Otherwise, for 2022 winnings, the payer must send the form to you by January 31, 2023. All she knows is she went online to gamble and the gambling site (operating from Australia, btw) sent her winnings to her paypal account (which ended up being a business account and not personal) because it was also linked to her credit card. This content may be old or outdated. Visit our corporate site. [1] One of them must be a photo ID. Getting your money to and from your account shouldnt be a hassle. Learn more about earning points with eBay Mastercard. Although the federal tax rates didn't change, the tax bracket income ranges for the 2023 tax year are adjusted to account for inflation. As a Nonresident Alien, Are My Gambling Winnings Exempt From Federal Income Tax? If not a professional, two options - if he itemizes, I'd report as gambling losses/buy ins on Schedule A. Below is a link to a TurboTax article that addresses gambling winnings and taxes which you might find helpful. Learn how to spot fake messages Its great to see they take this seriously, but that doesnt make it any less an inconvenience for you. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. I did this all on draftkings, and have a current account value of $3,500 on draftkings. A 1099-K does not relate to a Bill. I think there are a lot of us that are going to have this problem this year. PayPal is one of the most popular ways to deposit and withdraw at online betting sites. If your preference . I worked for the I.R.S. PayPal is accessible. Forward suspicious email to phishing@paypal.com. For that reason, it might make more sense for people to fund their gambling account with other methods, like a credit card or bank wire. If not directly to you, then to the gambling site, who may pass them on to you. will need to see two forms of identification. Continue through the screens, {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/3\/33\/Report-Illegal-Gambling-Step-1-Version-3.jpg\/v4-460px-Report-Illegal-Gambling-Step-1-Version-3.jpg","bigUrl":"\/images\/thumb\/3\/33\/Report-Illegal-Gambling-Step-1-Version-3.jpg\/aid7503456-v4-728px-Report-Illegal-Gambling-Step-1-Version-3.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"