Reminder: 1099 Tracker Is Live For You

[Greg Ambrosius]

Just a reminder that in the last year we've added a tool that helps you prepare for your year-end taxes that is updated regularly. This tool will let you know your net winnings during the current calendar year and what total will be reported to the IRS.

Go to the upper right on your My Teams page and click on the icon where the money on account shows ($X.00). Then click on Account Settings and pull down to 1099 Tracker. There you'll see three boxes:

YTD High Stakes Prize Money (for all High Stakes contests during the calendar year)
YTD High Stakes Entry Fees
Net Winnings

That last total will be your net total that will be taxable.

Just a reminder that this is an APPROXIMATE look at what your current 1099 will look like from Sportshub. We say approximate because:

1) This only encapsulates what we call high stakes games: NFFC, NFBC, NFBKC, NFHC, & CDM...so entries and prizes from those contests are included.
*NOT included: BestBall10s, Leaguesafe, and Fanball....so if you did not play any of those, this 1099 Tracker needs zero manual adjustment. If you did play any of these other games, you can see purchases/prizes under the View My Transactions (also under icon) and see anything you played there as well. Your final 1099 will include ALL of this, but we couldn't get it all to funnel into this Tracker right now...any questions, please ask.

2.) This 1099 Tracker will update once a day at about 10 am ET (9 am CT). So if you enter a contest after that time, you will see it reflected next day once it refreshes. (Note: a few customers will need a manual adjustment on our side. If you have any particular questions, please email/call Darik: [email protected] (or 651-895-0583)

*** Remember that all entries purchased on or before 12/31/20 will REDUCE 2020 liability. That includes contests that you sign up for 2020 NFBC and NFFC. Also, all NFFC Football prizes will be put on account by 12/30/20 (yes, really), so you'll have about 2 days at year-end to tinker with all this.

***If you are paying for 2021 entries via CHECK (not from your wallet/account), please keep in mind, we need to receive these check payments by 12/31/20 for them to "count" for 2020 1099 status...and we need full payment for a contest so we can post it to your account. Example: If you sign up for an Ultimate ($5,000) and a Super ($2,500) via check ($7,500 total), we need $7,500 payment for these to count against 2019 liability. If you send only $3,000, only the Super amount of $2,500 would hit your 1099 Tracker and final 1099.

Many of you have signed up for 2021 entries via check already. If you want these to count for 2020, they have to be paid for in full.

Please make sure you understand this very important point. We want to be out in front of this and avoid any confusion.

Again, if you have any questions, feel free to give Darik a shout at 651-895-0583.

Thanks all, and good luck!

[Greg Ambrosius]

We just updated the 1099 Tracker to include all 2020 contests today, so I'm bumping this thread up once again. This is an important tool for you as it shows you what your tax liability is on your fantasy winnings with us. Check it out.

Just a reminder that you can find the 1099 Tracker by clicking on the icon in the upper right and pulling down to Account Settings. Then just click on 1099 Tracker.

Also a reminder of these items:

*** Remember that all entries purchased on or before 12/31/20 will REDUCE 2020 liability. That includes contests that you sign up for 2021 NFBC and NFFC. Also, all NFFC Football prizes will be put on account by 12/31/20, so you'll have that day at year-end to tinker with all of this.

***If you are paying for 2020 entries via CHECK (not from your wallet/account), please keep in mind, we need to receive these check payments by 12/31/20 for them to "count" for 2020 1099 status...and we need full payment for a contest so we can post it to your account. Example: If you sign up for an Ultimate ($5,000) and a Super ($2,500) via check ($7,500 total), we need $7,500 payment for these to count against 2020 liability. If you send only $3,000, only the Super amount of $2,500 would hit your 1099 Tracker and final 1099.

Many of you have signed up for 2021 entries via check already. If you want these to count for 2020, they have to be paid for in full.

Again, if you won money last year and want to reduce that net total, paying for 2021 entries by December 31st is the best way to go. Contact Darik if you have any questions, but good luck and enjoy.

