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2022 TBD Entries Available Now
Posted: Mon Dec 27, 2021 2:22 pm
by Tom Kessenich
A heads up that 2022 NFFC purchases can be made now as a TBD. If you sign up before Jan. 1 they are considered 2021 entries and will be viewed as such for tax purposes. This is a little helpful tip with tax season coming up soon. Reminder: Current 2021 1099 status can be viewed on your Account from your Account Settings using the 1099 Tracker. If your Net Winnings is less than $600, you won't get a 1099 sent to you next year.
Re: 2022 TBD Entries Available Now
Posted: Mon Dec 27, 2021 8:40 pm
by pjoner
Do prizes paid out after the new year count towards 2021 or 2022 for tax purposes?
Re: 2022 TBD Entries Available Now
Posted: Tue Dec 28, 2021 8:37 am
by Tom Kessenich
pjoner wrote: ↑Mon Dec 27, 2021 8:40 pm
Do prizes paid out after the new year count towards 2021 or 2022 for tax purposes?
Prizes are based on the year they are posted. So all prizes posted after the New Year which will be in 2022 will be taxed in 2023.
Re: 2022 TBD Entries Available Now
Posted: Tue Dec 28, 2021 11:03 am
by eliasond
I think you mean they will be taxable in 2022, even though you will likely be doing those taxes in early 2023.