If you’re a seasoned poker player that travels to the United States and gets lucky there, you’ll know there’s a tax on poker winnings that equals 30 percent. While there are many players who think there’s really nothing they can do about getting some of that money back, other more informed non-US citizens know there is a way to recover those funds.
Putting together the right documentation is a great start and having the necessary forms like an IRS Form 1042-S makes the process go smoothly. Remember, a little preparation work goes a long way. Usually the whole refund process takes about 12 to 15 weeks but with the right ITIN# the cash can be in your hand in as little as six to nine weeks.
There are other gamblers who wonder if the tax on poker winnings they pay on their American winnings is the end of it, but there’s no need to worry if you’re a non-professional gambler from here. There’s no extra tax on those winnings in Canada.
Looking for the right help to get as much of your tax on poker winnings back as possible is as simple as getting in touch with us at Refund Management Services today.