DraftKings tax/ withdrawal question for those that know..

[matthew55]

I've tried to google and it wasn't really clear what I should do. I won a decent amount (up over 600 on the year) and I'm wondering how I should go about withdrawing. They make you fill out a W-9 on the site and it there's a box that you check or leave blank that says "I am subject to a mandatory IRS withholding of 24%." Is this basically if you don't wanna worry about paying later on during tax season? Any input from those that know and have done this would be greatly appreciated.

 

[Crimp_Keeper]

Is Bitcoin withdrawal an option ? Or do you have to fill out the form no matter what you use to withdraw?

 

[Black Paladin]

I've tried to google and it wasn't really clear what I should do. I won a decent amount (up over 600 on the year) and I'm wondering how I should go about withdrawing. They make you fill out a W-9 on the site and it there's a box that you check or leave blank that says "I am subject to a mandatory IRS withholding of 24%." Is this basically if you don't wanna worry about paying later on during tax season? Any input from those that know and have done this would be greatly appreciated.

For some reason, I didn't see this until now. I would have answered much earlier.

You would already know if you are subject to "mandatory IRS withholding". So DON'T check that.

EDIT: Here is a link to a government document that details such things: https://www.federalregister.gov/doc...ding-on-payments-of-certain-gambling-winnings

 

[Black Paladin]

Is Bitcoin withdrawal an option ? Or do you have to fill out the form no matter what you use to withdraw?

I JUST got a W-9 for a client to forward to another business. It is a very simple form, and it's more to cover THEIR asses than yours. It's basically a legal document saying you are giving the correct social security number/EIN to them, and that you are NOT subject to any backup withholding.

To answer your question: I bet they have a W-9 on file for everyone they have ever sent money to. It's the law.

 

[matthew55]

I JUST got a W-9 for a client to forward to another business. It is a very simple form, and it's more to cover THEIR asses than yours. It's basically a legal document saying you are giving the correct social security number/EIN to them, and that you are NOT subject to any backup withholding.

To answer your question: I bet they have a W-9 on file for everyone they have ever sent money to. It's the law.

ok thanks for the info, much appreciated..I should be getting a check shortly

 

[matthew55]

Is Bitcoin withdrawal an option ? Or do you have to fill out the form no matter what you use to withdraw?

I wish it was, just paypal and check, tried to do paypal but it was too much I think so they're sending me a check