Windsor kid wins big in Chicago

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  • Windsor kid wins big in Chicago

    I was going to start a discussion about class prizes, but... well, it's been done, and the world is changing.

    Windsor junior Jeffry Zhu played in the D section of the Chicago Class Championship, scoring 4½/5 and winning $1,000 US. Wow. That's more money than I won in my entire chess tournament career.

    For those interested, the entry fee was $105, there were 29 players in that section, and the D prizes were $2000 total. http://chicagoclass.net/

    $1,000. Wow. The world sure is changing. Congratulations to Jeffrey.

  • #2
    Re: Windsor kid wins big in Chicago

    That is really a very good result (and a very good payoff for D class especially!).
    I'm just curious: does he have to leave some of the money behind for the IRS?

    I understand that Vegas winnings apparently claw back money for US taxes... does that apply to chess tournament prizes?
    (I have never won any money in the U.S. so I have no direct experience!).

    Maybe Jeffry or his parents can google for those firms that offer to get withheld taxes back?
    I've heard the commercials, but never had a need to make use of such "service" (for a small fee no doubt).

    Congratulations in any case. If you post the prizes, they will come.
    ...Mike Pence: the Lord of the fly.

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    • #3
      Re: Windsor kid wins big in Chicago

      http://canadachessnews.blogspot.hu/

      I put this on the blog. Great news.

      Is there a way to get a recent pic of him? and if he comes to your club or know him, can you ask him to write a few words about his experience and I will add it to the post.

      Results link http://chesstournamentservices.com/c...013-standings/
      Thanks!

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      • #4
        Re: Windsor kid wins big in Chicago

        I've emailed a picture to myip2z2@hotmail.com

        I'll ask Jeffrey's dad for some comments.

        JC

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        • #5
          Re: Windsor kid wins big in Chicago

          http://canadachessnews.blogspot.hu/

          Thanks for the pic. The post on Jeffrey's sucsess was just updated.

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          • #6
            Re: Windsor kid wins big in Chicago

            If it was a CCA (Goichberg) event, the rules state:

            "The IRS also requires that anyone who wins $600 or more show proof of their Social Security or Tax ID Number to the Tournament Director, in order to receive their check."

            However - I know someone (a Canadian) who won $10,000 at the World Open a few years back who received his full prize. So - I don't know how strict they are with that rule.

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            • #7
              Re : Re: Windsor kid wins big in Chicago

              I know a couple of people that had to pay 30% of their prize (one managed to avoid that by having his $1000 prizes splitted in two cheques of $500). However, I know at least one person who managed to get the money back once in Canada, with the help of an accountant (not sure it would be worth it if they didn't know him).

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              • #8
                Re: Re : Re: Windsor kid wins big in Chicago

                Ok, I finally had a few spare moments and did some online searching. This seems to be a promising link:

                http://www.taxtips.ca/personaltax/usgamblingtaxes.htm

                I really hope to someday NEED that information! :)

                Edit: having read through that info, it isn't clear whether prizes in a chess tournament would be subject to U.S. withholding (for a Canadian that is) or, if it is, whether it can be recovered. I have heard radio commercials that mention Vegas (gambling) winnings, but as we all know, chess is not left to chance... YMMV.
                Last edited by Kerry Liles; Monday, 22nd July, 2013, 08:12 PM. Reason: opinion
                ...Mike Pence: the Lord of the fly.

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                • #9
                  Re: Windsor kid wins big in Chicago

                  Originally posted by John Coleman View Post
                  I was going to start a discussion about class prizes, but... well, it's been done, and the world is changing.

                  Windsor junior Jeffry Zhu played in the D section of the Chicago Class Championship, scoring 4½/5 and winning $1,000 US. Wow. That's more money than I won in my entire chess tournament career.

                  For those interested, the entry fee was $105, there were 29 players in that section, and the D prizes were $2000 total. http://chicagoclass.net/

                  $1,000. Wow. The world sure is changing. Congratulations to Jeffrey.
                  Congratulations to Jeffrey again, he just won $1300 in Cleveland Open.

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                  • #10
                    Re: Windsor kid wins big in Chicago

                    moved to new thread
                    Last edited by John Coleman; Monday, 12th August, 2013, 09:33 AM. Reason: moved to new thread

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