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Author Topic: USBC 1099 form  (Read 9794 times)

shipper50

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USBC 1099 form
« on: January 29, 2011, 02:50:53 AM »
I didn't remember the USBC combining brackets and any winnings on a 1099 in the past? To all you bigggg winners, your going to owe taxes unless you write things off.......
 
I got my 1099 from Reno today and wonder if it pays to get in brackets if you don't or cant write things off...
 
Shipper


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jhutch769

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Re: USBC 1099 form
« Reply #1 on: January 29, 2011, 10:55:08 AM »
They have been doing it for at least 7 years that I know of.  My first was Billings and I got a 1099 the year after that. (If I remember my dates correctly)
 
When did you get yours?  I have been waiting for mine. 


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shipper50

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Re: USBC 1099 form
« Reply #2 on: January 29, 2011, 11:47:49 AM »
I guess they might have combined them in the past, but this is the most I have had to claim.
 
I got mine in today's mail...
Shipper


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StormRoto

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Re: USBC 1099 form
« Reply #3 on: January 29, 2011, 12:24:17 PM »
I got my 1099 in the mail today.  Kinda of in shock as usually they are late.

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jhutch769

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Re: USBC 1099 form
« Reply #4 on: January 29, 2011, 04:27:54 PM »
Yeah, mine was in the mail today when I got home from coaching

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CPA

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Re: USBC 1099 form
« Reply #5 on: January 31, 2011, 09:51:21 AM »
It is easier to legally write-off items than you might think.  I get these kind of questions all the time.  I suggest finding a qualified tax professional who is also a bowler.  They will understand.


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nutsforbowling

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Re: USBC 1099 form
« Reply #6 on: January 31, 2011, 02:34:30 PM »
Shipper just use a schedule c and write off whatever you won. I usually just show a profit of less than $50 a year and have never had a problem.


i say you he dead!!!!!!!!!!!!
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krs99300

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Re: USBC 1099 form
« Reply #7 on: February 01, 2011, 09:48:32 PM »
shipper50,
What I do is turn myself into a business using a schedule C.  You can write off every ball you bought, league fees, practice, shoes, travel, anything really that has to do with bowling.  I have never had a problem with doing it.  And you can even do it using TurboTax. 


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shipper50

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Re: USBC 1099 form
« Reply #8 on: February 02, 2011, 05:39:01 AM »
Thanks for the replies. I found out in 05 with my first Nationals at Baton Rouge I couldn't claim any deductions as I didn't have a mortgage then. Now this past year or so since I have a new house and can deduct, I can write things off up to my winnings and not more if I am not mistaken.
 
Shipper


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CPA

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Re: USBC 1099 form
« Reply #9 on: February 02, 2011, 05:58:30 AM »
Filing a Schedule C is the correct way to do it.  Howerver you cannot, legally, write-off everything associated with bowling.  You can write-off everything associated with producing the income earned.  Entry fees, travel, shirets, etc.  League fees would not be deductible since they are personal.

 

A Schedule C can be filed whether or not you itemize deductions (mortgage interest, etc.). 

 

 


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shipper50

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Re: USBC 1099 form
« Reply #10 on: February 02, 2011, 07:08:20 AM »

 
CPA wrote on 2/2/2011 6:58 AM:
Filing a Schedule C is the correct way to do it.  However you cannot, legally, write-off everything associated with bowling.  You can write-off everything associated with producing the income earned.  Entry fees, travel,shirts, etc.  League fees would not be deductible since they are personal.

 

A Schedule C can be filed whether or not you itemize deductions (mortgage interest, etc.). 

 

 


USBC Silver Level Coach
 
Thats great to hear now, I filled using H&R Block back in 06 after Baton Rouge and had about $700 in brackets and the filer said I could'nt deduct or write it off since I had no deductions due to not having a mortgage.
 
Too late now, but I have used the schedule c since then.
 
Shipper
 
 
 


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NoseofRI

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Re: USBC 1099 form
« Reply #11 on: February 02, 2011, 07:51:25 AM »
I would not recommend using H&R Block again this year.  I've used them in the past and with every extra form (such as the Schedule C) it's an extra $50 for them to do the return.  Plus I've noticed that they aren't exactly the best when it comes to non-standard tax returns such as bowling winnings.

Just my advice as I believe the last time I went through them, with my regular 1099, the bowling, and college interest payments, I believe it cost me about $250 for them to do my taxes.
 



shipper50 wrote on 2/2/2011 8:08 AM:

 



CPA wrote on 2/2/2011 6:58 AM:
Filing a Schedule C is the correct way to do it.  However you cannot, legally, write-off everything associated with bowling.  You can write-off everything associated with producing the income earned.  Entry fees, travel,shirts, etc.  League fees would not be deductible since they are personal.


 


A Schedule C can be filed whether or not you itemize deductions (mortgage interest, etc.). 


 


 


USBC Silver Level Coach

 

Thats great to hear now, I filled using H&R Block back in 06 after Baton Rouge and had about $700 in brackets and the filer said I could'nt deduct or write it off since I had no deductions due to not having a mortgage.

 

Too late now, but I have used the schedule c since then.

 

Shipper

 

 

 




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bowler001

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Re: USBC 1099 form
« Reply #12 on: February 02, 2011, 09:08:39 AM »
This is an interesting read that might help some of you decide how to go about this. http://www.ustaxcourt.gov/InOpHistoric/lo9we.TCM.WPD.pdf

 

This is similar to the bowling world except for the guy fished tournaments as a "business"....and filed a schedule C with pretty large losses every year. The IRS eventually concluded his business was a hobby, since it essentially wasn't profitable. In situations like this, it seems the IRS recommends writing expenses of as not-for-profit hobby. You cannot take a loss, but can deduct expenses up to the amount of winnings for a break even scenario. I know with TurboTax, there is a specific area to claim winnings and expenses from a hobby. I doubt very many bowlers are attending nationals intending to generate revenue as a "business". Granted, this guy was taking HUGE losses for 4 years straight, and his wife just happened to make around $200k a year.
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Joeyd

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Re: USBC 1099 form
« Reply #13 on: February 02, 2011, 09:08:55 AM »
TaxSlayer.com is your friend folks... :D

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CPA

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Re: USBC 1099 form
« Reply #14 on: February 02, 2011, 02:25:58 PM »
Using the hobby loss rules and deducitng the expenses on Schedule A is not helpful to the taxpayer.  The expenses are only deductible if you itemize deductions.  Also the expenses are only deductible to the extent the expenses exceed 2% of your adjsuted gross income.  Adjusted gross income includes W-2 income as well as most other sources of income.  Additionally, depending on the state you live in, you may not receive any deduction for the expenses.  In Ohio, the return starts with federal adjsuted gross income and does not allow itemized deductions.


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