Below is a breakdown of how sportsbook winnings are taxed. Casino. If. If you receive multiple W-2G forms. February 4, 2021 9:09 AM. You’ll get a 5498 form if you made a contribution or rollover to your Acorns Later account during the tax year. A. Gross winnings would be around a cool $1mil. A 2015 law made it a permanent requirement that employers file. 2, 2023 — PENN Entertainment announced that ESPN Bet will launch on Nov. That is only the norm if you provide them with your social security number, however. We would like to show you a description here but the site won’t allow us. Earnings and/or winnings are eligible for withdrawal. For residents and non-residents alike, the income tax rates are the same. 6 rows Key tax dates for DraftKings - 2021. However, certain factors may affect the verification time as such Best VPN For Bybit . If you give your bookie the $100, this is known as up-front stakes. Online competitor data is extrapolated from press releases and SEC filings. ; Enter all requested. Mailing date by April 30. In some cases, you might see the form is blank. March 15. What forms will you receive for your sports betting taxes? There are two forms you might receive from a sports betting platform: Form W-2G: For your gambling income; Form 1099: For prizes and promotions from a gambling platform; Both are intended to document income you received on the platform. DraftKings does not disappoint in that regard. You may contact DraftKings at support@draftkings. We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000 and the winnings are at least 300 times the wager. 99 per transaction and up to $5,999. For the three months ended December 31, 2021, DraftKings reported revenue of $473 million, an increase of 47% compared to $322 million during the same period in 2020. Who is eligible to receive a W-2G form from PointsBet? Clients receive a W-2G form when they win a wager on PointsBet Sportsbook during the year that paid more than $600 at odds of 300 to 1 (+30000) or greater. Any other bet if the proceeds are equal to or greater than 300 times the wager amount. com to arrange for all of your post-revocation. Source: Financials are provided by Nasdaq Data Link and sourced from the audited annual ( 10-K) and quarterly ( 10-Q) reports submitted to the Securities and Exchange Commission (SEC). Alternatively, if you provide an IRS Form W-8BEN, Airbnb will withhold 30% on your payouts from US listings and remit the tax to the IRS. Forms. The 1040-SR is available as of the 2019 tax year. The $1,200 is the W2G amount for slot machines. Only your winnings are taxed – meaning if you bet $10 to win $20 total, your. 34%. Bonus Bets. 1. If any taxes on your winnings have already been withheld, make sure to report that on the 1099 or W2-G. If you receive more than $600 in payments designated for goods and services via Venmo or another payment app in 2023, the operator of the app is supposed to send a Form. A total of $3. Key Takeaways. For tax purposes, however, it’s the same as any other form. You would have to have an individual income above $100,525, including your winnings, to move into the 24% tax bracket. Say I do this 1,000 times through the year. If all attempts to verify your identity remain unsuccessful, you will be given the option to upload an identification document. Customers can send their gaming queries or issues directly and expect. This type of reporting is reported as hobby income. The tax code requires institutions that offer gambling to issue Forms W-2G if you win:. required to issue you a Form W-2G. Those sites should also send both you and the IRS a tax Form 1099-Misc if your winnings exceed $600. You consent to receive your DraftKings related tax information, including, without limitation, Forms 1099 and W-2G, electronically, which information will be securely hosted by DraftKings and accessible by you through your player account page for at least seven (7) calendar years following the year to which the information relates. Electronic (coin-operated) Pull-Tabs are not subject to the gaming excise tax. In addition, there will be multiple. Certain amounts/activity will generate an automatic Tax Form. FanDuel sent me a tax form just the other day, don’t use draftkings so I’m not sure how they go about it. On the left hand side of this page, click on “Document Center. Mailing date by March 15. If you did not receive a 5498 form, then your account may not have met the eligibility. On the web, click “ Settings ” from the sidebar, then “ Tax Documents ”. Fantasy sports sites and apps must send you (and the IRS) a Form 1099-MISC. Both cash and the value of prizes are considered “other income” on your Form 1040. You can use postal delivery for any deliverable address, including PO boxes. Up to $22,000 for married couples filing jointly or up to $11,000 for individuals. This is standard operating procedure for daily and traditional sports betting sites, and is one of the requirements for DraftKings, and sites like it, to stay in. As an added bonus, special discounts apply for Fidelity