As of October 1, 2019, Massachusetts. If a prize is taxable (i. Some people are exempt from withholding. R. In 2022, legal sports wagers on sites like FanDuel and DraftKings totaled $93. Per the email that draftkings sent out, a w9 is required for all players. R. In 2022 I lost a net of $49,000 fanduel shows I "won" $707,116. Pennsylvania (3. The amount withheld for state taxes varies from state to state. 58% when the payer contributes the withholding tax. Some of the incomes subject to Withholding Tax include management/professional fees, dividends, royalties, interest and winnings from betting. , and operates on a sliding scale depending on filing status and total taxable income. joey rourke cause of death; axa xl headquarters address stamford, ct. joey rourke cause of death; axa xl headquarters address stamford, ct. Taxes. A tax will be withheld from gambling proceeds. Does FanDuel sportsbook withhold taxes? We also withhold taxes on any bet which results in proceeds of $5,000. Maryland law requires gambling companies to withhold 9. However, when I went to withdraw some winnings today I was notified that they withhold 30% of winnings from Canadians. Form K-3 Employers on a quarterly filing basis must file a quarterly return and annual reconciliation (Form K-3) for the fourth quarter. DraftKings and Taxes | Taxes DraftKings | DraftKings Tax Withholding | DraftKings Tax Info . 5%. 58% when the. If you didn’t give the payer your tax ID number, the withholding rate is also 24%. No Medicare or Social Security would have been withheld either. We would like to show you a description here but the site won’t allow us. Does draftkings withhold taxes draftkings 1099-misc If the IRS is aware of gambling winnings that were not reported, the agency could simply tell you to report them. FISO. Those are the figures that matter to the IRS. Yes, DraftKings does send tax forms. Did you win in Draft Kings? Why You Should Read This. How is DraftKings winnings taxed? If a wager is subject to IRS reporting requirements, DraftKings will issue IRS Form W-2G, Certain Gambling Winnings, which is used to report gambling winnings and any federal income tax withheld on those winnings. Any tax accountants or Canadian Draftking players out there. Michigan allows this—to an extent. FICA mandates that three separate taxes be withheld from an employee's gross earnings: 6. If the winnings are $5000 or more where the wager was 300x, FanDuel may withhold a portion. As a player, it is your responsibility to keep track of your winnings and report them accurately on your tax return. Generally, a payer must backup withhold if you did not furnish your TIN. And, it is the cash or non-cash compensation taken into consideration to accurately reflect an individual’s. If tax is withheld from your gambling winnings, you will be sent a W2-G form from the. Depending upon the amount of your winnings and the type of gambling, the establishment or payer may be required to withhold income taxes. Online-gambling and fantasy-sports company DraftKings Inc. This amount increases to $168,600 for 2024. You (the payer) may be required to withhold 24% of gambling winnings (including winnings from bingo, keno, slot machines, and poker tournaments) for federal income tax. Bookmark. OAR 150-316-0237Employees Exempt from Withholding. I just won 3300 on the popular sports site DraftKings on the form there was a box to check about exempt from 24% withholding tax should I have checked that box? read more Tax. 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. The. Winning bets that exceed a specific threshold may be subject to an automatic 24% federal withholding rate. To do this, recipients should complete Form W-4V, Voluntary Withholding Request, and give it to the agency paying their benefits. A Form W-2G reports gambling winnings and any income tax withheld on those winnings. Level 15. This helps account holders meet their tax obligations easily and efficiently. 1. Issuers of 1099's and W-2's can be from any state where a company has nexus which does not apply to the taxpayer. 27, at 2:. ) to [email protected] deduct or withhold from the payment the amount determined in accordance with. In New York, state tax ranges from a low of 4% to a high of 8. The tax rate that you pay on your sports betting winnings may vary from 0% to 37% depending on the amount of other income that you have, your filing status, and several other factors on your tax return. The only place I see where a 1099-MISC is applicable is Small Business/ Self employed which is not what my DRAFTKINGS form is from. For instance, say you win $10,000 in a big stakes league and your entry fee was $1,000. However, it is important to note that the rate may change in the future. Up to $22,000 for married couples filing jointly or up to $11,000 for individuals. Currently, Pennsylvania’s personal income tax is a flat tax rate of 3. A business source. Note: Tax calculator assumed a standard deduction of $12,400 (single)/$24,800 (married) and does not include any municipal/local taxes. First identification no. Contact the IRS and give details on the 1099 and your own estimate of the value. do you have to pay taxes on draftkings. The. If you won $5,000 on DraftKings, but loss $3,000 on Fan Duel, you would report $5,000 in gambling winnings and $3,000 in gambling. Whether you are playing in a fantasy sports. 