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DraftKings tax/ withdrawal question for those that know..

Discussion in 'MMA Betting Discussion' started by matthew55, Oct 25, 2020.

  1. matthew55 Blue Belt

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    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.
     
  2. Crimp_Keeper Brown Belt

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    Is Bitcoin withdrawal an option ? Or do you have to fill out the form no matter what you use to withdraw?
     
  3. Black Paladin Funniest Sherdogger, P4P

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    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
     
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  4. Black Paladin Funniest Sherdogger, P4P

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    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.
     
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  5. matthew55 Blue Belt

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    ok thanks for the info, much appreciated..I should be getting a check shortly
     
  6. matthew55 Blue Belt

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    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
     
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