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  • PJGuin23

    DFS Tax Guru

    As many or some of you may know, I have a tax practice specializing in Daily Fantasy Sports participants. My site is Daily Fantasy Taxes, and I can make your DFS filing simple & easy if you are looking for help. I have a partnership with RotoGrinders to offer DFS Tax Services to the RG Community. I am a CPA and have DFS clients along with other industries such as Horse Racing (DFS similarities on Hobby-Business), Construction and Services. I met some of you in New York last November and had a blast! I was told all tax related posts would be kept to this thread. Alternatively you can read my Tax article here My rates are reasonable and I have e-filing. We can work over the phone or by e-mail, whichever you prefer.

    Note: I have a fax and a Secure Web Portal to exchange files if needed.

    Last piece of advice, wait to file your return if you have FanDuel or DraftKings income.

    So without further adieu, let’s get the DFS Tax General Q&A going……..ask away!

    PJGuin23’s Disclaimer: I am a Certified Public Accountant licensed by the Commonwealth of Pennsylvania. Any information provided is for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant, CPA, lawyer or other competent financial professional. Presentation of information I provide on RotoGrinders does not constitute an accountant-client relationship. Such relationship can be established by engaging in professional services privately with PJGuin23. RotoGrinders readers are advised not to act upon information I provide without seeking the service of a professional accountant well versed in your particular situation.

    • Link
    • Last Updated 4 years ago
  • btwice80

    Another couple things to keep in mind:

    Any FDP you used to enter contests will raise your 1099 amount relative to the BR tracker.

    IIRC, FD uses the settlement date for their reporting, and they usually don’t settle until after midnight, so the 2015 number is probably from 12/31/2014 – 12/30/2015, unless there were any daytime New Year’s Eve contests, which I don’t know if there were any, and maybe turbo contests if they were paid out before midnight.

  • Traplord

    @PJGuin23 said...

    Did you file your return already?

    no not yet

  • lolrice

    im new to this. what do i do if i had taxable winnings in 2015 for which i just got a 1099 for, but lost it all in 2016? i dont work btw

  • nautica54

    PJ, filing a 1040x….am i correct as in, i do NOT need to attach my 1099 since no federal tax was withheld

  • myb821

    @nautica54 said...

    PJ, filing a 1040x….am i correct as in, i do NOT need to attach my 1099 since no federal tax was withheld

    false

  • PJGuin23

    DFS Tax Guru

    @myb821 said...

    false

    You sir are correct. But only the 1099 that was the catalyst of the change.

  • PJGuin23

    DFS Tax Guru

    @lolrice said...

    im new to this. what do i do if i had taxable winnings in 2015 for which i just got a 1099 for, but lost it all in 2016? i dont work btw

    It’s income for 2015. Constructive Receipt applies here given a calendar year.

  • nautica54

    @PJGuin23 said...

    You sir are correct. But only the 1099 that was the catalyst of the change.

    I felt like it should be included to since its the cause of the change, however upon reading this within the 1040X instructions threw me off….

    Assembling Your Return

    Assemble any schedules and forms behind Form 1040X in order
    of the “Attachment Sequence No.” shown in the upper-right
    corner of the schedule or form. If you have supporting
    statements, arrange them in the same order as the schedules or
    forms they support and attach them last. Do not attach a copy of
    your original return, correspondence, or other items unless
    required to do so.

    Attach to the front of Form 1040X:
    -A copy of any Form W-2, Form W-2c, or Form 2439, Notice to
    Shareholder of Undistributed Long-Term Capital Gains, that
    support changes made on this return;
    -A copy of any Form W-2G, Certain Gambling Winnings, or
    1099-R that support changes made on this return, but only if tax
    was withheld; and
    -A copy of any Form 1042-S, Foreign Person’s U.S. Source
    Income Subject to Withholding; Form SSA-1042S, Social
    Security Benefit Statement (Nonresident Aliens); Form
    RRB-1042S, Payments by the Railroad Retirement Board
    (Nonresident Aliens); or Form 8288-A, Statement of Withholding
    on Dispositions by Foreign Persons of U.S. Real Property
    Interests, that support changes made on this return.
    -Attach to the back of Form 1040X any Form 8805, Foreign
    Partner’s Information Statement of Section 1446 Withholding
    Tax, that supports changes made on this return.
    -If you owe tax, enclose (do not attach) your check or money
    order in the envelope with your amended return. See the
    instructions for line 20, earlier.

  • lonestar7985

    So the rule is that an individual pays taxes on winnings MINUS contest entry fees?? just confirming this information absolutely vital! I think about this often. Thank you so much and good luck to all playing.
    -jay

  • mccoolio

    I’ve emailed you PJGuin23. Thanks!

