Up to $22,000 for married couples filing jointly or up to $11,000 for individuals. You can access your 1099-K from your PayPal account by January 31st annually. Steps to Retrieve Your DraftKings 1099 Forms Once you’ve logged in, go to the drop-down box and select your name from the drop-down menu. Tax-specific forms are forms pertaining to specific taxes. ago. ESPN will take over Barstool Sportsbook’s spot in VA. 9 million dollars in bets were made between Caesars and DraftKings sportsbooks during Maine’s first week of sports wagering, WMTW reports. Casinos send a W-2G form to the IRS for winnings above specific thresholds ($600 or more for most games). In states where iGaming is legal such as New Jersey and Pennsylvania, players can enjoy playing. I heard past $600, I need to pay taxes for my gambling winnings. Detailed annual and quarterly income statement for. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. The time it takes for DraftKings to complete the verification process can vary. com. Specifically, your income tax return should reflect your total year’s gambling winnings, from the big blackjack score to the smaller fantasy football payout. You can be smart with it too and take some huge favorites because it will still add up to you making a killing. The smallest wins where I’ve received a 1099-misc were wins of $450 on a $1 box Trifecta, and $300 on a $5 listener league tournament on FanDuel. Offer ends Oct. Additionally, only certain transactions are eligible for a tax statement. However, for the activities listed below, winnings over $5,000 will be subject to income tax withholding: Any lottery, sweepstakes, or betting pool. This, however, doesn’t mean that if you consistently win and fail to report your winnings the tax office wouldn’t notice. • Peer-to-peer payment platforms are required to report business transactions to the IRS when they exceed the reporting threshold. To enter your gambling or prize winnings in TurboTax (even if you didn't receive a W-2G), please follow these steps: Click on Federal Taxes > Wages & Income [If you're in TT Home & Biz: Personal > Personal Income ] In the Less Common Income section , click on the Start/Update box next to gambling winnings. Bringing you the best of DFS. In this course, both new and experienced players can find the foundational pieces that are required in order to become a winning NBA DFS player. On top of that, Michigan has a 4. It’s always a good idea to keep track of your winnings to report them accurately on your tax return. You will be assessed additional taxes, penalties and interest on your unreported or underreported gambling winnings. We would like to show you a description here but the site won’t allow us. DraftKings has requested and received an extension of time from the IRS to mail its 1099-MISC recipient copies. To expedite this process, please review our frequently asked questions:Leave a voicemail. On the left hand side of this page, click on “Document Center. If you do not see any tax documents available for download, you may not. However, both websites feature exceptional web design, and their user interfaces feature neat layouts, making them easy to read and navigate. Excise Tax (Based on the Wager). Employer's Quarterly Federal Tax Return. Sec. Does PointsBet send out any tax forms? Yes, PointsBet distributes W-2G's which are required by the IRS. employer determines the employee does not meet the exemption requirements provided in OAR 150-316-0237, or • The employee’s exemption status expired, and they didn’t submit a new Form OR-W-4. Alternatively, you can contact the IRS at 1-800-829-1040 and ask them to send you a copy. If you itemize deductions, you can offset your winnings by deducting gambling losses. BUT we all know, OTHER states do not follow the. View. Regs. You can itemize losses on your Schedule A, if you have receipts or other documentation to prove your losses. Additional information: Please enter the details of your request. The amount of winnings should appear in Box 3, “Other income. $990 on another app to pay the same. DraftKings and. If you didn’t give the payer your tax ID number, the withholding rate is also 24%. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct. Just contact the customer support prior to arrival and bring some form of ID with you. "Although you only made a total of $25,00, the IRS receives two documents and believes. The $1,200 is the W2G amount for slot machines. Thank you. We would like to show you a description here but the site won’t allow us. The IRS announced in November 2020 that e - signatures would be allowed on Form 2848 and Form 8821 beginning in January 2021. How Much Does It Cost? DraftKings has individual contest fees ranging from 25 cents to a few hundred dollars. You can find additional information on sportsbook, casino and DFS account verification at. Does draftkings send tax forms draftkings 1099 reddit Log into