Last updated: Jan 11, 2024

Do I need to pay taxes on my PrizePicks winnings?

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 will receive a 1099-MISC form from PrizePicks.

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

Even if you didn’t withdraw your winnings, you will still be sent a 1099-MISC form to complete 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 our records show 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 your PrizePicks account.

If we do not have all your necessary information on file ( e.g. 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 on the PrizePicks website, via the Tax Information option in your drop-down menu. 

We will also send a physical copy in the mail to the address associated with your account. You can expect to receive both the digital and physical versions in February.

What should I do if my net winnings surpassed $600 for the previous calendar year, 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, 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 PrizePicks may impact your personal tax situation.

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