Whether you are a professional gambler in any year is a matter of fact and crcumstance beyond the scope of this answer. If you are, you report on Schedule C and can take various deductions such as the costs of your betting, and you will be able to have an IRA for up to $6000 and 401s and so on against your net income from the gambling (the $900 qualifies for IRA anyway). The net present value of a 50 year deferral of taxation is enormous, well justifying FICA tax, which I think you wouldn't have to pay anyway as just a $1200 IRA contribution would generate a tax credit wiping out the FICA tax I believe. Please note that while I am a tax lawyer this is not tax advice and there is no actual or prospective attorney client relationship between us.
