Filing Form I-864, Affidavit of Support as a professional poker player

[Matt Poker 0]

So here's the situation.

 

I started the green card process for my parents back in December of 2019, it's not until recently I've been noticed that my application has been approved by USCIS. Now I have to file with NVC to request an interview and I also need to file the I-864 Affidavit of Support.

 

However I'm no longer working at my past job due to COVID and I just now, last month, took a shot to be a professional poker player. I'm going to reach out to a CPA and have him set up the tax stuffs for me. I'm not sure how all this work, I think you can file quarterly estimated tax as a self employed. But when I do file the I-864, which I probably have to do now. How do I prove I make enough income when I just starting my career as a professional poker player.

 

I did my taxes for 2020 back in April and my 2020 income did exceed the require $ amount.

 

I need all the help I can get. Thank you guys.

[JeanneAdil 6,510]

AT this time you will file the 2020 income IRS to NVC 

By the time of the interview u need to have complete records of winnings (to date) and expenses 

A certified accountant is a good idea in your case

1040 Es is form for estimated taxes on income and the tax is not just 25%  and anything won like car or other is taxable

you may want a EIN # for business (ask the accountant)

and CO may ask for joint sponsor since your job is new and not yet stable

 

The IRS considers poker pros as self-employed and poker as their profession. The IRS will treat all your winnings as a regular earned income and impose a tax based on the normal effective income tax rate.

Instead of a flat-rate tax of 25%, your taxes will be progressive, so you should be more diligent in keeping a record of all your poker activities. Every prize or pot won, including tickets that you received, either paid for or awarded, should be itemized. You also have the option to include all the expenses you incurred in pursuit of making money. These are expenses that you need for your business, making it eligible for a tax deduction.

Edited September 12, 2021 by JeanneAdil

[Joe Kano 327]

Set up a S Corp.  Take a certain amount and pay yourself a check I pay myself one time per year based upon earning per year.

 

Self Employment Tax is high, you can run lion share of taxes thru the S Corp and not have to pay so much taxes, you will have to file two separate tax returns.