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I know this subject has been beaten to death, but....



Does anyone know, or have a decent idea, what % of winnings is taken out in taxes? I split teams with my two brothers, so we're trying to figure this out as I received all the money in my name.



Say we won $1000 (after taking out entry fees)... how much should I plan on giving to The Man.



Thank you and Happy Thanksgiving.

Originally posted by glenlake22:

I know this subject has been beaten to death, but....



Does anyone know, or have a decent idea, what % of winnings is taken out in taxes? I split teams with my two brothers, so we're trying to figure this out as I received all the money in my name.



Say we won $1000 (after taking out entry fees)... how much should I plan on giving to The Man.



Thank you and Happy Thanksgiving. You should not listen to anyone's opinion with only that amount of information. Go to the IRS tax tables and treat it as your last dollar earned and see what bracket it puts you in. Keep in mind you PROBABLY need to add 15.3% to that plus state income taxes. I believe fanball produces a 1099 for your net winnings if I remember correctly. If not deduct your entry fee before you start calculating taxable income.

There is an excellent thread regarding your question located in the NFFC Forums dated December 16th, 2009. In the Non Football chat room you will see a thread titled "Tax Question".