clients. Here's what investors need to know about investment tax forms this year: 1099 tax forms are used to report investment income to the IRS. 2. In this course, both new and experienced players can find the foundational pieces that are required in order to become a winning NBA DFS player. But we also checked the. Uncategorized. Total net is $10k profit. The form allows you to indicate your name, username, email, and the reason for the request. Those sites should also send both you and the IRS a tax Form 1099-Misc if your winnings exceed $600. Beginning with the 2018 tax year, the redesigned Form 1040 will be used by most taxpayers. This is standard operating procedure for daily and traditional sports betting sites, and is one of the requirements for DraftKings, and sites like it, to stay in. This, however, doesn’t mean that if you consistently win and fail to report your winnings the tax office wouldn’t notice. Kentucky began offering sports betting in September 2023, and DraftKings Sportsbook launched in the state that same month. e. The smallest wins where I’ve received a 1099-misc were wins of $450 on a $1 box Trifecta, and $300 on a $5 listener league tournament on FanDuel. Poker tournament winnings are more than $5,000. A helpful tax summary. O. If you win more than $5,000, you will also be taxed federally. 2022 Tax Information Reporting issued by the Gemini Exchange. Description. What are the forms and what do they mean. 3079, Tax-Exempt Organizations and Gaming. DraftKings will deploy a multi-brand strategy which will enhance cross-sell opportunities and drive increased market share and revenue growth. Mail. Daily Fantasy Sports customers may be required to provide their SSN in certain cases, specifically when they have problems with identity (ID) verification. com. In almost all circumstances for sports bettors, your gross winnings will exceed any amounts reported on a W-2G. But every time sportsbooks lose a $1,100 bet, they only lose $1,000. Never got tax form from fanduel/draftkings. You Will Receive Premium Taxpert® Support Via Your Personal Support Page. To deduct gambling losses, you must itemize your deductions: Claim your gambling losses as a miscellaneous deduction not subject to the. For the fastest help, we recommend contacting the DraftKings Customer Support team via support request. $990 on another app to pay the same. As a result. For more information on gambling income and losses, please consult. A member of our support staff will respond as soon as possible. Use Form W-9 to request the taxpayer identification number (TIN) of a U. Form 941 PDF. com if you cannot access your electronic tax information or to request a paper copy of your tax information. “Online” is defined as an individual income tax DIY return (non-preparer signed) that was prepared online & either e-filed or printed, not including returns prepared through desktop software or FFA. Log in. The maximum winnings for both DraftKings and FanDuel are slightly different. For example, if two people win a New Jersey Lottery prize of $14,000 and split the proceeds equally, $7,000 of income is taxable to each person and. Withdrawal times. 2017 Fiduciary Tax Forms. kathleenelink New Member I received a 1099-MISC form from DRAFTKINGS- an online sports gambling site. The information returns listed below are used to report backup withholding for tax year 2021. 50%. Does draftkings send tax forms. You will still be accountable for your income. – It’s important to report your gambling winnings on your tax return even if you didn’t receive a tax form from Draftkings. It's basically a legal document saying you are giving the correct social security number/EIN to them, and that you are NOT subject to any backup withholding. Let's look at the DraftKings business model in detail. These circumstances are detailed below: 1). DraftKings allows you to make deposits via PayPal, as long as you’re not using a PayPal business account. Nathan Rigley, a lead tax research analyst at H&R Block, spoke with TheLines. Win cash prizes weekly — paid out as soon as the contest ends. 10%. Each bonus bet has a simple 1x rollover requirement, and any winnings earned can then be cashed out. Payments can securely be made using a credit or debit card, or checking account, through one of our online payment options that don’t require you to create an account. Open the registration form and confirm Kentucky as your state. FanDuel sent me a tax form just the other day, don’t use draftkings so I’m not sure how they go about it. Illinois taxes on sports betting winnings. Thank you. i use tokentax. com to offer advice for bettors making preparations for 2018 and beyond. It’s just for your records. You won’t need to use this form when you file your taxes. Hi, I made accounts on Fanduel/Draftkings last October (10/2021), and up to this point, I won 1800 on Fanduel. More money was wagered in New York in 2022 than in any other state in the United States. A payer may also send you a Form W-2G if it withholds part of your winnings for federal income tax purposes. About