INDUSTRY FORUM

Comments

  • moneyhungry

    Fanduel filed for an extension on there taxes. They said there 1099 forms won’t be out until the end of February at the earliest. This is a month later than required and screws many people that have early tax appointments. Although not the normal rotogrinders subject i am wondering if this effects anyone else?

  • kaetorade

    • 2013 DraftStreet DSBBC Finalist

    @Stewburtx8 said...

    I’m assuming that they filed for an extension on sending out 1099’s (Form 8809), which gives them a 30 day extension to send them out

    I just got an email confirming that they requested and received an extension. I was also told to expect my 1099 in 2-4 weeks. Oh well, I’m not really in a hurry to give Uncle Sam his cut anyways. :)

  • sethayates

    @hendry said...

    not trying to troll but if you’re upset about this for the sole reason that you want your return sooner, why dont you just adjust your withholding so ur not giving uncle sam a free loan every year. i owe money every year and thus, im in no hurry.

    Some people get an Earned Income Tax Credit (EIC) and thus they are due a refund of more than they paid. Those people could adjust their withholdings all the way to $0 and they would still be due a refund. I wouldn’t assume that everyone who plays DFS is so rich that they are simply waiting on a refund of taxes they paid.

    Another situation, is people who paid a large amount of education expenses. A few years ago I got a really nice tax return because I spent about $4K on tuition and books. I could have adjusted my withholding to like Single and 9 exemptions but I didn’t feel like monitoring it all year long and it’s also a pain to make that adjustment with the company I work for. Human resources is in New York, I’m in Ohio and they require the original form. I’d have to fill it out and mail it each time I want to make a change.

  • PJGuin23

    DFS Tax Guru

    @sethayates said...

    Some people get an Earned Income Tax Credit (EIC) and thus they are due a refund of more than they paid. Those people could adjust their withholdings all the way to $0 and they would still be due a refund. I wouldn’t assume that everyone who plays DFS is so rich that they are simply waiting on a refund of taxes they paid.

    Another situation, is people who paid a large amount of education expenses. A few years ago I got a really nice tax return because I spent about $4K on tuition and books. I could have adjusted my withholding to like Single and 9 exemptions but I didn’t feel like monitoring it all year long and it’s also a pain to make that adjustment with the company I work for. Human resources is in New York, I’m in Ohio and they require the original form. I’d have to fill it out and mail it each time I want to make a change.

    You could get Advanced EIC on your withholding in that case. Still would be difficult to calculate. This sucks for so many!

  • flip4flop

    Damnit. I have a tax appointment for two weeks from now and now I have to wait on FanDuel. What a crap move. What a terrible screw up by them. Makes them look incompetent. I had to verify my SSN months ago within 5 days or I coudnt play but yet they get an extra month. sigh….

  • RTLONG

    Anybody here received their 1099 yet ? I know they filed for an extension for the end of February ( which is stupid) just seeing if anybody else has received theirs yet….

  • bowens1984

    • 2014 StarStreet MLB Playboy Mansion Finalist

    • RG Season Champion: NBA

    Draftday sent theirs on time

  • fheimes

    • 591

      RG Overall Ranking

    • 2018 FanDuel WFFC Finalist

    • 2018 FanDuel WFBC Finalist

    Is there anyone on here that got a 1099-MISC from Fanduel last year (2014) that can check their files and post their EIN number? I sent FD an e-mail and they responded quickly that I could manually do my winnings if I didn’t want to wait for the 1099 to be sent at the end of the month but that will only work with filing if I have their EIN number. Normally I wouldn’t care but I have a student applying for college and in NC the FAFSA paperwork needs to be submitted as early as possible which included parents tax filing and I’m already later than recommended. If I had an EIN number I can file, I guess I can try the IRS if nobody here has it. Thanks for any help.

  • moneyhungry

    I agree, they can email me every day about a stupid promotional challenge or some tournament they need help filling, but when it comes to something meaningful like taxes/1099 thier a no call no show

  • ek071391

  • jstevens2k11

    Has anyone received their DraftKings 1099 yet?