[Greg Ambrosius]

LAST CALL for anyone who wants to add 2020 entries to their final total. Remember, we tally up all of your 2020 entry fees and deduct that from your 2020 winnings before reporting your net earned income to the IRS. You can track all of that on our 1099 Tracker on the site. Enjoy.

[Greg Ambrosius]

Just a reminder that we have a page set aside for you that allows you to track all of your winnings within SportsHub contests during the calendar 2022 season and the amount of entry fees you had during the calendar 2022 season.

This was first labeled as your 1099 Tracker, but it's now in a new spot on your team pages since we've updated the Wallet in the last two years.

To find this again, click on your Account Icon in the upper right and pull down to:

Account Settings
Then in the blue navigational bar at the top click on Settings
Pull down to Tax Summary

There you will see the net winnings for you during the calendar 2022 season and what total we will tell the IRS you won this year. If that total is $600 or higher, we will give that figure to the IRS and it will be taxable. If it is under $600, we won't send anything to the IRS and you won't be taxed on the net winnings (or losings).

We update this total of entry fees through December 31st, so anything you purchase between now and December 31st will be added to the amount you spend with SportsHub Games Network during the 2022 calendar year. If you want to add to that total, just sign up for any 2023 contest and pay by December 31st. It's as easy as that.

Thanks all and good luck.

[Doctor Who]

Greg,

So are you saying these totals are correct now? Been asking about it for months and got on Darik's nerves as the totals weren't matched up. Still shows a huge discrepancy on my end, so wanted to make sure before emailing Darik again about it.

[Greg Ambrosius]

Greg,

So are you saying these totals are correct now? Been asking about it for months and got on Darik's nerves as the totals weren't matched up. Still shows a huge discrepancy on my end, so wanted to make sure before emailing Darik again about it.

Yes, they are updated daily, so they are correct. Work with Darik if you see a discrepency and we'll take a look and correct it where needed. This is what we are sending the IRS, so contact Darik to get it right. Thanks.

[Darik B]

We have about 12-15 customers that still need manual adjustments, which will be done by early next week if not sooner. Dusty, you are in that group. We have a new system and a new person helping me out this year. For the other 99.5% of folks, you are all up-to-date.

[Darik B]

Ok, everyone should be updated now. All the manual things have been entered.

[Greg Ambrosius]

Just a reminder that the Tax Summary is available on your team pages if you want to take a look at that number and still make 2023 purchases by December 31st. Enjoy everyone and congrats to everyone who earned net revenue in the NFC Championships in 2022.

[Greg Ambrosius]

Just a reminder to everyone who won prize money in 2023 that we provide a 1099 Tax Summary page for you so that you know how much of your winnings will be reported to the IRS.

To find this information, click on the icon in the upper right corner.

* Then pull down to View My Transactions
* Then click on Settings in the blue navigational bar
* Then pull down to Tax Situation

There you can find your net winnings for 2023 and every other previous year in the NFC. It also tells you if you have a W9 on file or not.

Remember that we calculate your net winnings for 2023 by adding all of your prize money from all of our NFC/Fanball contests during the calendar year (Jan. 1-Dec. 31, 2023) and subtracting prize money earned during the calendar year. That difference is your net earnings and will be reported to the IRS, if it's more than $600, that is. Any net earnings under $600 does not have to be reported to the IRS.

So if you had $10,000 in winnings and $5,000 in entry fees, we will report a net earnings of $5,000 to the IRS. That total will be taxable. Entry fees for 2024 NFBC or NFFC contests that are paid for by December 31st of this year WILL be included as 2023 entry fees paid, so keep that in mind if you had a good year in 2023 and plan on returning to any of our contests in 2024.

NFBC 2024 contests are already on Registration and we'll add 2024 NFFC contests soon. The 2024 NFFC Post-Season Contest is available on Registration now, but we'll add the Primetime, the Rotowire Online Championship and other contests shortly with TBD entries. Prize money for the 2023 NFFC regular season will be paid out after Week 14, during the week of December 12th, so look for that soon.

Hope all of this helps. Thanks all and good luck in all of your leagues heading into the new year.