form 1099-NEC; Crypto taxes; About form 1099-K; Small business taxes; Amended tax return; Capital gains tax rate; File back taxes; Find your AGI; Help and. Can I offset these fantasy sports sites?. If you have won more than $5,000, the payer may be required to withhold 28% of the proceeds for Federal income tax. ”. But gamblers are supposed to report all their Winnings, regardless of Forms (ahem, supposed to). Does DraftKings simply issue 1099?If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24%. If you receive your winnings through PayPal, the reporting form may be a 1099-K. Form IT-9 cannot be e-filed and must be mailed to the address on the form. The acquisition of Golden Nugget Online Gaming will deliver significant strategic benefits to DraftKings as well as expected synergies of $300mm at maturity. Filing date. $5,000 or. You can find all things financial across all our FanDuel products, including how much you have deposited, played and won. At a glance: Report all gambling winnings as taxable income on your tax return. Which means you do not meet the requirements. g. The IRS Form W-9 is one of the most common tax forms. You'll be directed to the deposit page immediately after signing up. Those sites should also send both you and the IRS a tax Form 1099-Misc if your winnings exceed $600. How DraftKings makes money. I believe every company has until the end of the month to send it out. Claim your gambling losses up to the amount of winnings, as. , a car or a boat), the items will be assessed at their. Claim $150. While payment service providers, like PayPal and Venmo, are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts included on. Find out where it's legal and get started betting online today!IRS Form W-2G is a document sent to gamblers to report their winnings and the amount that was withheld for taxes at the time of the payout. To claim it, you must first open an account and deposit using one of the many DraftKings payment methods. These are two different forms guys. Detailed financial data and other information is available in DraftKings’ Annual Report on Form 10-K,. Draft a new lineup whenever you want. In your voicemail, it is important to include your full name, phone number, and DraftKings username if you wish for a response from DraftKings Player Advocate. If to need help locating get DraftKings Irs Form 1099, we have one easy orientation till show you wherever it is and why and how to fill thine in. Level 15. For your federal tax return, the form you need is the W-2G. Michigan does not withhold taxes on winnings from $601 to $5,000, but you must report these winnings to the IRS and the Michigan Department of Treasury. We feel FanDuel offers slightly more appealing lines than DraftKings, but there isn’t much in it. e. The tax information contained within the Tax Information Center is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Think of it like your weekly paycheck. Play in a public contest or against friends in a private league. • Eligible post-secondary institutions are required to send Form 1098-T to tuition-paying students by January 31 and file a copy with the IRS by February 28. That increases to $201,050 for. It is still very early. According to DraftKings’ official website, they will. Many Hoosiers have taken advantage of this new law. Daily Fantasy Sports: Many of you will play DFS casually and will report it as “Other Income” on your individual tax return. Even though Michigan casinos and online gambling operators are required to fork up a fair share of their earnings to the state, players must also pay a portion of their winnings. The Tax Code requires gamblers to record their wins and losses by session. But we get it, online gambling in uk reddit it's available only to new customers. DraftKings takes a data-first approach and asks its customers to upload proper legal documentation like name, age, gender, etc. You'll see the balance of any money accessible to take out of FanDuel. 1 and. • Box 5 shows the amount of scholarships and grants that were paid directly to the school for the. FanDuel generally offers standard juice lines, but you may find -113 / -106 or -114 / -105, which is a bit more generous. For instance, say you win $10,000 in a big stakes league and your entry fee was $1,000. The hackers don't want you to get this email so they set up a bomb that just sends hundreds or thousands of emails to your box. Form W-2G. If you have lost your Form W-2G, you can contact the Gambling issuer (casino) and request a duplicate copy. Florida used to have a gaming compact with the. To enter your gambling or prize winnings in TurboTax (even if you didn't receive a W-2G), please follow these steps: Click on Federal Taxes > Wages & Income [If you're in TT Home & Biz: Personal > Personal Income ] In the Less Common Income section , click on the Start/Update box next to gambling winnings. com if you cannot access your electronic tax information or to request a paper copy of your tax information. generally the ratio of the winnings to the wager. Don’t worry too much