I just wanted to share my experience as someone who went through this exact situation. I had about $4,500 in Bovada winnings last year and was really unsure about reporting them. After consulting with a CPA who specializes in gambling taxes, here's what I learned: You definitely need to report ALL gambling winnings, even from offshore sites like Bovada. The IRS considers all gambling income taxable regardless of the source or whether you receive forms. I reported mine on Schedule 1 as "Other Income." The tricky part is documentation. Since Bovada doesn't send tax forms, you need to be extra diligent about record-keeping. I downloaded my complete transaction history from Bovada (available in your account settings) and organized it by gambling sessions. This helped me properly calculate my deductible losses to offset some of the winnings. One thing that really helped was keeping a simple spreadsheet throughout the year tracking each session - date, game type, starting amount, ending amount, and net result. It made tax time much easier and gave me confidence that I had proper documentation if ever audited. The peace of mind of doing everything correctly is worth way more than any tax you might save by not reporting. Plus, if you have losses (which most gamblers do), you can deduct those up to your winnings if you itemize, which can significantly reduce your tax burden.

I'm glad to see so many detailed responses here! As someone who's been dealing with tax compliance for years, I want to emphasize a few key points for anyone in a similar situation: First, @Aurora Lacasse, you absolutely need to report that $3,200. The "offshore" nature of Bovada doesn't exempt you from US tax obligations - all gambling winnings are taxable income regardless of the source. What I haven't seen mentioned yet is that the IRS has been increasingly sophisticated about tracking cryptocurrency and online financial flows. Even if Bovada doesn't report directly to the IRS, your bank deposits from withdrawals can potentially trigger scrutiny during audits or automated matching programs. For record-keeping, I'd recommend going beyond just the Bovada transaction history. Also document: - Screenshots of your account balance before/after major sessions - Bank statements showing deposits and withdrawals - Any cryptocurrency transactions if you used crypto to fund your account The session-by-session approach others mentioned is crucial, but remember that you can only deduct losses up to your total winnings, and only if you itemize deductions. Given the higher standard deduction amounts in recent years, make sure itemizing actually benefits you before going down that route. Finally, consider setting aside about 25-30% of your net winnings for taxes throughout the year if you continue gambling. It's much easier to manage the tax burden when it's not a surprise at filing time.

I'm dealing with a similar situation but with a different provider - my solo 401k administrator just hit me with a "service enhancement" fee that basically doubled my costs overnight. It's so frustrating how these companies lock you in with reasonable rates and then jack up prices once they think you're committed. What really bothers me is how they frame these increases as "improvements" when the service hasn't actually changed at all. Same portal, same customer service wait times, same basic administration - just a bigger bill. For those looking at alternatives, I'd definitely recommend getting fee schedules in writing before switching. Ask specifically about: annual increases, transaction fees, loan fees, and any "optional" services that might become mandatory later. Also worth asking if they guarantee rates for a certain period. The direct rollover process mentioned by others is straightforward, but make sure your new provider handles all the paperwork properly. The last thing you want is the IRS treating it as a distribution!

This whole thread is incredibly helpful - I'm in the exact same boat with Solo401k.com and was feeling pretty trapped by their price increase. The idea that they can just triple fees with some vague "service enhancement" justification is infuriating. I'm definitely going to look into both taxr.ai for analyzing my current situation and Claimyr for actually getting through to negotiate. Even if I end up switching providers, it would be good to understand exactly what I'm paying for versus what I actually need. The direct rollover information is reassuring too. I was worried about tax implications of switching, but it sounds like as long as the funds transfer directly between administrators, there shouldn't be any issues. One question for those who have switched - how long does the typical rollover process take? I'm worried about being stuck with the new higher fees while waiting for paperwork to process.

Has anyone mentioned that if your son made under a certain amount (I think it's around $12,950 for 2025), he might not be REQUIRED to file? But he should probably still file anyway because he'll likely get a refund of any withheld taxes!

