When do I have to pay taxes on my PrizePicks winnings?

The Internal Revenue Service requires us to send a 1099-MISC form to Members with $600+ in net winnings (not total payouts) for the calendar year (Jan 1 - Dec 31). This amount is taxed as “Other Income”. 

What if I exceeded $600 in net winnings, but I didn’t withdraw my winnings?

Even if you didn’t withdraw your winnings, you will still be sent a 1099-MISC form with the winnings classified as “Other Income”. 

How do I request a 1099-MISC form?

You don’t have to request a 1099-form. If we determine you have exceeded $600 in net winnings for the calendar year, we will automatically upload your 1099-MISC form to the Tax Information section of the PrizePicks App and Website.

If we do not have all your necessary information on file, like your current address or Social Security Number, we will request that information from you and then upload your 1099-MISC.

When will I receive my 1099-MISC form?

Most people’s 1099-MISC form for the previous year will be uploaded in February.

Where can I access my 1099-MISC form?

You can access your 1099-MISC form online by navigating to the “Tax Center” option in your drop-down menu. 

We will also send a physical copy in the mail to your address on file in February.

What should I do if my net winnings exceeded $600 in 2022, but I didn’t receive a 1099-MISC form?

If you haven’t received a 1099-MISC form 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. Please consult a tax advisor if you have any questions about how this information may impact your personal tax situation. Nothing herein is or should be construed as tax advice.