However, the IRS recently delayed the implementation of the new $600 reporting threshold for goods and service transactions from third party processors like Venmo and Paypal to 2023, reverting tax year 2022 back to the previously higher 1099-K reporting threshold (over $20,000 in payments and more than 200 transactions). The IRS planned to implement changes to the 1099-K reporting requirement for the 2022 tax year. Even if you don't receive a 1099 form, you are still required to report all of your income on your federal and state income tax returns. The 1099 tax forms report your winnings to the taxing authorities and also gives you information for completing your taxes.
If you receive your winnings through PayPal, the reporting form may be a 1099-K. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. Subscribe: Apple Podcasts | Spotify | iHeartRadio Fantasy sports winnings of $600 or more are reported to the IRS
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