2 billion. For employees, withholding is the amount of federal income tax withheld from your paycheck. 12, which would equal $24. It helps fund government programs and infrastructure. ”. As a Canadian, where there are no taxes on gambling/gaming winnings, is there anyway to re-coup this tax withheld? I do not have. The lottery withholds 24% of winnings for federal taxes. 2%, to $14. However, if the winner does not provide proper identification, the state must collect 6. For smaller wins, no tax. Copies are sent to the IRS and to each subscribers’ state of residence. I've tried to google and it wasn't really clear what I should do. You should backup withhold if: • The winner doesn't furnish a correct taxpayer identification number (TIN), Gambling Taxes: Withholding Might Be Required Generally, if you win more than $5,000 on a wager, and the payout is at least 300 times the amount of your bet, the IRS requires the payer to withhold. 10%. Statements. OAR 150-316-0237Employees Exempt from Withholding. I just won 3300 on the popular sports site DraftKings on the form there was a box to check about exempt from 24% withholding tax should I have checked that box? read more Tax. Currently, the withholding tax rate is 10%, which is a reduction from the earlier rate of 20%. Twitter. Taxes. felon in possession of a firearm federal sentencing. DraftKings withheld 30% for taxes. You’ll need $167 to come out of each paycheck to break even on your taxes—assuming your. It is a tax of 1. The W-2G will also show any federal and state income tax withheld from your winnings. Of states that do withhold tax winnings, North Dakota is the lowest at 2. On the deposit screen, you'll be presented with deposit options for $25, $100, $250, $600 and an "Other" field where you can deposit any dollar amount from $5. By. This is referred to as backup withholding. You should keep any documentation you receive from a sportsbook, especially pertaining to a loss. do you have to pay taxes on draftkingsAppearance > Menus (619) Patriot (728-7468) magali brunelle lawyer; OPR No: 12689 | Trapper ID No: 64965. less a number of shares of New DraftKings Class A Common Stock equal to any applicable withholding taxes. A 10% or 5% WHT is imposed on dividends paid by Egyptian companies to resident corporate shareholders. Some fantasy sports sites and apps may even require you to file a W-9, so they can withhold 24% of your winnings for federal taxes. 8425 sepulveda blvd, north hills, ca 91343. Do it yourself. How is DraftKings winnings taxed? If a wager is subject to IRS reporting requirements, DraftKings will issue IRS Form W-2G, Certain Gambling Winnings, which is used to report gambling winnings and any federal income tax. We would like to show you a description here but the site won’t allow us. Tap the “settings” icon. Some states automatically withhold state taxes from any win that generates a federal Form W-2G. Corporate - Withholding taxes. federal tax withholding automatically kicks in whenever a casual gambler wins $1,200 or more in a jackpot payout. We still have to use the $25,000 total before fees and refunds for reporting to the IRS. Any time your income goes up, your tax liability will likely go up too, requiring a new W-4. The rate is 24% for non-cash payments as well, if the winner paid the withholding tax to the gaming or lottery sponsor. Taxes. Send questions about transitioning your account from Scoreboard to. 10, §§ 12 -14. Nine states do not have a personal income tax , so there's no state. 25%. Entrants may withdraw their cash prize awards as well as cash deposits by using the "Withdrawal" option on the Website. You would have to have an individual income above $100,525, including your winnings, to move into the 24% tax bracket. Factors that may affect verification time. Over $42 billion has been legally bet on sports since betting expanded into more states in 2018, and the industry. A 1099-NEC form summarizes Dashers' earnings as independent contractors in the US. 75% for in-person sports betting, rising to 18% for online wagers. 99%) also have low rates of withholding on lottery winnings. This is a standard deduction of $12,400 for singles and $24,800 for married couples. For starters,. Make an additional or estimated tax payment to the IRS before the end of. You consent to receive your DraftKings related. 