Everybody likes winning. Here is a thing about winning on FanDuel, you have to pay taxes. I do not think anyone will disagree with me when I say that doing taxes is quite tedious. But it is necessary. This guide will be all about how to get a FanDuel tax form.
FanDuel will send you a W2-G form. This is the form used to report gambling winnings. They only send you this form if you meet the criteria. In some cases, you might see the form is blank. Which means you do not meet the requirements. The form is also available on their website.
That is only a tiny snippet of it. Even if you see the form is blank, it does not necessarily mean that you are exempt from paying taxes. So, there is much more to it. Let’s get into everything in more detail.
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What Is A W2-G Tax Form?
This form is sent to someone who may have some winnings through gambling. It is usually sent in January. It depends on the amount you won as well. Depending on the amount you won, the gaming facility may send you this form.
Since the IRS requires every individual to report their gambling winnings, filling up this form is necessary. You need to fill out this form for taxation even if you do not receive it.
Deductions can be itemized. This can be a way of reducing tax liabilities. So, you can report gambling losses on the schedule.
How To Get A FanDuel Tax Form
When I refer to a FanDuel tax form, I am talking about the W2-G tax form. You need to declare any winnings you have to the IRS. And it is best if you get a professional to do this bit. The last thing you want is to mistakenly miscalculate how much you won or make any other mistake.
That can be problematic later on. This is very important if the winning is quite substantial. So, keep that in mind. Now, what about the tax form?
FanDuel will report your winnings themselves to the IRS. This happens in some cases. For example, if you win a bet with longshot odds, the winnings are 300 times more than the wager, it may report the winnings. ‘
If you win $600, your win will be reported. The same is true if you win a hefty amount of $1200. It is also reported to the IRS.
Any bet that led to winnings of $600 or more, or whose winnings were 300x times the wager, qualifies. And on slot games, if the winnings are more than $1200, it still qualifies.
Anyone who wins $1500 or more from Keno or $5000 or more poker tournaments can also pay taxes.
FanDuel will send you the W2-G tax form themselves. As I already mentioned, this form is usually sent in January. So, you can expect to get it by 31st January if you meet the criteria.
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Getting Another Copy Of W2-G Form
In case you need another copy of your W2-G form, you can do so. Just check out their site and go to the appropriate section.
Keep in mind that you should access the desktop site of FanDuel. The form might be available on the mobile version or even the app.
What Does A Blank W2-G Form Mean?
Sometimes you might get a blank form. This means you do not fill the criteria. That means your wagers do not qualify for it.
There is, however, a twist. Just because the form is blank does not necessarily mean that you are exempt from taxes altogether. You and your accountant should take a look at it. And your accountant will help you deal with the taxes efficiently and tell you what needs to be done.
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Where To Find FanDuel Tax Statements?
You can manually download the FanDuel tax statements. This needs to be done from the desktop site. The steps are pretty simple.
Step 1 – Log In
Log into your account using a computer or laptop. Again, it might not be available on the app or mobile site. So, use a computer to log in.
Step 2 – Download from Transaction History
Navigate to your ‘Transaction History.’ You should find everything there. You can download the form from there as well.
Taxes
FanDuel may sometimes even withhold taxes on sure bets. It depends on the winnings. If the winnings are $5000 or more where the wager was 300x, FanDuel may withhold a portion.
It may withhold 24% of the winnings and remit information to the IRS. 3% of the amount may be withheld and remitted to the state. It does depend from state to state. So, the 3% is not universal. This example is for New Jersey.
Claiming Deduction
Let me get into how to claim deductions in a bit more detail. What you cannot do is report your net winnings.
What I mean by this is that you cannot report your winnings minus the losses. But if you list your gambling losses as itemized deductions, it can lower your tax liability. There are a couple of things you need to remember here.
Reporting Losses
This is plain and simple. You absolutely can not report the losses to be more than the amount you won. It just does not let you do that.
Other Expenses
Other expenses are any expenses that you may have faced in your gambling process. This can be hotel expenses or transportation. Those need to be excluded completely.
The standard deductions were nearly doubled in the 2018 tax year. That is why you will not see many people itemize their deductions. But if you want to itemize and think that there is a good chance of doing so, make sure you keep all the necessary documents with you.
This will help you verify the losses you may have incurred when gambling.
Other Things To Know
Before I wrap up, let’s discuss some other things you should know about the tax form and report your winnings.
Sometimes your tax form may not have your winnings included. This means that there is a chance that the IRS will send you an IRS Notice CP 2000. It is for unreported income.
If there are any discrepancies, they will be clearly shown in that letter. It will also have all the necessary steps you need to take to resolve the issue. Keep in mind that you are still required to report your earnings on the year-end tax forms.
So, always keep all the slips, wager statements, and the time you gambled with you. Any other documents that are important need to be kept as well. This will help you make sure that everything is correct and there are no discrepancies.
Conclusion
Well, there you have it. Now, you know how to get a FanDuel tax form. Not only that, you should have a good idea about when you are eligible and what to do if the form is empty. Since taxes are essential, you should always sort it out with an accountant.
They will help guide you through the process. And if there are any discrepancies, they can help you sort them out as well. As for the W2-G form, it is pretty easy to get from the FanDuel desktop website.