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  • kcroyalty29

    Just writing to see if anyone had received their 1099’s yet from Draft Kings this year (or FD, for that matter).

    Thanks!

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @P5 said...

    Well, my records were provided by DK itself. I appreciate your answer. Thanks.

    That’s fine but if it includes any satellites or qualifiers you entered/won, you cannot just take the entry fee and winnings at face value.

  • KindGuy

    @Stewburtx8 said...

    That’s fine but if it includes any satellites or qualifiers you entered/won, you cannot just take the entry fee and winnings at face value.

    Also, how do entries bought using tickets (From FPPS) work?

    Or is it just winnings – deposits?

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @elementasrat said...

    Also, how do entries bought using tickets (From FPPS) work?

    Or is it just winnings – deposits?

    In my opinion the FPP’s should not count as income. Essentially they are like a discount or rebate that DraftKings gives to players (similar to points you earn on credit cards). But I certainly could be wrong in that opinion.

    Ending DK Balance (12/31/17) + Withdrawals – Deposits – Beginning Balance (1/1/17) is the easiest way to look at it.

  • KindGuy

    @Stewburtx8 said...

    In my opinion the FPP’s should not count as income. Essentially they are like a discount or rebate that DraftKings gives to players (similar to points you earn on credit cards). But I certainly could be wrong in that opinion.

    Ending DK Balance (12/31/17) + Withdrawals – Deposits – Beginning Balance (1/1/17) is the easiest way to look at it.

    Good point. Formula at the end is perfect. Thanks. You have an accounting background?

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @elementasrat said...

    Good point. Formula at the end is perfect. Thanks. You have an accounting background?

    Yes. My Bachelors degree is in Accounting and then got my MBA. Have done taxes part-time at a local business my friend owns for about 10 years now. Mostly pretty standard individual taxes. I use part-time very loosely though as I only help out for a couple weeks at this point.

    I am not a CPA though and do not do taxes for a living as a full time job. Don’t mind giving my opinion but don’t want anyone to take it as gospel. You should always consult with a CPA/tax professional if you need help with DFS taxes. Guys like PJGuin23 (owns a company that does DFS taxes) RotoKevin (I assume he still lurks here and wrote several articles on this site related to taxes) and Stlcardsfan (full-time CPA who obviously has a lot of DFS experience/knowledge) among others know a lot more than I do.

    EDIT TO ADD: It appears DFS Accounting Services LLC has exclusive rights to taxes on RG. So I would message them if you have questions/need help.

  • btwice80

    • 393

      RG Overall Ranking

    • Ranked #64

      RG Tiered Ranking

    @Stewburtx8 said...

    In my opinion the FPP’s should not count as income. Essentially they are like a discount or rebate that DraftKings gives to players (similar to points you earn on credit cards). But I certainly could be wrong in that opinion.

    Ending DK Balance (12/31/17) + Withdrawals – Deposits – Beginning Balance (1/1/17) is the easiest way to look at it.

    That formula essentially accounts for FPPs as income since we’re not using cash/DK balance for those entry fees.

  • MrNastyTime91

    • 163

      RG Overall Ranking

    • Ranked #13

      RG Tiered Ranking

    Does anyone know the reason as to why the 1099 document was removed from everyone’s account? Was everyone’s amount wrong that was shown on the 1099?

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @btwice80 said...

    That formula essentially accounts for FPPs as income since we’re not using cash/DK balance for those entry fees.

    Using FPPs to enter a contest has a value of $0 and affects none of the above. If you do not cash in that contest, it has a net zero effect ($0 buy-in from your DK balance and $0 winnings added to your account). Now if you do cash in that contest, any winnings from that contest would obviously count as income (added to your DK balance).

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @MrNastyTime91 said...

    Does anyone know the reason as to why the 1099 document was removed from everyone’s account? Was everyone’s amount wrong that was shown on the 1099?

    Not necessarily, but DraftKings apparently was not comfortable with them and wants to check them.

    From DK: “DraftKings has requested and received an extension of time from the IRS to mail it’s 1099-MISC recipient copies. We understand that your 2017 1099 was uploaded to your account but we need to remove this to make sure we do the proper checks to ensure that this information is accurate.”

