PrizePicks Tax Calculator

Estimate federal tax on PrizePicks winnings and check whether PrizePicks may issue a 1099 for the calendar year. This is an estimator only — for official tax advice, consult a tax professional.

Entry / Stake (what you risked) Payout / Gross Return (what you won back) Current net winnings this year (before this event) PrizePicks issues 1099s to Members with net winnings ≥ $600 (calendar year) — see FAQs below. Estimated marginal federal tax rate If you prefer, enter your expected marginal tax rate (federal) or consult your tax pro for state/other taxes.

Estimate state tax? (adds a simple percent)

Profit: —

Estimated Federal Tax: —

Estimated State Tax: —

After-tax Winnings: —

1099 status: —

How this calculator works

Profit = Payout − Entry (if negative, it shows a loss).
Estimated federal tax is calculated as profit × your marginal tax rate. This is a simple estimator that assumes the win is taxed at your marginal rate.
If you want a precise incremental-tax calculation using your full-year income and official brackets, use your tax software or a tax professional.

FAQs

Do I have to pay taxes on PrizePicks winnings?
Yes — PrizePicks winnings are reportable income and generally taxed. Report them on your tax return as other income or gambling income depending on your filing situation.
When will PrizePicks send a 1099?
PrizePicks typically issues a Form 1099-MISC (or similar) if your net winnings meet or exceed $600 in the calendar year. (Check your account & emails.)
What is “net winnings”?
Net winnings = total payouts minus total entry/stakes for the calendar year. Different platforms and payment processors may report differently (1099-MISC vs 1099-K), so keep records.
Does PrizePicks withhold taxes?
PrizePicks usually does not withhold federal income tax at the source for casual players. You may need to pay estimated taxes yourself if you expect significant winnings.
Are losses deductible?
Gambling losses can be deductible to the extent of gambling winnings if you itemize deductions — keep good records. Many casual players will not itemize; consult a tax preparer.
Do I need to pay state tax?
State tax depends on your state of residence. Some states tax gambling/fantasy winnings; others do not. This calculator can add a simple state-rate estimate but doesn’t handle state-specific rules.
What tax rate should I use?
Use your expected marginal federal tax rate (10%–37%). If unsure, pick a conservative higher rate or consult your tax software/professional.
What if I received a 1099-K from PayPal or a 1099-MISC?
Report the amounts on your return as required — platforms may issue a 1099-K for payment processing or a 1099-MISC for miscellaneous income. Keep documentation and reconcile totals.
Will PrizePicks report to the IRS?
Yes — PrizePicks reports issued 1099s to the IRS, which is why you should report the same income on your tax return to avoid mismatch notices.
Is this calculator legal/tax advice?
No — this is only an estimate tool. For specific tax planning, filing help, or complicated situations, consult a qualified tax professional.

Tip: Save your PrizePicks history and deposits/withdrawal records. If you receive any 1099 form, keep it with your tax documents.