about not receiving a 1099-NEC or 1099-K. . If you get these wrong and FanDuel can’t confirm your details, you may need to send in documentation to prove your details are right. DraftKings makes depositing speedy and easy. If you decline that option, they usually withhold 28%. Filing year - Any - 2023 2022 2021 2020 2019. You should receive this form if you received payments from electronic or online payment services, or credit and debit card transactions. The tax code is not clear, due to the infancy of legal on-line gambling. That sensitive information was sent on September 28th to a Paul from Draftkings, after a day or two I sent in an inquiry and in return I received an email from Dan stating they did not receive my. Request online notarization and obtain your form promptly witnessed. 2% each, and medicare is 1. IRS Form W-2G). We would like to show you a description here but the site won’t allow us. 3b. ago. Please advise as to where I input this other income that is not considered gambling however it was gambling winnings Form W-2G from DraftKings (just sharing) We will issue a W-2G form each time a player has a payout of $600 or more (no reduction for the wagered amount) and a return that is 300X the amount wagered. If you never got one, contact your sportsbook or casino. DFS and horse racing have different thresholds where IRS reporting is triggered. Form 1099-K is an IRS informational tax form that is used to report goods and services payments received by a business or individual in the calendar year. Married. UVA reports payments received for qualified tuition and related expenses (QTRE) on IRS Form 1098-T. In addition to federal taxes payable to the IRS, Pennsylvania levies a 3. draftkings. Daily Fantasy Tax Reporting. Any property taxes paid at closing will appear on your settlement statement. It is not an investing strategy and does not assure positive performance nor does it protect against losses. Return the signed form to the payer, who will give you your copies. For federal income tax forms, visit the Internal Revenue Service (IRS). met if you send us files in any other format (Illinois does not accept PDFs or spreadsheets (such as Excel) containing. gov • When is the due date?Visit our website at tax. Gambling winnings are subject to a 24% federal tax rate. If you want to mail your tax forms, you must file by January 25th, 2024 to guarantee the tax forms are postmarked by January 31st, 2024. If you have winnings of over 600 from any Daily Fantasy Sports site such as FanDuel or DraftKings you will likely receive a Form 1099- MISC with the amount shown on Box 3. Venmo is a popular peer-to-peer payment service in the United States. You Keep From Your Gambling Winnings. Income tax forms: The State of Washington does not have a personal or corporate Income Tax. The information entered into the online form and the associated identity documentation will be reviewed, and a DraftKings Player Advocate will get back to you with the verification result shortly. So it would be whatever your tax bracket isfor a NerdWallet account. The maximum limits are for all methods, though. illinois. 1099-consolidated (group 2) February 16-17. DraftKings Help Center (US) My Account. $ 0. Depending on the actual state you live in, DraftKings will report your winnings after a certain amount. For anyone curious from their at site. When a wager pays more than $600 at odds of 300 to 1 or greater based on the total of all wagers placed into a particular pool of wagers: TVG will mail an IRS form W-2G to the subscribers for each qualifying wager. DraftKings does have several sharps on their staff to. [deleted] • 3 yr. All values USD Millions. Download your tax reports; Download your tax reports Note: If you’ve earned less than $600 in crypto income, you won’t be receiving a 1099-MISC form from us. This form is used by principals or agents who accept taxable wagers to register certain information with the IRS and to pay the. ago. If you're new to Koinly, you can sign up using your Trust Wallet account. The thing is, I was waiting for tax documents, but I do not see any 2021 tax forms on both websites. We would like to show you a description here but the site won’t allow us. Per the email you must fill it out to continue to play on draft kings. January 26. Every time bettors lose a $1,100 bet, they lose $1,100. As we’ve mentioned, you’ll get a 1099-K from PayPal if you earn at least $20,000 from them, in at least 200 separate sales. The answer is yes, your cumulative net profit is taxed, and DraftKings is contractually required to send a 1099 tax form to any player that nets of $600 in profit in a calendar year. Taxes are with-held and reported in the quarter the. And I will probably stop gambling until next year (just don't wanna lose it again). Then, make a $5 moneyline bet, and you’ll get $150 in. Does DraftKings Send Tax Forms? Yes, DraftKings does send tax forms to its users under certain conditions. Instructions on how to file are included with the form. In most states, daily fantasy winnings of any amount