Taxes
Because PrizePicks offers real money rewards, there may be tax implications that apply to your usage. The information below covers our most common tax-related questions.
Taxes FAQ
Do I need to pay taxes on my profits?
For Team and Culture picks: The Internal Revenue Service requires PrizePicks Predict to provide you with Form 1099-B, which is an IRS tax document that reports all gains or losses as a result of purchasing and selling event contracts. If you made any Team or Culture picks during the calendar year, we will send that form to you the following February so you can report your gains/losses.
For all other pick types: The Internal Revenue Service requires a completed 1099-MISC form from Members who accumulate $600 or more in net winnings (NOT total payouts) for the calendar year (Jan 1 - Dec 31). This amount is taxed as “Other Income”. Members who meet or exceed the $600 threshold during the calendar year will receive a 1099-MISC form from PrizePicks the following February.
What if I didn’t withdraw any funds?
Even if you didn’t withdraw your winnings, you will still be sent the tax form(s). Your tax obligation is triggered not when you withdraw the money, but when you have a realized gain or loss.
How do I request a 1099-B or 1099-MISC?
You don’t have to request a form. If our records show you have a realized gain or loss for the calendar year, we will automatically upload your form(s) to the Tax Information section of your PrizePicks account.
When will I receive my form(s)?
Most people’s form(s) for the previous year will be uploaded in February.
Where can I access my form(s)?
You can access your tax form(s) on the PrizePicks website, via the Tax Information option in your drop-down menu.
What should I do if I haven't received my form(s)?
If you haven’t received your form(s) for the previous year by the end of February and believe you should have, please reach out to Live Support.
Does PrizePicks have any resources to provide tax support or advice?
No, PrizePicks does not provide tax support. While we aim to give as much helpful information as possible, none of our online resources are intended to be used as official tax advice. Please consult a tax advisor if you have any questions about how playing Predictions may impact your personal tax situation.