You’re in your FanDuel account when you look in the corner and spot a notice for a W9 Form. Or maybe you been emailed by FanDuel to fill out this form.
What is this form and are you required to submit a FanDuel W9?
FanDuel W9 Explained
First of all, a W9 is just a standard form used to identify tax payers. It’s the same form required by any businesses when you could earn income. DraftKings also requires that certain players submit the form as well.
The FanDuel W9 form requires you fill out a few basic personal details in the event that you earn more than the yearly threshold for daily fantasy income.
The information you will need to fill out when submitting a W9 includes:
–Your first and last name
–Federal tax classification (individual, sole proprietor, LLC, S Corp, C Corp, Trust and Estate)
–Address (mailing address, city, state, zip code)
–Taxpayer information (social security number or employee identification number)
Should You Fill Out a FanDuel W9 Form?
First of all, if you are not being asked to fill out a FanDuel W9 form or are not being prevented from playing, continue to play as you normally would. If FanDuel is requiring you to fill out the form, it is best to do so right away to prevent any possible interruption in your play. In addition, if you haven’t received a notice to fill out the form there is little harm in filling out the form now so your information is on record if and when FanDuel is required to submit a 1099 to you. Canadian players may be required to fill out a similar W-8 form.
Does Filling Out a W9 Form Mean You Will Owe Taxes?
This is a common concern among DFS players. No, filling out a FanDuel W9 form does not necessarily mean that you will be issued a 1099 or that you will owe taxes.
Under What Circumstances Will I Owe Taxes
We aren’t tax professionals at DFSC, but generally speaking you will need to report any income that comes from daily fantasy sports play. This is generally calculated as: (Winnings + Bonuses + Other Monetary Rewards) – Entry Fees. You will be issued a 1099 form — which is also sent to the IRS — when your DFS income at one site exceeds $600. Players are still required to report income even if profits are less than $600. Check our daily fantasy taxes FAQ for more information.
Where to Find the FanDuel W9 Form
If you want to be preemptive, filling out a W9 form at FanDuel is really easy. Simply go to your “My Account” section at FanDuel once you are logged in. On the lower right hand side you will see “Tax Forms”. Click on this link and fill out the required information.
The FanDuel W9 Form:
Should I be concerned about giving my information to FanDuel?
Top daily fantasy sites are considered quite reputable when it comes to security. You shouldn’t feel any less secure about giving your information to FanDuel than you would Amazon or other major websites.
When will I receive a 1099 Form?
If FanDuel is required to submit a 1099 form to you ($600 or more in profit), you will receive this form by the end of January.