DraftKings. I'm confused. However, you can claim your gambling losses as a tax deduction if you itemize your deductions. Get Section 508 accessible PDFs; Find Braille and text forms; Where to mail federal tax forms. See Pub. Tickets. Win/Loss statements show net. Form 1099-K is an IRS informational tax form that is used to report goods and services payments received by a business or individual in the calendar year. Alternatively, if you provide an IRS Form W-8BEN, Airbnb will withhold 30% on your payouts from US listings and remit the tax to the IRS. The implied probability of hitting a 150-1 parlay is . Customers who have made at least one Venmo deposit. IMPORTANT LEGAL NOTICE REGARDING TERMS OF USE OF DRAFTKINGS IMPORTANT! PLEASE CAREFULLY READ THESE TERMS OF USE BEFORE USING DRAFTKINGS, AS THEY AFFECT YOUR LEGAL RIGHTS AND OBLIGATIONS. For more information on gambling income and losses, please consult. Both cash and the value of prizes are considered “other income” on your Form 1040. Select Venmo as your payment option. Where you mail your federal income tax forms depends on your state and the forms you are using. Next, make your first deposit, and you’ll get a $50 bonus bet. DK will only send 1099 if your NET earning is $600. E-Check. 5%. First, you may need to complete additional account verification steps and provide additional information to ensure you are eligible to withdraw funds from your DraftKings account. It is a very simple form, and it's more to cover THEIR asses than yours. This field is required. While payment service providers, like PayPal and Venmo, are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts included on. We would like to show you a description here but the site won’t allow us. Forms. They will pay out up to $1 million on a variety of sports bets. The best way to do so is to create a parlay and hit big on only a couple of dollars. As we’ve mentioned, you’ll get a 1099-K from PayPal if you earn at least $20,000 from them, in at least 200 separate sales. As an added bonus, special discounts apply for Fidelity clients. The information entered into the online form and the associated identity documentation will be reviewed, and a DraftKings Player Advocate will get back to you with the verification result shortly. You should only get a 1099 if you profited over the normal $600 figure. There’s one more step you need to take even if you do receive a Form W2-G. For anyone curious from their at site. Income tax forms: The State of Washington does not have a personal or corporate Income Tax. does draftkings send tax forms. Maine sports betting is now live. Employer's Quarterly Federal Tax Return. Box 1 will show the. You would have to have an individual income above $100,525, including your winnings, to move into the 24% tax bracket. Gambling facilities are required to document your winnings with a Form W-2G under certain circumstances: $1,200 or more in winnings from bingo or slot machines. We would like to show you a description here but the site won’t allow us. Information about Form 11-C, Occupational Tax and Registration Return for Wagering, including recent updates, related forms and instructions on how to file. If you do not fill in a W-9 form, the MA sports betting operator will be obliged to withhold a 24% tax if you: Win more than $600 (in profit) on a single wager. Does draftkings send tax forms. Married. Deposits. Nov. 6 rows Key tax dates for DraftKings - 2021. Taxpayers should review Publication 1220 PDF for help electronically filing information. However, if you do itemize, you can deduct the $1,300 as a gambling loss which will offset $1,300 of your gambling winnings. Reporting and withholding requirements depend on the type of gambling, the amount of. Visit Qualifications for Coinbase tax form 1099-MISC to learn more. If you never got one, contact your sportsbook or casino. 07% tax on gambling income. 1. e. On the Gambling. , full name, address, taxpayer identification details) of a person receiving income from another person (the requesting entity). We would like to show you a description here but the site won’t allow us. For the tax year 2023, the IRS will use a lower threshold of at least $600. Does the 1099 tax form only show the total of the amount of money you've won on bets, or does it show the amount you won MINUS the amount you lost? In other words let's say I bet with Draftkings and the total of all my winning bets was $7000, but I also lost $5000 there. To deduct gambling losses, you must itemize your deductions: Claim your gambling losses as a miscellaneous deduction not subject to the. Detailed financial data and other information is available in DraftKings’ Annual Report on Form 10-K,. 