Saturday, January 9, 2016

Reports About Various Subjects

Hello ladies and gentleman and welcome back.  I have a few different reports to make regarding poker, life, disability, gambling winnings, income, and well lets just get started.

First and foremost, as you all know I am on permanent disability.  This is called SSDI or Social Security Disability Insurance.   This is for people that have a permanent disability or are retired.  There is another form of social security which is a some type of federal program called SSI which I am not on.  Doing some research via google and getting information from at least 3 different websites including lawyers, I found out that gambling winnings do not go against Social Security permanent disability or SSDI.  They are not counted as earned income so I can continue to grind, make as much as I want each month, and not lose my social security disability payments each month.  Now here's where things get a little tricky.  if you have in excess of $2,000 in cash in the bank you can then be penalized.  So let's say that in February I go over to the Orleans on a Friday night and play in their deep stack $125 tournament that they have every Friday night.   Let's say that I end up winning it and let's say 1st place is worth $4,000.  No, my disability will not be affected by that however if I take those gambling winnings and put them in my checking account my disability will be affected by that.  Really???  Are you people serious??  It kind of makes you just shake your head doesn't it.  Yes, you can go out and win money, but don't put it in the bank or we will penalize you for it, but we won't penalize you if you keep it in your pocket, put it in a trusted friends bank account, or in a safety deposit box.  Even though they don't come out with these exact words that's pretty much what they're saying.  Yeah ok fine whatever lol.  If you didn't know what a catch 22 was before now this is a prime example of one.

Tax season or tax time is upcoming and since I play on a US regulated site and no longer play on an offshore site where you didn't really have to worry about it previously because they didn't have social security numbers like this one does, it is somewhat prudent that I report my winnings on this years taxes.  My total earnings for December were $503 so when I fill out my income tax I will be putting that down in the other income section.  Pain in the ass is I'm going to have to fill out the 1040 form instead of the 1040ez just because I had what they consider "gambling winnings", but as I said since I play on a US regulated sute better safe than sorry.  I do not ever in my lifetime want to hear the word audit when it comes to the IRS.  You know the IRS, those guys and gals with absolutely no sense of humor and the personality of your average cactus plant.

I have one less Twitter follower.  Today I took the very rare action of blocking someone.  It seems that because I'm on disability, certain people don't think that I should be playing in the WSOP.  I guess because my medical condition does not allow me to work because if I did so in the profession that I had become accustomed to amputation of my leg was not just a possibility but almost a certainty, but because of that this person feels that since I'm on disability I don't have the right to play in the WSOP tournament.  They had the colossal nerve to compare me to TBC.  I get $826 a month, beginning next month my rent is $300 a month, my expenses for cell phone, cigarettes, food, and miscellaneous items let's say $176 a month and when you add that up it comes to $476 a month leaving me $350 per month left over.  I guess I'm some sort of second class citizen where I have to justify how I spend that money that's left over to someone on Twitter that does not even know me personally.  I don't think so in fact I know that is not going to happen.  Just because I'm on disability it doesn't mean I'm not allowed to pay my bills have some money left over and enjoy my life does it?.  The WSOP event that I'm going to enter will cost me $565.   So out of my $350 I have left over each month I can save $200 a month for 3 months and have my entry fee that way which is exactly what I plan on doing.  This person kind of hurt my feelings because it took me awhile to get used to the fact that I couldn't work.  It wasn't a choice and when someone tells you you can't do something it's very difficult to accept, but for my medical well being I had no choice but to accept it.  Even working in retail as I used to, I would be making a helluva lot more than $826 a month let me tell you and wouldn't have to keep such a close eye on my leg condition to make sure is not getting worse, to make sure open wounds are happening, and if they do worrying about how much pain it's going to involve, will infection set in that will force them to take my leg this time.  I got news for you being on disability is not a free ride it's a very stressful ride.  I worked all my life and a medical condition required me to accept circumstances as they are, but I have a real talent for poker so why shouldn't I utilize that talent to make my life situation better and to live my life in the happiest way I can just like everyone else in the world wants to.

The poker session today went a little over 1400 hands for a profit of less than $8.  I was 4 buyins down real early within the first 400 hands and I was able to dig out of that hole in approximately the next 400 hands, but after that I basically wallowed in mediocrity and could get nothing going today of substance.  Bankroll to end of the day is at $575 with the small profit and a couple of dollars in converted points.

