Is the routing number on a check from your bank account the correct routing number to provide for the ach payment?

So I got a question I requested a check for a little over 1k about 2 weeks prior to Black Friday which bounced. And never went back into the account, so they think I got that account. Is it worth disputing? Can I show bank records?

I'm in the same boat would love to hear what people say about this.

Big difference between a check that never showed up and a check that bounced. A bounced check is easier to prove.

If I recall correctly, it has been said that disputing the claim will not hurt you i.e. they can deny the claim but you'll still get the amount GCG initially said you are owed.

Somebody correct me if they know, but I don't believe the settlement agreement involved any funds seized by the DOJ, including funds in transit with a processor. These refunds are being paid by Poker Stars, based only on account balances. Money lost in processing (i.e. seized) is probably SOL. Uncle Sam is keeping it.

Well, that was easy and painless. And they even included the $2.00 in tournament dollars. Weeeeeee.

Nobody knows if money in limbo (bounced checks, checks requested but never received, etc) is going to be paid/denied.

The refunds are being paid by the DOJ/GCG from the money they received from PokerStars' settlement with the DOJ.

Prior to the payment of funds to a Petitioner, GCG will provide the Petitioner’s Social Security or other Taxpayer Identification Number to the Government, in order to offset and collect any qualifying debts currently listed in the Treasury Offset Program Database.

What do you think the chances are that when we file for remission the govt would look at the full tilt database and come after us for unpaid taxes?

If you paid your taxes the chances are zero.

If you didn't, don't drop the soap.

Question from a stakee: If the balance appears accurate, is there ANY REASON at all to wait on filing the petition or should you just go ahead and do it asap?

My assumption is that it doesn't really matter. They are only paying out after the deadline because they have to get all claims in and see if they have enough money to pay 100% back.

For the record, the 4/15 date they say they are using isn't 100% accurate. If you had an adjustment after that date it is included. I know someone who won a $12K WSOP Main Event package. 2 weeks before black friday. 2 weeks after black friday he got an email stating that they were adding the money to his balance and hopefully he'd get paid soon. The money from that package was included when he went online today.

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Crap. I was playing on Black Friday and tried to withdraw 1.2k of my 3.2k balance after hearing the news not really thinking it'd ever go through. Of course I never received that money and my GCG balance doesn't reflect the money that was in limbo.

I guess I can get an account summary from FTP. Hope it's not a huge pain in the ass cause I won't bother going through a bunch of hoops for the missing money if it comes to that. I'm not hopeful.

Yes.

There is little reason not to dispute it (except it's possible a disputed claim will take extra time to process). Show your FTP account records and your bank records along with an explanation letter.

These are not refunds and they are not being paid by PokerStars. They are remissions for fraud perpetrated by FTP, being paid by court case settlement money. All funds lost by the player due to the fraud, including failure to receive a withdrawal, is fair game for remission.

Personally, I think there is almost no chance that the IRS will become directly involved in this remission process such as tax withholding or reporting for all players. I base this on the historical evidence. The IRS never became involved in the Neteller reimbursements nor the PokerStars refunds, both done under agreements with the DOJ.

There is a more direct involvement in this case by the US government and certainly the quoted statement is scary, even though it doesn't speak directly to income taxes. It is possible that the IRS will take the opportunity to go after taxes for some players. I would expect if it does occur, it will be limited to high dollar remissions (six or seven figures).

In any case, I recommend you pay taxes on winnings after receiving your remission, if you haven't already done so. Report it as gambling income on your next tax return.

Petition filed successfully.
A withdrawal of 620$ I made on Black Friday is obv. in dispute.
I noted such on the petition... there's an email FTP sent to me,
and I never recieved that draw.
This will take awhile.

If they come thru with the other 600+ oustanding [that I left in FTP],
I'll be thrilled.

Can you explain like I'm five? I deposited 10 bucks. I never withdrew from FTP. I have almost 500 on the account now. Is this just saying that they will automatically deduct whatever of that winnings goes to taxes? Is it saying that I'll need to report those winnings at the end of this year? Or is it saying that if I didn't somehow magically pay taxes already on the money I never withdrew, I'm going to see a couple of friendly blue-uniformed men on my doorstep?

on my initial claim entry i accidently put my banks wire routing number instead of the electronic routing number, so i just edited and resubmitted. hope i didnt screw myself!

I'm saying I strongly suggest that anyone who gets paid by this to be sure to claim it on their taxes in the year they actually receive the money. For example, if you get the money by the end of December, claim it this year. If not, claim it next year.
There's probably little you can do regarding pre Black Friday wins, but if they do audit you and you have substantial prior winnings that they know about, the best defense is to be apologetic and work with them instead of fighting them.



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I think this needs further clarification.

As explained in the US Taxes Sticky in this forum, winnings in poker are taxable as gambling income and losses are deductible as an itemized deduction (or as a business deduction for professional players) up to the amount of winnings.

The portion of your remission payment that represents winnings is taxable, if you haven't already reported those winnings as gambling income in prior years on your income taxes. The portion that represents money that you deposited on FTP would not be gambling income and does not have to be reported on your income tax return.

Can anyone suggest a course of action for those of us with accounts funded through freeroll winnings? Should we file a petition normally? And if we're denied?

It seems absurd that somehow they could consider us not to have been defrauded. Isn't promising "x" in exchange for "y" and compensating us with someone else's "x" (which seems to be what the DOJ might allege) an example of fraud? Isn't it absurd that I was able to withdraw 5 figures from FTP but somehow the remainder of my account might be illegitimate? Isn't it absurd that if I had withdrawn and instantly redeposited $10 at any point in the history of my account there would seemingly then be no question about the legitimacy of my balance and claim? Etc., etc.

I would file a petition normally and yes, it's absurd. If you're denied you'd just need to speak to someone in person and explain it to them.

I moved the discussion of the tax treatment of FTP remissions to an old thread where this topic was already discussed and resolved:

"Constructively received" different for FT monies?

The earlier answer is also contained in the US Taxes Sticky.

Same here. Frustrating watching this process unfold for 2 years, telling people repeatedly to be calm and then feeling like I might get the short end of this deal.

zero

You're not alone. I still haven't received the e-mail. I don't really see how we'll get the short end of the deal though.

Got my email yesterday. Started to go thru the claims process on the Full Tilt Poker Claims website. I honestly thought I had pulled all my money out of there before black friday but I found out i have a whopping $17.48 in my balance lol. I feel a bit leery about submitting my bank account and routing numbers just because I don't want the possibility of them taking money OUT of my bank account. I dont remember them needing my account and routing numbers when I first deposited on FTP or whenever i made withdrawals in the past. Is this something to worry about? Or do I just go thru with it and *hope* nothing wrong happens?

Obviously everything goes right out the window when it comes to FTP, but any company with some semblance of bookkeeping practice should be able to go into their records, find the check number associated with the transaction and verify with their bank that the check was never cashed.

I doubt bank statements would work since one could always have another bank account somewhere and there's no way to prove that you've submitted a complete list of all your accounts.