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MaStA's Account Talk
- Thread starter MaStA
- Start date
MrJohnRoss
Well-known member
Congratulations on a winning trade!
MaStA
Member
I won $3,288 in prize money for an online gaming tournament (World of Tanks) this weekend. Any idea where this will fall in taxes? Like will it be taxed as regular income or get raped like lottery/casino winnings are? I'm sure the company will send all of the tax documents, etc. with the check, but I'm pretty eager to find out how much will go to the IRS. Thanks to anyone who can possibly point me in the right direction on this!
Glad to see my gaming skills are at least pretty good...now only if my trading skills could get better.
Glad to see my gaming skills are at least pretty good...now only if my trading skills could get better.
Handballer
Active member
I won $3,288 in prize money for an online gaming tournament (World of Tanks) this weekend. Any idea where this will fall in taxes? Like will it be taxed as regular income or get raped like lottery/casino winnings are? I'm sure the company will send all of the tax documents, etc. with the check, but I'm pretty eager to find out how much will go to the IRS. Thanks to anyone who can possibly point me in the right direction on this!
Glad to see my gaming skills are at least pretty good...now only if my trading skills could get better.
I'm not playing the game. Don't want any more bleed on my hands!
MaStA
Member
Sold my XIV this morning for 17.60 which isn't too far from my hopes of $2/share. I had 200 shares invested so I made like $358. Not too shabby for a rookie.
sniper
Active member
Sold my XIV this morning for 17.60 which isn't too far from my hopes of $2/share. I had 200 shares invested so I made like $358. Not too shabby for a rookie.
that's a nice return, i can see you're getting better at trading, good job
MaStA
Member
that's a nice return, i can see you're getting better at trading, good job
Thanks man!
MaStA
Member
8.75% for the year! I'll take it and I'm happy to have it! I almost got back what I lost last year lol. I'm also doing much better with my individual trading account which I'm happy about as well. Overall a good year!
I do have a question and I'm looking for some input. Is there any con to making my TSP contributions into a Roth TSP? I understand the money will be taxed before going in, but I would think that not having any tax on the earnings down the road when I withdraw would outweigh paying tax now, but I could be wrong...?
I'm 27 years old and I plan on staying in the military till at least my 20 year mark (currently have nine in). I've been investing in it since shortly after joining with 5%. I also do $5,000/year into a normal Roth IRA + I mess around with an individual trading account.
Thanks for any input and hopefully we all have a great 2013 trading year as well!
I'm also doing much better with my individual trading account which I'm happy about as well. Overall a good year!I do have a question and I'm looking for some input. Is there any con to making my TSP contributions into a Roth TSP? I understand the money will be taxed before going in, but I would think that not having any tax on the earnings down the road when I withdraw would outweigh paying tax now, but I could be wrong...?
I'm 27 years old and I plan on staying in the military till at least my 20 year mark (currently have nine in). I've been investing in it since shortly after joining with 5%. I also do $5,000/year into a normal Roth IRA + I mess around with an individual trading account.
Thanks for any input and hopefully we all have a great 2013 trading year as well!
Cactus
Well-known member
You're still young and basically starting out. I think that is where the Roth option makes the most sense. You have all those years to build up tax free returns instead of tax deferred ones. I understand the best option for the military is to put in any tax free income you get while deployed. That part has to go in to the Roth TSP and all of it (capital & earnings) is free forever.
MaStA
Member
Thanks for your input! I will have to look further into the Roth TSP. I imagine I cannot convert what is already in there, but can just change the future deposits to the roth instead of standard...
jkenjohnson
Active member
Another winning trade in my individual account!
Bought a whole 40 shares of TNA on December 24th at 62.80 and just sold them at 68.70. Gain of ~$236 in a week or so. I'll take it!
How about sharing the wealth with your fellow TSP friends?
MaStA
Member
How about sharing the wealth with your fellow TSP friends?
Wealth...don't I wish lol. I'm playing with pocket change compared to what you were talking about a while ago. :cheesy:
sniper
Active member
or birchtree where he's making like 100k worth of gains off like +.6 %, that's wealth haha
sniper
Active member
might be there with you soon, dailies are looking like possibly we're a few days off from reversing.
just be careful with inverse/leverage funds, it's not safe to make a buy based on past price because of the decay factor, but with that said, TZA is at alltime lows and I expect it to get back to the 12-13 range at the very least, within a month.
just be careful with inverse/leverage funds, it's not safe to make a buy based on past price because of the decay factor, but with that said, TZA is at alltime lows and I expect it to get back to the 12-13 range at the very least, within a month.
MaStA
Member
True, true. The upward momentum has definitely slowed so we are simply taking a breather or we might be looking at some downwards action. I follow J Trader quite a bit and his system has been on a buy for TZA for a little while. Now is definitely a better entry price than when his system first went on a buy. Either way we will see what happens...no one ever knows what will happen so it's all a gamble in my eyes.
