Questions and Answers
If someone considers himself a professional gambler, are winnings from gambling considered compensation for purposes of making IRA contributions?
How an individual claims gambling winnings—as business profits or as personal income—will help determine the answer to this question. If filing as a business and claiming gambling winnings as business income, it may be possible to make an IRA contribution. Consulting with an income tax professional is in such an individual’s best interest.
(Posted: 10/10/2007)