14)However, determining whether DraftKings losses are tax deductible can be a complex matter. NerdWallet: Based on review of TaxSlayer’s software by NerdWallet. Tap the “settings” icon. Under IRS rules, though, gamblers are allowed to offset the tax. g. If you: between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. 13, 2023, 11:03 a. m. State taxes also apply ranging from 3% to as high as 50% of profits in some locations. 10%. Any earnings you make in excess of $200,000 are subject to an additional 0. 12 . 23%. About Form W-2 G, Certain Gambling Winnings. Click on “ Document Center ,” which you will notice on the left-hand side of the page. "Key Takeaways. For single New Yorkers or those who are married but file separately for the 2021 tax year, the brackets look like this: $0 to $8,500: 4%. Depending on your employer, updates to your W-4 could take a few weeks to be reflected on. Every employer must prepare a W-2 for. All persons ('withholding agents') making US-source fixed, determinable, annual, or periodical (FDAP) payments to foreign persons generally must. DFS and horse racing have different thresholds where IRS reporting is triggered. Maret 15, 2023. You will pay tax on only 85 percent of your Social Security benefits, based on Internal Revenue Service (IRS) rules. But, if they make less than $90,000 a year, that 24 percent is too high and. The tax withholding rates for states can vary by location and game. do you have to pay taxes on draftkingsAppearance > Menus (619) Patriot (728-7468) magali brunelle lawyer; OPR No: 12689 | Trapper ID No: 64965. What is backup withholding? There are situations when the payer is required to withhold at the current rate of 24 percent. 99%) also have low rates of withholding on lottery winnings. do you have to pay taxes on draftkingsAppearance > Menus (619) Patriot (728-7468) magali brunelle lawyer; OPR No: 12689 | Trapper ID No: 64965. ago. However, if you did not provide your Social Security number to the payer, the amount withheld will be 31%. There is some good news; you can get deductions on your tax bill based on. Calculate Total After Taxes. Arizona: Residents of California, Indiana, Oregon and Virginia are exempt from paying income tax on wages earned in Arizona. Currently, Pennsylvania’s personal income tax is a flat tax rate of 3. Arizona income tax rates range from 2. You would have to have an individual income above $100,525, including your winnings, to move into the 24% tax bracket. 8425 sepulveda blvd, north hills, ca 91343. An expert does your return, start to finish. ToastNeo1. According to DraftKings’ official website, they will provide Form 1099-MISC to users who have accrued at least $600 in net winnings during the calendar year. I made a deposit sometime at the beginning of April for $100. Conversely, the West Virginia Lottery must withhold federal and state taxes for each prize of more than $5,000. If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24%. 1 and incorporated. Tax is charged based on the. Full Service for personal taxes Full Service for business taxes. Withhold 24% of the proceeds (the winnings minus the. According to the IRS, babysitters do need to report their income when filing their taxes if they earned $400 or more (net income) for their work. Playing responsibly, player limits, self-exclusion, and cool-off periodsThe new system even added two new brackets for those reporting more than $5 million and $25 million in taxable income. Do I have to pay taxes on DraftKings winnings? Fantasy sports winnings of any size are considered taxable income, and if you have a net profit of more than $600 for the year, DraftKings and FanDuel — and other fantasy sports sites or organizers — must issue a 1099-MISC tax form to both you and the IRS. 45% Medicare tax, withheld on all of an employee’s wages. In some cases, a backup withholding of 24% is required instead. Imputed income is adding value to cash or non-cash employee compensation to accurately withhold employment and income taxes. 25% of the total payout is withheld and remitted to the IRS in the subscribers’ name. DraftKings Help Center (US) Taxes. That will then be used to offset tax due. 7 . We’re legally required to withhold federal taxes from sports wagering winning transactions as well as other qualifying casino game winning transactions when both of the following conditions are met: Winnings (reduced by wager) are greater than $5,000. Under some plans, you may be able to choose how you want your company to withhold your taxes. patricia daly obituary; do you have to pay taxes on draftkings. In addition, payouts of more than $5,000 from any game with odds of at least 300-to-1 are subject to withholding. and have filed that on my tax return. District of Columbia: If you don't live in D. Local winnings $ 17 . Winning wagers that exceed a specific threshold may be subject to an automatic 24% federal withholding rate. You pay a contest fee and then based on how the players are playing, your points go either up or down. On December 23, 2022, the IRS issued Notice 2023-10 providing a one year delay of the $600 reporting threshold. do you have to pay taxes on draftkingsAppearance > Menus (619) Patriot (728-7468) magali brunelle lawyer; OPR No: 12689 | Trapper ID No: 64965. 