are considered taxable income. You can be smart with it too and take some huge favorites because it will still add up to you making a killing. But you can address double-reporting with your own records, notes Kari Brummond, the tax preparer and writer. You will be assessed additional taxes, penalties and interest on your unreported or underreported gambling winnings. February 23. Make your first deposit!DraftKings Sportsbook is an online sports betting platform from Draftkings. If it turns out to be your lucky day and you take home a net profit of 600 or more for the year playing on websites such as DraftKings and FanDuel the organizers have a legal obligation to. ago. This is a view of all the gameplay, bets, transactions, and contests you enter with FanDuel. Individuals who have sold cryptocurrency on Venmo during the 2022 tax year will receive a Gains and Losses Statement, irrespective of their state of residence. Call us at 260-407-5000 and schedule an appointment at your convenience. Mile_High_Man • 3 yr. Not valid for TurboTax CD/Download products or TurboTax Live products. person (including a resident alien) and to request certain certifications and claims for exemption. When a W2-G. 2, 2023 — VA sports betting handle hit $520 million in September, a 63% rise from August and 26. If you cash out those winnings with PayPal, you’ll get a Form 1099-K instead. • For 2023, if you receive more than $600 for business payments on a P2P platform during the tax year, the platform is required to send Form 1099-K to you and the IRS. Where you mail your federal income tax forms depends on your state and the forms you are using. First bet matches are typically paid out in the form of a bet credit, just like a no sweat bet would if it were to lose. If you take home a net profit exceeding $600 for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. Casinos typically withhold 25% of your winnings for tax purposes. We would like to show you a description here but the site won’t allow us. Form 1099-K is an IRS informational tax form that is used to report goods and services payments received by a business or individual in the calendar year. When the “business” pays the streamer they have to pay both the employer and employee Social security and Medicare taxes. For sports bettors, the IRS Form 1099 will be the most common tax form. The implied probability of hitting a 150-1 parlay is . You must sign Form W-2G if you are the only person entitled to the winnings and the winnings are subject to regular gambling withholding. Regs. Box 505000 Louisville, KY 40233-5000 Overnight Delivery ComputershareYou may contact DraftKings at support@draftkings. If you never got one, contact your sportsbook or casino. The time it takes for DraftKings to complete the verification process can vary. "Although you only made a total of $25,00, the IRS receives two documents and believes. The sportsbook is required to report any players who win over $600 sports betting. Where can I find tax information for DraftKings transactions?If you win money betting on sports from sites like DraftKings, FanDuel, or Bovada, it is also taxable income. It's easier than ever to view your tax forms and upload them directly to your preferred tax preparation service. If you wish to revoke your consent to receive your tax information electronically, you may contact DraftKings at support@draftkings. We would like to show you a description here but the site won’t allow us. com. Share a copy with others or send it to them for approval via email, a signing link, SMS, or fax. If you don’t receive Form W2-G or 1099-MISC from your fantasy sports host site, it does not mean you are free from tax liability. You must withhold tax from employee wages (including draws) at the time employees are paid. 5498. Form Name. This FAQ is intended to provide general answers to frequently. Michigan imposes a 4. I have gotten this the last two years or so. You will be assessed additional taxes, penalties and interest on your unreported or underreported gambling winnings. Reports gross dividends paid to non-resident aliens, whether paid in cash or reinvested in additional shares, and non-resident alien taxes withheld. If applicable, income is reported in Box 3 (Other income) on the Form. I heard past $600, I need to pay taxes for my gambling winnings. To deduct gambling losses, you must provide records that show the amounts of both your winnings and losses, like: Receipts. In the ruling issued last week, the IRS concluded that DFS entry fees are gambling expenses. That's fine, then say so instead of downvoting comments. The big changes are in lower numbers. In the year in which the audit will be required, the audit will cover the full plan year and the short period. for fantasty it should be the end of the month. 