Great question! As someone who works in tax preparation, I'd definitely recommend starting with the IRS Free File program - it's legitimately free for federal AND state filing if your son made under $73,000. Since he's interested in learning the process, I'd suggest having him try one of the guided software options first (like TurboTax Free Edition or H&R Block Free) which will walk him through each step and explain what everything means. This gives him the educational experience he wants while ensuring everything gets filed correctly. One tip: make sure he has his Social Security card, W-2 from the restaurant, and any 1099s if applicable before starting. The software will ask for these documents and it's much easier when you have everything ready. Also, even if he doesn't owe any taxes (likely with just summer job income), he should definitely file anyway to get back any federal or state taxes that were withheld from his paychecks. First-time filers often miss out on refunds they're entitled to! The fact that he wants to learn this himself is awesome - financial literacy is such an important life skill and understanding taxes early will serve him well.

This is such a helpful breakdown! I've been on the fence about switching from TurboTax for the past two years because of the rising costs, but I was worried about missing something important or making an error. Your point about FreeTaxUSA giving you a higher state refund is really compelling - that suggests they might be more thorough with state-specific deductions and credits. I'm in California and always feel like I'm leaving money on the table with state taxes. One thing that's kept me with TurboTax is the fear of the unknown - like what if I mess something up without their hand-holding interface? But based on everyone's experiences here, it sounds like FreeTaxUSA is actually pretty user-friendly and their customer support is solid. I think I'm finally convinced to make the switch for next year. Saving $70+ annually while potentially getting a better refund seems like a no-brainer. Thanks for taking the time to test all three platforms - this kind of real-world comparison is exactly what I needed to see!

This is such a timely post! I just went through the exact same decision process for my 2024 taxes. I've been using TurboTax for the past 5 years but was getting really frustrated with how expensive it's become - especially since they seem to push you toward their higher-tier plans even for relatively simple returns. After reading reviews and comparing options, I decided to try FreeTaxUSA this year. I was honestly a bit nervous about switching since I wasn't sure if I'd miss something important, but the experience was surprisingly smooth. The interface is definitely more straightforward and less flashy than TurboTax, but that actually made it easier to focus on the actual tax questions rather than getting distracted by all the bells and whistles. What really sold me was the price difference - I ended up paying about $15 for federal and state filing combined, compared to the $89 I paid last year with TurboTax. The refund amount was identical to what TurboTax calculated when I did a quick comparison, so I didn't lose anything by switching. The only minor downside I noticed was that importing my W-2 wasn't quite as seamless as TurboTax's photo feature, but honestly, typing in the numbers manually took maybe an extra 5 minutes. For the $70+ I saved, that seems like a pretty reasonable trade-off. Thanks for sharing your detailed comparison - it's great to see that others have had similar positive experiences with FreeTaxUSA!

Anyone know if these ticket sales count toward the threshold where you need to make estimated tax payments? I normally just get a W-2 but sold about $8k in tickets last year and made like $1500 profit.

For anyone still confused about this, I just want to clarify the key points since there's some conflicting advice in this thread: 1. You MUST report the full 1099-K amount as gross income - don't just report the net profit like one commenter suggested. The IRS computer systems automatically match 1099-K forms to tax returns, and reporting only the net will trigger a notice. 2. Whether you use Schedule C or Schedule 1 depends on your intent and frequency. If you bought tickets specifically to resell for profit or do this regularly, it's a business (Schedule C). If you're just selling tickets you can't use occasionally, it's hobby income (Schedule 1, Line 8i). 3. You can deduct BOTH your original ticket costs AND the platform fees. The 1099-K shows gross payments before StubHub's fees were deducted, so you're not double-counting anything. 4. Keep good records! Save your original purchase confirmations, credit card statements, and any communications about the sales. The IRS may ask for documentation. The software tools mentioned here (taxr.ai) seem helpful for organizing everything, but make sure you understand the fundamentals so you can verify the results make sense.