45% of their wages for the Medicare tax and 6. The description of the Merger Agreement contained in DraftKings’ Current Report on Form 8-K filed on August 9, 2021 is incorporated by reference herein, such description does not purport to be complete and it is qualified in its entirety by reference to the full text of the Merger Agreement, which is included as Exhibit 2. If you select to receive your winnings via e-wallets such as PayPal the reporting form may be a 1099 -K. The rate is 24% for non-cash payments as well, if the winner paid the withholding tax to the gaming or lottery sponsor. who work in Philadelphia but do not file a Pennsylvania income tax return must include a signed copy of their state income tax return to be eligible for the. Whether they’re winnings from a slot machine, horse track, poker table or sportsbook, they all count as income and are subject to state taxes. Contacting the Internal Revenue Service (IRS) to fulfill obligations for withholding federal income taxes as well as Social Security and Medicare taxes. About a month ago I learned about Draftkings from Dobber advertising the site so I decided to try it out. I am not sure how I could owe them money. 6041-1 provides that Form W-2G shall be issued for slot machine and bingo wins of $1,200 or greater, and for keno wins of $1,500 or greater. It is still very early. Transaction. eastern meat packers association. All taxes associated with the receipt of any. If you have more than one W-2G, add up all Box 1 figures. Tax Credits for Withholding: In some cases, if gambling winnings are subject to federal or state income tax withholding, you may be able to claim a tax credit for the taxes withheld. 1. Your client paid you $100 for a contract and you paid 10%. If the income was from self-employment or as an independent contractor (received cash, no taxes withheld, sometimes reported on Form 1099-MISC, but not required if under $600), then you need to file if your net income from the work is $400 or more (even if it's your only income) as self-employment taxes of 15. Shows backup withholding or withholding on Indian gaming profits. Reporter. including DraftKings and. If you have winnings of over 600 from any Daily Fantasy Sports site such as FanDuel or DraftKings you will likely receive a Form 1099- MISC with the amount shown on Box 3. Arizona state income tax withholding is a percentage of the employee’s gross taxable wages. If you win $5,000 or more at an Ohio casino, it will withhold 24% of your winnings for federal tax purposes. These terms and conditions ("Terms" and/or "Agreement") apply to, and govern, your participation in the Program, including how you can market and promote the. While Venmo may send you forms in the mail, it’s pretty easy to get those forms through the app. [2] “Racing meeting licensee or simulcast licensee” refers to a person licensed by the Massachusetts Gaming Commission to conduct live or to simulcast horse or dog races where any form of betting or wagering on the speed or ability of horses and dogs shall be permitted. Gambling winnings are typically subject to a flat 24% tax. In the event DraftKings discovers that you have opened more than one Account per person, in addition to any other rights that DraftKings may have, DraftKings reserves the right to suspend or terminate any or all of your Accounts and terminate, withhold, or revoke the awarding of any winnings and prizes. An expert does your return, start to finish. The problem with this approach is that instead of taxes being withheld at a flat 25%, and having that 25% rate applies only to the bonus amount, taxes are withheld at what is almost certainly a higher rate on the combined amount of your normal pay and the bonus. 1),. The return must be filed even if no income tax was withheld for the period. Taxpayers can avoid a surprise at tax time by checking their withholding amount. The IRS issued a new memo Friday, 7/23 outlining federal excise taxes applicable to Daily Fantasy Sports (“DFS”) betting websites such as DraftKings and FanDuel. We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000 and the winnings are at least 300 times the. An expert does your return, start to finish. You get a second job. Under UK domestic law, a company may have a duty to withhold tax in relation to the payment of either interest or royalties (or other sums paid for the use of a patent). The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. When to and how to change your withholding or pay estimated taxes. If it turns out to be your lucky day and you take home a net profit of $ or more for the year playing on websites such as DraftKings and. Michigan taxes gambling winnings at the same rate as income, 4. 