66%. The same goes for any other gambling activity where you. Income Tax Forms. The safety and protection of your DraftKings account is our top priority. Hitting a 500-1 parlay has a . If your transactional activity met the thresholds, you should receive it on or before January 31st. I did not receive any tax forms from any legit gambling sites. $600 or more on a horse race (if the win pays at least 300 times the wager amount);We would like to show you a description here but the site won’t allow us. eWallets. Example: If you win a non-state lottery prize of $10,000, the payer could withhold 24% upfront to pay the IRS in the event you fail to report the. S. On the left, click on the type of form you need. Claiming the $200 DraftKings Sportsbook welcome bonus in Massachusetts only takes a few minutes. It will include the total payment amount of your sales in 2022, and you can use it to determine your taxable income from online selling. This amount is. Sometimes the Win/Loss statement is called a Player Activity Statement. Or, call us at 877-208-0098 or contact your financial representative. There could be a few reasons why you cannot withdraw money from DraftKings. Companies use W-9's to file Form 1099-NEC or Form 1099-MISC, both of which notify the IRS how much they've paid to non-employees. sportsbooks will also send you an SMS that you will need in order to collect funds. This is money you have from winnings across FanDuel!If you have yet to wager with DraftKings Sportsbook, you qualify for the bet $5, get $150 in bonus bets sign-up offer. You must have a bet that. employer determines the employee does not meet the exemption requirements provided in OAR 150-316-0237, or • The employee’s exemption status expired, and they didn’t submit a new Form OR-W-4. January 9. We would like to show you a description here but the site won’t allow us. NJ taxes on sports betting winnings If you win money betting on sports from sites like DraftKings, FanDuel, or Bovada, it is also taxable income. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. DraftKings’ transfer agent is Computershare Trust Company, N. Step #1: Stay calm. What is the difference between a W-2G and a Win/Loss statement? A W-2G is a tax form provided for winnings of $1200 or more. On September 1st 2019 our great state of Indiana legalized sports betting. Certain amounts/activity will generate an automatic Tax Form. Quil Ceda Creek Casino: 6221 31st Ave NE, Tulalip, WA 98271. We would like to show you a description here but the site won’t allow us. Give Copy 2 to the winner for use in filing a state. Every employer is required to file Form 307 North Dakota Transmittal Of Wage And Tax Statements Return with the state, due January 31. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers. Overall, both sportsbooks have websites that look and feel good. DraftKings Sportsbook. Win/Loss statements show net. 15, 2024. for their sportsbook they don't unless you hit some crazy longshot over a certain amount. While payment service providers, like PayPal and Venmo, are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts included on. It’s your responsibility to report gambling winnings when you do your state taxes. 99 per week. exempt recipients to overcome a presumption of foreign status. 9% for Medicare tax. Deposited funds are eligible for withdrawal to the same payment method. Postal delivery. A W-9 form provides information for issuing Form 1099-NEC at the end of the year. You just need to make. The DraftKings Kentucky promo code offer is giving new customers a superb “Bet $5, Get $150” bonus that is offered since DraftKings Kentucky went live Sept. IL is the ONLY state that DOES NOT allow you a credit for taxes paid to another state on gambling winnings. Obviously, it is your job to. , they're generally due to the IRS on, Monday, February 28, 2022, for paper filers and Thursday, March 31, 2022 for electronic filers. im not sure about it but i dont suppose they do. The W9 is just information about you the player. Use Schedule C-2 on Side 2 of this schedule. Depositing to DraftKings, withdrawing from DraftKings, methods, and timelines. 9 million dollars in bets were made between Caesars and DraftKings sportsbooks during Maine’s first week of sports wagering, WMTW reports. "A client that paid you through Venmo sends you a 1099-K for $10,000. Other Members: Save 20% on TurboTax. DraftKings Overview and Information Launched 11 years ago as a daily fantasy sports platform , DraftKings is a company that revolutionized gambling in numerous states across the. DraftKings Massachusetts bonus code – November 2023. At the end of the year, Airbnb will send you an IRS Form 1042-S showing the amount of withholding tax credits on your payouts. DraftKings Q3 Press Release. How to Report Winnings on your Federal Income Tax Return. Form. Become familiar with Form W-9 and the IRS regulations concerning it, learn who needs one, how to fill it out. FanDuel features a light-gray, sober environment, while DraftKings features a dark, sleek background. W-2G forms are generated automatically when the subscriber meets the reporting criteria. The new system even added two new brackets for those reporting more than $5 million and $25 million in taxable income. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. gov secure online platform.