Q: Are my DraftKings and FanDuel fantasy sports accomplishment taxable? Where would I charge to address it?
A: DraftKings and FanDuel paid out added than $1 billion in award-winning money in 2015, and the IRS expects its share. Fantasy sports accomplishment of any admeasurement are advised taxable income, and if you accept a net accumulation of added than $600 for the year, DraftKings and FanDuel — and added fantasy sports sites or organizers — charge affair a 1099-MISC tax anatomy to both you and the IRS. “Net profit” is affected as prizes won bare access fees, additional bonuses; it’s not based on your withdrawals. When your net profits top $600, the armpit may accelerate you a alert to complete an cyberbanking W-9 anatomy to accommodate your Social Security number for IRSreporting.
You address fantasy sports accomplishment as “other income” on band 21 of your Anatomy 1040. “If you accustomed a 1099, that cardinal had bigger appearance up on your tax acknowledgment because the IRS will analysis for it,” says Greg Rosica, a tax accomplice at accounting close EY (also accepted as Ernst & Young) and accidental columnist of the EY Tax Guide.
If your accomplishment are paid through PayPal, you may additionally get a Anatomy 1099-K if you accept added than $20,000 in payments or accept added than 200 affairs for the year. Sometimes a Anatomy 1099-K includes net accumulation that is additionally appear on a Anatomy 1099-MISC from a fantasy sports site. “Make abiding you do not bifold calculation that income,” says Donald Rosenberg, an enrolled abettor in Yorktown Heights, N.Y.
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