29 Billion. In theory, the threshold is $1. Step #1: Stay calm. Keno winnings, less the wager, are $1,500 or more. If you file as single or married filing separately, this is your tax schedule: $0 to $26,499: 2. Most sportsbooks and casinos will begin withholding federal taxes from your winnings on payouts of $5,000 or more. If you win more than $5,000, you will also be taxed federally. "A client that paid you through Venmo sends you a 1099-K for $10,000. The best place to play daily fantasy sports for cash prizes. Within 1-2 screens, depending on your DraftKings account, you will see a page that prompts you to “Start Transfer”. Both. Step 1: Open the DraftKings app and go to the Home tab at the bottom of the screen. Only your winnings are taxed – meaning if you bet $10 to win $20 total, your. 1042S. Taxes. 59% to 4. PrePaid DraftKings Play+ Card. 25% tax rate for everybody. In some cases, you might see the form is blank. Filing year - Any - 2023 2022 2021 2020 2019. The 1040-SR is available as of the 2019 tax year. You can’t withdraw funds from your account without monitored assistance. We would like to show you a description here but the site won’t allow us. That sensitive information was sent on September 28th to a Paul from Draftkings, after a day or two I sent in an inquiry and in return I received an email from Dan stating they did not receive my. First bet matches are typically paid out in the form of a bet credit, just like a no sweat bet would if it were to lose. Make your first deposit!DraftKings Sportsbook is an online sports betting platform from Draftkings. Income Tax Forms. This form will be delivered to you by May 31. Does DraftKings simply issue 1099?If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24%. I believe every company has until the end of the month to send it out. Form IT-9 cannot be e-filed and must be mailed to the address on the form. The best place to play daily fantasy sports for. The form allows you to indicate your name, username, email, and the reason for the request. Draftkings Tax Form 1099 Where To Find It How To Fill Ks9a8ejavgy Mm Draftkings Begins New Era With Official Launch Of Sportsbook In New Jersey Business Wire Draftkings Makes Takeover Bid For Entain As Sports Betting Grows Sportico ComClick Done once you are ready and decide where to save your form - download it to your device or export it to the cloud in whatever file format you need. That is only the norm if you provide them with your social security number, however. Think of it like your weekly paycheck. When signing up to an operator, you need to add in your name, address, D. If you win $600 or more in a year, your DFS site should send you a 1099-Misc tax form. For example, say you wager $100 on a football game and win $1,000. sportsbooks will also send you an SMS that you will need in order to collect funds. Gambling Losses. You Keep From Your Gambling Winnings. On DraftKings and FanDuel, as well as the online thoroughbred wagering sites, it’s pretty easy to pull an account. This documentation provides all the necessary details needed to identify. But gamblers are supposed to report all their Winnings, regardless of Forms (ahem, supposed to). You’ll need to refer to this form, along with: Any 1099-Ks you get from other payment apps, credit cards, debit cards, or gift cards. By law, gambling winners must report all of their winnings on their federal income tax returns. To deduct gambling losses, you must provide records that show the amounts of both your winnings and losses, like: Receipts. gov secure online platform. Enlisted (Active-Duty & Reserves): Free state and federal taxes with TurboTax Online (Free Edition, Deluxe, Premium). Our Tax Support Principal Is: Treat Others As You Want To Be Treated. If you didn’t give the payer your tax ID number, the withholding rate is also 24%. If you receive multiple W-2G forms. The first is to confirm your identify and age, and the second has to do with the DraftKings tax form. This is the name that is shown on the individual's tax return. Online competitor data is extrapolated from press releases and SEC filings. There are seven tax brackets as of 2024. Uncategorized. 1099-consolidated (group 2) February 16-17. FanDuel generally offers standard juice lines, but you may find -113 / -106 or -114 / -105, which is a bit more generous. A W-9 form provides information for issuing Form 1099-NEC at the end of the year. If you receive your winnings through PayPal. 