Remaining Prize Checks Are Being Sent Out Now

Tom Kessenich · Post by **Tom Kessenich** » Thu Jan 12, 2012 4:38 am

We're happy to report that our final NFFC checks have started going out. The first wave went out on Wednesday with more being sent out today and tomorrow. Some of the larger checks need to get final approval but that process happened quickly for the NFBC and we anticipate a similar timeline for the NFFC.

A reminder that you need to submit the W9 form online on your team page in order to receive your prize winnings. We do not have any past W9 forms on file so ALL prize winners must submit this form. The only exceptions are for Canadian residents or if you won prize money in the NFBC this year.

Many thanks to our accounting department with STATS for the quick turnaround for all of our prize checks this year for both events. Now it's up to all of you to spend wisely.

[ January 12, 2012, 10:39 AM: Message edited by: Tom Kessenich ]

Jersey Dawg · Post by **Jersey Dawg** » Thu Jan 12, 2012 5:54 am

WOW! I'll actually get my winnings for 2011 from the NFFC before my 2010 winnings from the WCOFF.

Pete

Diesel · Post by **Diesel** » Thu Jan 12, 2012 7:03 am

Do we have to claim prize winnings if they are under $600?

Tom Kessenich · Post by **Tom Kessenich** » Thu Jan 12, 2012 7:04 am

Originally posted by Diesel:
Do we have to claim prize winnings if they are under $600? I do not believe you will be taxed but you have to submit the online W9 form.

Diesel · Post by **Diesel** » Thu Jan 12, 2012 7:15 am

Thanks Tom. I did the online form awhile back...If I didn't do it right and you don't have me on record, let me know, ok?

Thanks for another fun year.

pmfarley21 · Post by **pmfarley21** » Thu Jan 12, 2012 8:20 am

Does anyone know if you are taxed on the amount you win or just the amount you profitted (subtracting entrance fees)?

Diesel · Post by **Diesel** » Thu Jan 12, 2012 8:38 am

Originally posted by pmfarley21:
Does anyone know if you are taxed on the amount you win or just the amount you profitted (subtracting entrance fees)? These answers may change from accountant to accountant, but my accountant has always asked how much my entry fees are each season and deducts that from my winnings. TOTAL entry fees. Not just the league you win money in.

Greg Ambrosius · Post by **Greg Ambrosius** » Fri Jan 13, 2012 12:46 am

Originally posted by pmfarley21:
Does anyone know if you are taxed on the amount you win or just the amount you profitted (subtracting entrance fees)? The amount of money reported to the IRS is the amount of money you receive from us. It is reported as earned income. Obviously you are able to report your expenses used against those winnings and others can certainly tell you what is involved there. But yes, the entire total you won is reported in full.

Greg Ambrosius · Post by **Greg Ambrosius** » Fri Jan 13, 2012 12:52 am

I'd like to thank everyone within the STATS accounting department for getting these checks out so quickly this year. This is faster than we ever were able to get them out at Krause's and certainly much faster than we got them out the last two years at Fanball. This will be the process for NFFC winners going forward.

Future years will have all regular season winners receiving their checks before the end of the year, followed by season-ending checks as fast as possible in January. These playoff checks were mailed out on Jan. 11 and 12 and should be in your hands shortly. However, just a note that checks over $10,000 haven't gone out yet, but will go out shortly. If you get those a day or two later than the rest don't panic; those just need an extra level of approval. Thanks all.

CONGRATS to everyone. High stakes fantasy football players should be paid in full in every contest by every game operator before the end of January. What a novel concept!!

Good for the players. Good for the industry. Good for all of us. Let's keep it that way and give players a chance to have cash in their hands and plans in their minds for the next season. See you in 2012 and THANKS.

Oh, and remember that even though we pay in full and don't allow any rollovers, budget wisely and set some of those winnings aside for 2012 NFFC entries.

We'll have our plans live soon enough and Registration open sooner than past year. See ya on Draft Day.

Jersey Dawg · Post by **Jersey Dawg** » Tue Jan 17, 2012 7:25 am

My Championship check arrived today. Thank you for the huge effort to get thses out so fast!

When do you start taking signups for 2012 football????? I will be doing the Primetime in Vegas on the first weekend of the regular season.

Pete