  • madmanjayWV

    @fheimes said...

    Is there anyone on here that got a 1099-MISC from Fanduel last year (2014) that can check their files and post their EIN number? I sent FD an e-mail and they responded quickly that I could manually do my winnings if I didn’t want to wait for the 1099 to be sent at the end of the month but that will only work with filing if I have their EIN number. Normally I wouldn’t care but I have a student applying for college and in NC the FAFSA paperwork needs to be submitted as early as possible which included parents tax filing and I’m already later than recommended. If I had an EIN number I can file, I guess I can try the IRS if nobody here has it. Thanks for any help.

    They know what your profit was..the 1099 doesn’t matter.
    Just ask them for the amount you made in profit. I’ve done it in the past b/c the wife ain’t waiting for HER $$$ — We file online and year b4 last I had the tax return $$ b4 the 1099 ever came.
    Your just adding whatever profit you made — $600 or $6,000 — whatever to your total INCOME for the year.

    I’m sure for a vast majority of FD users it’s not going to change their return whatsoever unless you were a great cash game player or made $1000s from GPPs.

    If you have to, call them and ask nicely.

  • PJGuin23

    DFS Tax Guru

    @madmanjayWV said...

    They know what your profit was..the 1099 doesn’t matter.
    Just ask them for the amount you made in profit. I’ve done it in the past b/c the wife ain’t waiting for HER $$$ — We file online and year b4 last I had the tax return $$ b4 the 1099 ever came.
    Your just adding whatever profit you made — $600 or $6,000 — whatever to your total INCOME for the year.

    I’m sure for a vast majority of FD users it’s not going to change their return whatsoever unless you were a great cash game player or made $1000s from GPPs.

    If you have to, call them and ask nicely.

    Worst case scenario- Amend the return. I’ve always harped on waiting but there are clearly exceptions such as a FAFSA form. I find there’s always a best practice for tax advice but a monkey wrench elsewhere overriding it. Case and point I suggested MFJ for someone who wanted MFS because a divorce lawyer suggested her income going would go his ex. From a tax standpoint, their liability would be astronomically higher MFS but I don’t know how the Child Support calculation would have been affected for MFJ.

    Wish I had gone to law school 13 years ago and specialized in taxation and divorces!

  • Jman9920

    Anyone have a eta on when we are getting the 1099 from fan duel?

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @Jman9920 said...

    Anyone have a eta on when we are getting the 1099 from fan duel?

    Well the extension allows them 30 days from the previous deadline, which means they must be postmarked by March 1st. Which means we should have them in the March 3rd-5th range at the latest.

    Now there is a possibility they could try to file for another extension, but I won’t get into that. They need to get them out by March 1st at the latest.

  • PJGuin23

    DFS Tax Guru

    @Stewburtx8 said...

    Well the extension allows them 30 days from the previous deadline, which means they must be postmarked by March 1st. Which means we should have them in the March 3rd-5th range at the latest.

    Now there is a possibility they could try to file for another extension, but I won’t get into that. They need to get them out by March 1st at the latest.

    And that’s being generous to the Post Office.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @PJGuin23 said...

    And that’s being generous to the Post Office.

    Fair point. Thinking about it now I realized I really never mail anything or receive mail very often. Is 3-5 business days fair if it’s going across country? So maybe by March 7th-March 8th for some people?

  • PJGuin23

    DFS Tax Guru

    @Stewburtx8 said...

    Fair point. Thinking about it now I realized I really never mail anything or receive mail very often. Is 3-5 business days fair if it’s going across country? So maybe by March 7th-March 8th for some people?

    That would sound right although I had a package take a month due to address change is same state.

  • ClownShoes

    If they are granted another extension what do we do? Hypothetical question.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @ClownShoes said...

    If they are granted another extension what do we do? Hypothetical question.

    Extension period. The automatic extension is 30 days from the
    original due date. You may request one additional extension of not
    more than 30 days by submitting a second Form 8809 before the
    end of the first extension period (see Line 5, later). Requests for an
    additional extension of time to file information returns are not
    automatically granted. Generally, requests for additional time are
    granted only where it is shown that extenuating circumstances
    prevented filing by the date granted by the first request.