00 up to $2,000 (there is an option to fax in. are made up of Medicare and Social Security. Tax refund calculator Tax bracket calculator W-4 withholding calculator Self-employed expense estimator More calculators Latest tax law changes Active duty/reserve military Product reviews Tax tips TurboTax blogA winner must file a Connecticut income tax return and report his or her gambling winnings if the winner’s gross income for the 2011 taxable year exceeds: · $12,000 and the winner is filing separately; · $13,000 and the winner is filing single;*. Video poker machines and draw games generated more than a billion dollars in revenue in the last fiscal year. 15%), and Ohio (3. FUTA tax: This stands for Federal Unemployment Tax Act. Check your withholding often and adjust it when your situation changes. Individual tax obligations: Michigan residents who earn income from online casino gambling are subject to state and federal taxes. For example: Your client paid you $25,000, but you refunded $500, $6,000, or even all $25,000. If you are a full-time Arizona resident, there are a few different forms to consider. In addition to FICA taxes, your employer will also withhold federal income taxes from your earnings. December 20, 2022. In India, the Central Government is liable and empowered to levy and collect taxes. highest paid nrl player in 2021;what do waiters wear around their waist; pathfinder charisma to damage. Today's Change. Make your first deposit!DraftKings. Back. Tax Rate. It’s provided to you and the IRS, as well as some US states, if you earn $600 or more in 2023. WINNER’S TIN. If you win more than $600 on the state lottery or a casino, the operator in question should automatically withhold 24% of your prize to cover federal tax. Entrants may withdraw their cash prize awards as well as cash deposits by using the "Withdrawal" option on the Website. Facebook. · $19,000 and the winner is filing head of household; or. As of now, the Mountain State does not withhold gambling taxes for state purposes. In general, 24% of the amount is required to be withheld. between $32,000 and $44,000, you may have to pay. I just won 3300 on the popular sports site DraftKings on the form there was a box to check about exempt from 24. Last modified 25 May 2022. You must withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000. However, when I went to withdraw some winnings today I was notified that they withhold 30% of winnings from Canadians. If you are unable to file electronically, you may request Form IL-900-EW, Waiver Request, through our Taxpayer Assistance Division at 1 800 732-8866 or 1 217 782-3336. 07% which applies to all taxable income, including gambling and lottery winnings. More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament. 30%. In such a situation, DraftKings may pay out any withheld or revoked prizes to the other entrants in the relevant Game in a manner consistent with the Rules of the Game. We would like to show you a description here but the site won’t allow us. was withheld for tax purposes, according to Empire Stakes. * 21% in the case of certain distributions by corporations, partnerships, trusts, or estates. 078% to 3. (US) IRS Form W-2G is the tax form used to report gambling winnings and any state or federal income tax withheld on those winnings. This 24 percent tax is taken from any future payments to ensure the IRS receives the tax due on this income. On DraftKings and FanDuel, as well as the online thoroughbred wagering sites, it’s pretty easy to pull an account. On Draftkings. 2727 | ohiocpa. Wall Street Journal tax reporter Laura Saunders joins host J. The proposed excise tax (es) and occupational tax (es) would be equal to a . If the winner of reportable gambling winnings doesn't provide a TIN, you must backup withhold on any such winnings that aren't. FUTA tax: This stands for Federal Unemployment Tax Act. It is a retention tax; the payer of certain incomes is responsible for deducting tax at source from payments made and remitting the deducted tax to KRA. • They had a refund of all state income tax withheld from the previous tax year and expect to have a refund of all state income tax withheld for the current year. , wager $250 on Touchdown Blackjack and receive $10 in casino credits). 95% flat state income tax rate, and this is the percentage that would be withheld at the state level. Paragraph 153(1)(g) of the Canadian Income Tax Act (the Act) states: “Every person paying at any time in a taxation year… (g) fees, commissions or other amounts for services, other than amounts described in subsection 212(5. 