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Not asking for advice here, just information; I won my league for best record and got $2500.00. I then won the h2h 3 week playoff and got another $2500.00.
Here are my questions:

Is 1099-Misc the form NFFC uses in reporting?

Should I expect to receive 2 1099-Misc's or 1 reflecting the $5000.00 total won?

What KP info will be on the 1099-Misc as far as the way your company name reads and payer's tax id?


If some of you have already received winnings in the past and know the deal on this, I would appreciate some help with this info....thx!

Superpion, I would think you'd get 1 form for all NFFC winnings...

Just remember that all entry fees counter-act the winnings you accumulated. Along with all pay fantasy sites, fantasy magazines, etc...

Marc

Originally posted by Diesel:
Superpion, I would think you'd get 1 form for all NFFC winnings...

Just remember that all entry fees counter-act the winnings you accumulated. Along with all pay fantasy sites, fantasy magazines, etc...

Marc Yep.

So you can automatically deduct the $1,300 entry fee along with ANY other leagues you were in this year. Add in any lottery tickets, casino losses, hotel for the NFFC, etc. that you had during 2007, and you may end up not having to declare much of that 5K at all!

Congrats!

Thanks BillyWaz and Diesel for the info that you provided.

Has anyone received theirs yet? Is it a 1099-Misc and what is the payer's name and id #?

Superpion,
I was the guy you beat in the H2H playoff and thus my tax burden is smaller!
Anyway, my 1099-MISC arrived in the mail this afternoon. It contained the payer's federal identification number as well.
best, Hank (rabid belkas)

I received a 1099-MISC for the $1300 I got for winning the NY Auction league regular season best record and most points ($650 each). However, I also finished second in the playoffs and received a check for $1450 for that, for which I did not get a 1099-MISC. Will I be getting a second 1099-MISC, or should I have gotten one for $2750 to reflect my total NFFC winnings?
Cheetah

Cheetah,

I am assuming you got the $1,450 check in January, and therefore that will go towards 2008, and you will get a 1099-MISC for the $1,450 next year.

Congrats on a nice job!