tom

[Non-text portions of this message have been removed]

---------------------------------
Looking for last minute shopping deals? Find them fast with Yahoo!

Search.

···

--- In vpFREE@yahoogroups.com, gene scheel <clevgs@...> wrote:

[Non-text portions of this message have been removed]

#9

I am sure our senators and representatives will jump right on that.
Sorry, but they aren't exactly proponents of gambling to begin with
and I doubt they are going to care if even 10,000 gamblers complain.

Gene,

I think your post is way off the mark. Gambling winnings should be
offset by losses before they have any impact on your AGI. The

rebate

and the AMT were added into the tax code in recent years without
considering the unfair consequences to the way gambling winnings

are

treated.

Everyone who is affected should write a strong protest to their
senators and representatives. This part of the tax code is
completely unfair and out of date.

Chris

>
> Gee tom u have agi of over 150,000 and we are to feel sorry for
you,i'd gladly give up my rebate to have that high of agi
>
> tomflush <tomflush@> wrote: Beware all gamblers with
moderate+ incomes and w2G's to report on their 2007 return. This

year

our FED incentive rebate check was suppose to be $1200. Because my
$24,000 in W2G's boosted our AGI to over 150,000 , I had to pay a
luxury type tax against the rebate for 5% of any surplus over the
150K. This wiped out $1000 of the $1200 rebate ( 17% left , this is

a

ripoff ! ) , so now I'm only getting $200. Pray it dont happen to
you ! I'm hoping for some miracle solution from my CPA, but it dont
look too promising !
>
> regards...Tom
>
> [Non-text portions of this message have been removed]
>
>
>
>
>
>
> ---------------------------------
> Looking for last minute shopping deals? Find them fast with

Yahoo!

···

--- In vpFREE@yahoogroups.com, "kcace1024" <cy4873@...> wrote:

--- In vpFREE@yahoogroups.com, gene scheel <clevgs@> wrote:
Search.
>
> [Non-text portions of this message have been removed]
>

#10

you,i'd gladly give up my rebate to have that high of agi

I have a friend who is retired. Both he and his wife draw pensions and
Social Security, which he claims is about $75000 a year. He is also a
dollar and up player, mostly vp and some slots. His W2G total for this
past year is just under $100,000 thanks mostly to one very excellent vp
hit. He also claims that these gambling "wins" have totally screwed up
his tax situation. My guess is that lots of $ and up players find
themselves in a similar situation. I will also venture to guess that
this unfortunate and unfair aspect of the IRS treatment of
gambling "wins" is also the reason many recreational gamblers confine
most of their play to the .25 denomination.

frank

···

--- In vpFREE@yahoogroups.com, gene scheel <clevgs@...> wrote:

Gee tom u have agi of over 150,000 and we are to feel sorry for