4. If the gaming facility does withhold taxes, it normally does so at the rate of 25 percent. Yes, gambling winnings fall under personal income taxed at the flat Illinois rate of 4. Tax people say you must report any money as income, fantasy football, scratch off tickets, gambling. The time it takes for DraftKings to complete the verification process can vary. 2% for the Social Security tax. Payment of the tax withheld for the quarter must be submitted with the return. That's even if it is some sort of non-cash prize from DraftKings Ohio or other sportsbooks, that nevertheless has a real value. A game’s profit is more than $600 and is 300 times your bet amount or more. Sports betting operators and casinos do not withhold Michigan taxes from your winnings. If you withdraw money from your 401 (k) before you’re 59½, the IRS usually. Last reviewed - 04 September 2023. 505 for more information. The winnings get added to your other income and you will pay taxes accordingly when you. Legislation ¶ 1. Q&A – Tax Implications of Sports Betting in Kansas. Then, subtract $12,950 (the standard. DraftKings account holders are responsible for any and all local, state, or federal taxes. They also have a flat excise rate of 10%. com. The best place to play daily fantasy sports for cash prizes. Learn more about how long withdrawals take. On Draftkings, I had a. calculator W-4 withholding calculator Self-employed expense estimator. Regs. Gambling operators are required to withhold 24% of your winnings for federal tax if you win more than $5,000 and the winnings are at least 300 times larger than the wager. generally the ratio of the winnings to the wager. States With High Tax Withholdings on Lottery Winnings. Once you make a betting pick, the platform shows you all the types of bets you can make for your selections, the odds, and betting spreads for NFL. To order Form NR93, Non-Resident Tax Remittance Voucher, call the CRA at 1-855-284-5946 from anywhere in Canada and the United States or at 613-940-8499 from outside of Canada and the United States. The Colorado Withholding Worksheet for Employers (DR 1098) prescribes the method for calculating the required amount of withholding. We would like to show you a description here but the site won’t allow us. DraftKings shall use commercially reasonable efforts to process requests for withdrawal within fourteen (14) days of DraftKings' receipt from the user of any tax reporting paperwork or other information reasonably required by DraftKings, with the exception of any such requests coming from persons physically located in Colorado, which will be. I heard past $600, I need to pay taxes for my gambling winnings. But at the time of writing, these are the taxation rates for sports betting in all the states in which sportsbooks are currently legal: Arizona : 8% for in-person sports betting, rising to 10% for online wagers. 00 or more where the winnings are at least 300 times the. Does DraftKings Send Tax Forms? Yes, DraftKings does send tax forms to its users under certain conditions. Pennsylvania (3. Step 4: Add up Step1 + Step 2 + Step 3 = Total estimated IRS tax payments for the year. Tickets. As a result. 1. It’s possible that your W-2G might state that federal income taxes have already been withheld from your winnings. The casino tax rates in Indiana are up to 25 percent if you show them your Social Security Number (SSN). They will increase to four percent state tax and 30 percent Federal tax if you fail to give a Social Security number. A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. The marginal rate rises to 3% on income between $2,250 and $3,750; 4% on income between $3,750 and $5,250; 5% on income up. · $24,000 and the winner is filing. This is a PDF file under Tax Items. If tax is withheld from your gambling winnings, you will be sent a W2-G form. How much do I have to pay the IRS? Sports betting winnings of over $600 (or if the amount is 300 times the original bet) are subject to a 24% withholding rate tax. , over $10,000), the entire amount of the payout is subject. Some states allow you to deduct gambling losses and offset taxes on your winnings. As of Dec. I managed to place fairly high in a few tournaments. • You can’t subtract the cost of a wager from your winnings. 9%. joey rourke cause of death; axa xl headquarters address stamford, ct. In this case, theWe would like to show you a description here but the site won’t allow us. Depending on how much a player wins, 24 percent for federal income taxes might already be withheld when they cash out. State/Payer’s state identification no. Local income tax. DraftKings Help Center (US) My Account; Tax Information; Tax Information Where can I find tax information for DraftKings transactions? Additional Ways to Contact Us. Generally speaking, if you win more than $600 for a sports wager and the amount is 300 times the original bet, the payor is required to withhold 24% of your winnings for federal taxes, according. Whether or not you checked the exempt box doesn't matter because you will still have to report the winnings of $3300 when you file your tax return.