Still waiting for your DraftKings 1099 forms in the mail? Good news – they are available for download online.
Most players should have received after February 1st, but if you haven’t received yours, there is another way to retrieve yours — online at the DraftKings Document Center. You can log on to your account to find your form today.
Check out the steps below to do just that.
Steps to Retrieve Your DraftKings 1099 Forms
The first thing you will want to do is head on over to DraftKings.com and log-in to your account. Once you are logged in, click on your name in the top right and go to “My Account” from the drop-down box.
Once on this page, you see a variety of account-related items. Click on “Document Center,” which you will see on the left-hand side of this page.
When you are on the Document Center page, you should see a 1099 form — in a PDF file — under “Tax Items.” If there is nothing under this section, it is likely because you did not hit the $600 winnings threshold during the 2020 calendar year. Sorry, maybe next year!
From there, you can use the information on the 1099 form to complete your taxes or print the form for your records or tax return submission.
How are daily fantasy sports winnings calculated for tax purposes?
DraftKings uses a formula to calculate your net profits on DraftKings:
Withdrawals + Balance at the beginning of the year) – (Deposits – Balance at the beginning of the year) = What DraftKings reports on your 1099 form.
What to do if your 1099 form is not available?
So you haven’t received your DraftKings tax form in the mail yet AND there is no tax form available in the Document Center. What do you do? First of all, you may not have hit the $600 threshold in profits last year to require a 1099 form to be sent to you.
If you think that you met the $600 in net profits during the year at DraftKings and have not yet received your form, you should contact customer service at [email protected] to confirm that you are not receiving a form.
This year, players have until April 15th to submit their tax returns for 2020. Remember, even if you showed a small profit for the year (under $600) on DraftKings, you still need to report your income on your 1040 federal income tax return. If you have already submitted your income tax return for 2020 and did not claim DFS income, you may need to file an amended return.
If you have any questions about your daily fantasy taxes, be sure to check out our DFS tax FAQ which answers many of the most common questions players have about their DraftKings Taxes. As always, be sure to contact your tax representative about any questions you have.