    Basically another extension is very unlikely. If they were granted one, you would not receive your 1099 until early April. But you have until April 15th to file. You could also file without the 1099 (using your own records) and then amend the return prior to April 15th if need be.

  • mattyice522

    how do you know if you are getting one? If you had a big cashout but have since probably given most of it back (in 2015) do you still get one?

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @mattyice522 said...

    how do you know if you are getting one? If you had a big cashout but have since probably given most of it back (in 2015) do you still get one?

    You will get one if your net profit is over $600. So if you won $3000 but lost $2800 of it back, you will not receive a 1099. You still would be responsible for reporting the $200 though.

    You can check your profit using the RG Bankroll Tracker. Copy and paste your history into the tracker. Just remember that on Fanduel you have to adjust for any tickets that you won.

  • mattyice522

    Wow thank you stewburt that is a useful tool. So it looks like I will be receiving one… But 2 more questions for you if you don’t mind. Now that I used that tool, don’t I know what information I need for tax filing purposes? And I use turbo tax, so will they know I got a 1099?
    Edit: Also, this is going to end up hurting my refund and I may even end up having to pay money back to the IRS?

  • PJGuin23

    DFS Tax Guru

    @Stewburtx8 said...

    Extension period. The automatic extension is 30 days from the
    original due date. You may request one additional extension of not
    more than 30 days by submitting a second Form 8809 before the
    end of the first extension period (see Line 5, later). Requests for an
    additional extension of time to file information returns are not
    automatically granted. Generally, requests for additional time are
    granted only where it is shown that extenuating circumstances
    prevented filing by the date granted by the first request.

    Basically another extension is very unlikely. If they were granted one, you would not receive your 1099 until early April. But you have until April 15th to file. You could also file without the 1099 (using your own records) and then amend the return prior to April 15th if need be.

    Only reason I can see one is if the IRS was pushing a new PLR. They can’t be this disorganized.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @mattyice522 said...

    Wow thank you stewburt that is a useful tool. So it looks like I will be receiving one… But 2 more questions for you if you don’t mind. Now that I used that tool, don’t I know what information I need for tax filing purposes? And I use turbo tax, so will they know I got a 1099?
    Edit: Also, this is going to end up hurting my refund and I may even end up having to pay money back to the IRS?

    I would suggest just waiting for the 1099 to come at this point. The bankroll tracker is a good tool to check against the 1099 but the 1099 is the document of record. The IRS will match the amount you report on your tax return to what is on the 1099. If there is a material difference, you will receive an IRS letter down the road and could be subject to additional penalties and fees (plus any additional tax that is owed).

    Yes, since your DFS income is untaxed throughout the year it essential lowers any refund you get or may have you owe tax to the IRS. This just gets added to your total income (W2’s, businesses, other 1099’s, etc). You will owe tax on your DFS income based on your overall effective tax rate.

  • omalley1030

    Can’t you only download last 6 months?

  • X Unread Thread
  • X Thread with New Replies*
  • *Jumps to your first unread reply

Sites mentioned in this thread

Use our links to sign up and deposit on sites listed in this thread to get these bonuses:

Subforum Index

New RotoGrinders Sports Betting Section!

Are you a DFS player who wants to get into sports betting?

If you have access to New Jersey sports betting, then use our DraftKings Sportsbook promo code and our FanDuel Sportsbook promo code to get the best bonuses in the NJ industry.

Those who can take advantage of PA online sports betting should use our SugarHouse PA promo code to get the best sports betting bonus in Pennsylvania.

If you don't yet have access to an online sportsbook, check out Monkey Knife Fight, a prop betting platform available in 31 states. Use our Monkey Knife Fight promo code to get a fantastic bonus.

RotoGrinders.com is the home of the daily fantasy sports community. Our content, rankings, member blogs, promotions and forum discussion all cater to the players that like to create a new fantasy team every day of the week. Our goal is to help all of our members make more money playing daily fantasy sports!

Bet with your head, not over it!
Gambling Problem? Call 1-800-Gambler