If you earn $600 or more in profit on Underdog Fantasy, you'll need to provide tax information, and receive a 1099 form to report your winnings on your federal income tax return.
Tax Information Requirement: Once you earn $600 or more in profit on the platform, you’ll need to fill out tax information in your account.
1099 Form: Underdog Fantasy does not directly tax your winnings, but if your profit stays at $600 or more in a given year, you’ll receive a 1099 form. This form is essential for reporting your winnings on your federal income tax return.
Winnings Reported on 1099: The 1099 form will include all winnings of $600 or more, regardless of how much you withdraw from your account.
Form Link: Link to the tax form can be found here. Please fill out all boxes, if you do not live at an address that is an apartment, fill out that section as "N/A".