Do you have to pay taxes on fantasy football winnings?

Let’s face it: The last thing you’re thinking about when you sign up for a fantasy league each year is Uncle Sam.

But he’s thinking about you.

It’s especially important to take taxes into consideration when you’re playing for cash through a legitimate fantasy sports provider. In fact, if you win more than $600 and are playing through an established company, you’ve probably already been asked for your Social Security number and will probably receive a 1099 form that states your winnings. Which means they’ve already told the feds about your windfall.

Technically, though, these rules apply even if they’re from an informal betting pool at work. Not that anyone ever has an informal betting pool at work.

Anyhow, check out this infographic from our friends at TurboTax and make sure you don’t run afoul of the law. Of course, if you have to pay taxes, that means you won. And that’s something, isn’t it?

fantasy football
Via TurboTax.com



Trackbacks

  1. […] and all winnings are taxable and should be recorded as such. Also, don’t be that guy (cool infographic). Be smart, the law assumes you know the law at all times and it’s not worth the hassle of […]

Speak Your Mind