I am considering throwing in a single tournament each day to be played.  I will not play rebuys however, but I want to play a deep stack with a guaranteed prize pool.  10 minute blind levels is not my favorite, but considering its online it's the equivalent of 20 minutes live.  The good news is I found just such a tournament on this site.  A deep stack freezeout which is not a rebuy.  The bad news is its a $20 buy in, but I feel I do need to be playing tournaments if for nothing else but to keep myself fresh for the WSOP and although the two are probably as opposite as day and night it will keep me fresh in the tournament aspect of poker.  That $20 tournament starts everyday at 4:45 p.m.  I have decided I am going to do it, but with $575 in the bankroll now may not be the correct time, but when would be the correct time is the question.  

I'm thinking of waiting until I'm at $50NL before attempting any of these.  The problem is I will not be playing $50 no limit until the bankroll reaches $1,250.  Damn that seems so far away and a deep run in one of these $20 tournaments could really rocket things along, but since I am technically still playing $10NL playing something that has a total cost of two full buyins seems like insanity to me.  Playing something that costs one full buyin is an improvement but I don't feel would be the best choice.  However a tournament that cost less than a half a buyin seems much more logical and so even though it still seems like its way off in the distance I will start playing that $20 tournament each day once the bankroll reaches $1,250.  Because the stakes are more than double $20NL, in order to give myself a 5 buyin shot at $50NL and if I were to lose be able to drop down with 50 buyins at $20NL as if the same plan I am currently doing with the $10NL and $20NL tables, I will be able to make that move to $50NL with a bankroll of $1,250 instead of having to wait for $1,500.  It does seem like it's a long way off, but it gives me something to work towards.

That will wrap up things for today.  I will not be grinding cash games as I am going to be hanging out my friend Melanie and playing short session does not fit me very well as you can see especially recently I'm dropping multiple buyins very quick and early and if I can't play a full session of cash games it's probably not a good idea to play a partial session because I can be down 3 buyins in the first hundred hands and not be able to give myself the opportunity to rebound.   Besides I've been grinding everyday for about 2 weeks now and to be quite honest as much as I love poker I'm looking forward to taking a couple of days off so I will be back at it for a full shift on Monday, 4 p.m. to 2 a.m.     In the meantime take care everyone, have a great and awesome weekend, and I'll see you at the tables.

5 comments:

  1. I have one less Twitter follower.

    People's behavior is amazingly bad when they can hide behind anonymity.

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  2. its offensive to be insulted he comp@red u to me. im the one who should be insulted. im much better off fin@nci@lly, @nd ive never w@nted to @ccept the govts money except when i w@s so much broker th@n i @m tod@y i felt i h@d no choice.

    th@t being s@id, m@ybe if u were in the $13000s, u would feel the s@me so i wont judge u.

    wh@t we @gree on is how dumb is it for the govt to not let u keep over $2k in the b@nk. wh@t h@ppened to the dog bite story?

    ReplyDelete
  3. Flushhdraw - I've been reading your blog since you started it, but this is my first time commenting.

    I just want to correct you about SSDI income and allowable assets. Because you contributed to Social Security for at least 40 quarters (10 years), you were eligible to apply for SSDI and were awarded a benefit when they reviewed your application and found you met the disability criteria. You will receive this benefit until you are no longer disabled or reach age 65 (at that time, they'd begin to pay you a retirement benefit). The amount could be offset by a portion of earned income, but as you've discussed you have no earned income.

    There are NO asset restrictions for individuals receiving SSDI. That is, NONE. SSI is a different kind of disability income that is available to poor disabled individuals that never met the 40 quarters of contributions requirement for SSDI. For SSI, there is an asset limit.

    If you are lucky enough to accumulate more than 2K in a bank account, have no fear, there will be no effect on your SSDI.

    How do I know this? I am retired now, but worked for almost 30 years in benefits administration and benefits consulting so am familiar with Social Security provisions from my professional life. And, my wife has had multiple sclerosis for more than 30 years and has been collecting SSDI for almost that entire time. Our combined assets have never affected her SSDI benefit.

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    Replies
    1. Flushhdraw: Cranky is a friend of mine. She is extremely intelligent and experienced in this area. If she said this stuff is true, you can bank on it.

      Oh yeah -- hi Cranky!

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    2. Thanks for the endorsement!

      And hi to you, Light!

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