    When I asked them how long this will take, they said 2-4 weeks.

  • btwice80

    • 393

      RG Overall Ranking

    • Ranked #64

      RG Tiered Ranking

    @Stewburtx8 said...

    Using FPPs to enter a contest has a value of $0 and affects none of the above. If you do not cash in that contest, it has a net zero effect ($0 buy-in from your DK balance and $0 winnings added to your account). Now if you do cash in that contest, any winnings from that contest would obviously count as income (added to your DK balance).

    The contest history shows the entry fees for those contests as cash deducted from your balance. Whether you win or not, any FPP-bought tickets you used to enter contests have to be added back to your winnings (or deducted from your entry fees) to arrive at the number that shows up on the 1099. Same as any tickets you win from satellites.

    The formula you provided accounts for all of that. If you accrue $100 worth of FPPs but don’t use them to enter contests, your income from DK will be $100 less than if you do use them to enter contests.

  • octagon

    I’m pissed. Why can’t a big company like DK get the friggin 1099 out on time? I want to get my taxes done. They got an extension from the IRS…good for them but how does that help me?! Terrible experience.

  • tbird05

    I was able to download mine before they removed it. It was exactly what I expected down to the dollar. I’m thinking about just going ahead and using the copy I have downloaded.

  • PJGuin23

    DFS Tax Guru

    @octagon said...

    I’m pissed. Why can’t a big company like DK get the friggin 1099 out on time? I want to get my taxes done. They got an extension from the IRS…good for them but how does that help me?! Terrible experience.

    Outside DFS, a lot of people are late especially brokerage 1099s. That’s what Excel and Trans History from the brokerage site comes in handy.

  • CardioMachine

    I’m in the same boat as others. I emailed Draftkings. They said they would try to get everything mailed out in the next couple weeks. So they definitely missed their January 31st deadline. It is so disappointing that this company can’t get it together. Every year it is higher rake, messing up the slates by making more small slates instead of one large one, and now they are again late on their 1099s. They just have done very little over the past few years to address customer concerns. Once again I will have to wait on filing my taxes because DK can’t get organized.

  • CUTiger81

    My Fanduel one came in the mail two days ago.

  • spx333

    • x2

      2017 DraftKings FFWC Finalist

    @MrNastyTime91 said...

    Was everyone’s amount wrong that was shown on the 1099?

    yes, the data was incorrect

  • krighton

    still waiting, nothing yet…contacted them to make sure they recieved a W9 from me, can’t remember doing one with my SS. Now i guess it’s a 2-4 week wait

  • krighton

    i dont remember ever filling out a W9 for draftkings…contacted them but got a canned response back…

  • zpruitt3

    how does this happen literally every year

  • tbird05

    i just realized that DK had initially provided me a 1099 two weeks ago, prior to me ever filling out a W9 with them.
    This was 2 weeks ago when they made them briefly available on the website. Filled out the w9 a week ago and still waiting…

  • table41a

    This happens year after year. They say they’ll be available by 1/31, as they’re supposed to be, and then say they’ve filed an “extension” and to keep waiting.

    Their sheer incompetence with this for over four years straight is utterly bewildering. It’s to the point I don’t even want to be profitable as I know it will frustrate the living hell out of me having to wait so long to file.

  • krighton

    Dave from Draftkings was nice enough to tell me my total wins and entries when I emailed him…I was kind of floored by how much winnings I had…and even more so by my entry fees…I guess it can add up quick….he mentioned 1-3 weeks for the forms to go out. The good news I will show a couple thousand winnings less than I thought which should free up some $ I kept back for taxes.

  • RunTheJewels

    Why is Draftkings completely incapable of getting a 1099 out in a reasonable amount of time? Especially when the majority of rest of the world is able to send out tax forms by the 3rd week in January.

  • pick6er

    • 696

      RG Overall Ranking

    Crazy i’ve been sitting on my FD 1099 for a couple weeks now, keep waiting for DK so i can file…

  • MrNastyTime91

    • 163

      RG Overall Ranking

    • Ranked #13

      RG Tiered Ranking

    I now see my 1099 for 2017 in my document center when I log into Draftkings.

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