If you showed a profit on DraftKings last year, you may be wondering why the site has not sent a 1099 form to you yet. It’s not necessarily because you didn’t show a profit of over $600. They haven’t forgot you. DraftKings has been granted an extension from the IRS and has been telling players since earlier this month that 1099 forms should arrive within 2-4 weeks.
Update March 3rd: Some players have reported receiving their DraftKings 1099 forms.
When to Expect DraftKings 1099 Forms
Businesses are required to issue 1099s by the end of January. DraftKings 1099 Forms haven’t arrived, and it’s causing some players to inquire about the delay. This is the email that players have reported receiving since early February (an email that was received on Friday indicates that players should receive them within the next 1-2 weeks via mail).
DraftKings has requested and received an extension of time from the IRS to mail its 1099-MISC recipient copies. If your account has crossed the $600 net profit threshold for 2015, you should receive a 1099-MISC forms in the mail in the next 2-4 weeks.
If you have further questions we encourage you to consult your personal tax advisor. We apologize for any inconvenience this may cause.
There are no reports yet that players have received yet and February is almost over. We’re guessing that players should be receiving their 1099s forms very soon, so players should hang tight and complete as much of their tax form as they can in the meantime as the filing deadline is April 18th.
If you’re anxious, you can always contact firstname.lastname@example.org to find out the latest information for your account.
You’ve Got Your DraftKings 1099 Form – Now What?
Your form finally came. Congratulations! This means that you won at least $600 during the year on DraftKings.
If you received a 1099 form so did the IRS. This means that you need to report that income on this year’s tax return or you will receive a notice from the IRS on a future date when they notice the mismatch. Failing to include the income on your tax return will also mean any owed tax will be subject to penalties and interest charged from the date that your tax return is late.
Another important note that some players overlook — even if you didn’t receive a 1099 form this year, if you made any profit during the year, you are legally required to report that income.
If you have any basic questions about how daily fantasy sports taxes are handled, check out these frequently asked questions for a starting point in handling your taxes. To make sure you are being thorough, we advise all profitable DFS players to contact a financial adviser about their specific situation.