  • sprom

    • 2012 DraftStreet DSBC Finalist

    My BR tracker and 1099 are $2800 off. Is this just bonuses and tickets?

  • jmartin1344

    This may have been covered already but if so I can’t find it – I read once that winnings don’t count as profit and don’t need to be included until they are actually withdrawn from the site into your account. I found that hard to believe though – is that accurate?

    Thanks!

  • PJGuin23

    DFS Tax Guru

    @jmartin1344 said...

    This may have been covered already but if so I can’t find it – I read once that winnings don’t count as profit and don’t need to be included until they are actually withdrawn from the site into your account. I found that hard to believe though – is that accurate?

    Thanks!

    Not true. It’s when you EARN the monies. Withdrawals do not drive 1099 amount.

  • ATLSoulchild

    I won’t lie. I will need help. I just received my 1099 and needless to say… yeah I will need some assistance. I’m at 20K for the year and would love to hire you on to help me get this lower than what my simple knowledge would be able to do. Thanks.

  • PJGuin23

    DFS Tax Guru

    @ATLSoulchild said...

    I won’t lie. I will need help. I just received my 1099 and needless to say… yeah I will need some assistance. I’m at 20K for the year and would love to hire you on to help me get this lower than what my simple knowledge would be able to do. Thanks.

    Sent you a PM.

  • SmokestackLightning

    Is there any update for when 1099s will go out from DK? This is the absolute last thing I need to complete for tax season and I’m getting antsy. Thought I had it figured out and could just file without it, but after reading this thread, I don’t think I do and so I’ll wait. I’ve contacted DK and the chat rep just cut and pasted the usual canned response. Smh.

  • bstreich9

    @SmokestackLightning said...

    Is there any update for when 1099s will go out from DK? This is the absolute last thing I need to complete for tax season and I’m getting antsy. Thought I had it figured out and could just file without it, but after reading this thread, I don’t think I do and so I’ll wait. I’ve contacted DK and the chat rep just cut and pasted the usual canned response. Smh.

    Thaga why you reply to that saying it didn’t help. They’ll get to you.

    I just received my 1099 from DK.

    PJ. Can you send me a PM? I just got my 1099 and would like to have a couple questions answered. Thanks in advance.

  • SmokestackLightning

    @bstreich9 said...

    Thaga why you reply to that saying it didn’t help. They’ll get to you.

    I just received my 1099 from DK.

    PJ. Can you send me a PM? I just got my 1099 and would like to have a couple questions answered. Thanks in advance.

    It was the same response I got way back at the beginning. It indicated no progress had been made.

    However, seeing that you got yours, I’m heartened that my turn will come shortly. Thanks.

  • Undrafted

    I just received my 1099-MISC for FD. This is the last part of my taxes for 2015 and was curious to anyone who has done this before. This is considered another business? I live in FL if it matters. Thanks in advance.

  • Votts

    I don’t understand for the life of me that DK and FD cant notify people that they are getting a 1099.. Not that I am one, but I consistently see these big sites have the WORST customer service possible out of ANY industry. Its kind of Sad that you dont even have a Public business phone number, unless your a VIP..

    For players that only play dfs as a hobby, they have no clue besides maybe they remember that when they withdrew money in January of 2015 they saw something about a 1099 but again that was a year ago.. But still, For people that dont really track their bankroll and ROIs and stuff, Its ridiculous that these sites cant AT LEAST NOTIFY THEM that they would be recieving one… Let alone stall for 3 months on giving it to them..

  • PJGuin23

    DFS Tax Guru

    @bstreich9 said...

    Thaga why you reply to that saying it didn’t help. They’ll get to you.

    I just received my 1099 from DK.

    PJ. Can you send me a PM? I just got my 1099 and would like to have a couple questions answered. Thanks in advance.

    Sure.

  • PJGuin23

    DFS Tax Guru

    @Undrafted said...

    I just received my 1099-MISC for FD. This is the last part of my taxes for 2015 and was curious to anyone who has done this before. This is considered another business? I live in FL if it matters. Thanks in advance.

    Depends on what your DFS activities are and other income. PM me for specifics to your situation.

  • SmokestackLightning

    For anyone else worrying about their DK 1099, I finally received mine in the mail yesterday (of course it would arrive the same day I finally think to complain about it on the board, heh). So if you haven’t gotten yours, I would imagine you will very soon.

  • smoke22

    Awesome thread – sent you a PM with a couple questions. Thanks!

  • geardaddy

    Do you still pay taxes if you are in the negative?

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