00. Gambling income is almost always taxable income which is reported on your tax return as Other Income on Schedule 1 - eFileIT. If you need help locating your DraftKings Fiscal Form 1099, we have an handy guide to show you where it is and why and how to fill yours in. ago. gov • When is the due date?Visit our website at tax. You can use postal delivery for any deliverable address, including PO boxes. If you receive your winnings through PayPal, the reporting form may be a 1099-K. For the tax year 2023, the IRS will use a lower threshold of at least $600. For Daily Fantasy Sports. S. Mail. This is standard operating procedure for daily and traditional sports betting sites, and is one of the requirements for DraftKings, and sites like it, to stay in. In addition to federal taxes payable to the IRS, Pennsylvania levies a 3. Note: In order to use Venmo on a desktop or laptop, players must make a successful deposit via the DraftKings app first. You'll be directed to the deposit page immediately after signing up. You can make a first-time deposit of $5 or more, place a wager of $5 or more. If you are a US customer who traded futures, you'll receive a 1099-B for this activity via email and in Coinbase Taxes. Arizona state tax ranges from 2. DK will only send 1099 if your NET earning is $600. Subject: Topic: -. The Tax Code requires gamblers to record their wins and losses by session. You need to file a tax return and show this income on the appropriate forms. This form requires your name, address, federal tax classification, SSN, and withholding requirements. • For 2023, if you receive more than $600 for business payments on a P2P platform during the tax year, the platform is required to send Form 1099-K to you and the IRS. Share a copy with others or send it to them for approval via email, a signing link, SMS, or fax. For instance, say you win $10,000 in a big stakes league and your entry fee was $1,000. Those sites should also send both you and the IRS a tax form if your winnings exceed. com to arrange for all of your post-revocation. citizens or resident aliens for the entire tax year for which they're inquiring. Venmo) is required to withhold 24% of those payments and send it to the IRS for backup withholding. Even though Michigan casinos and online gambling operators are required to fork up a fair share of their earnings to the state, players must also pay a portion of their winnings. About Form W-2 G, Certain Gambling Winnings. Does DraftKings mail tax forms. Claim $150. 1099-R. Online and retail sports betting is the newest form of gambling in Illinois. It’s simply a form that shows your 1099-MISC, 1099-K and 1099-NEC incomes on one page. To understand how your Win/Loss Statement can be used during tax preparation, DraftKings suggests that you consult with a tax professional. , a car or a boat), the items will be assessed at their. Gambling winnings are subject to a 24% federal tax rate. S. Most sportsbooks and casinos will begin withholding federal taxes from your winnings on payouts of $5,000 or more. Acorns investment accounts do not pay interest, so the impact of compounding may be limited. credit/debit cards. You consent to receive your DraftKings related tax information, including, without limitation, Forms 1099 and W-2G, electronically, which information will be securely hosted by DraftKings and accessible by you through your player account page for at least seven (7) calendar years following the year to which the information relates. • Box 5 shows the amount of scholarships and grants that were paid directly to the school for the. The first thing you must do before you deposit funds and place sports bets to make money on DraftKings is to sign up for a new account. Lula wallpaper. Any other bet if the proceeds are equal to or greater than 300 times the wager amount. You can do this by clicking on the “ Join/Login To DraftKings ” button in the top-right corner of the main page on sportsbook. Other Items You May Find Useful. You won’t need to use this form when you file your taxes. If not, they must send you the form before January 31 of the following year. DraftKings does not impose blanket deposit limits on Venmo deposits, so customers can deposit up to $7,000 a week, per Venmo’s maximum transaction limit. View and download available tax forms including; current information on your latest tax form and year to date activity updates. Click on the top right icon if you are on your computer or the bottom right icon if using the app. “Just because a taxpayer doesn’t receive a tax form, (it) does not make the winnings. 3. The best place to play daily fantasy sports for cash prizes. If it turns out to be your lucky day and you take home a net profit of 600 or more for the year playing on websites such as DraftKings and FanDuel the organizers have a legal obligation to send both you and the IRS a Form 1099-MISC. DraftKings will deploy a multi-brand strategy which will enhance cross-sell opportunities and drive increased market share and revenue growth. If you're new to Koinly, you can sign up using your Trust Wallet account. If any taxes on your winnings have already been withheld, make sure to report that on the 1099 or W2-G. Withdrawal times. Key Takeaways. Sam McQuillan. If it turns out to be your lucky day and you take home a net profit of $600 or more for the year playing on websites such as DraftKings and FanDuel, the organizers. Tax Structure Stalled ChBut it's a small position and one of more than 1, held by the investment todayswertresresult. We would like to show you a description here but the site won’t allow us. They only send you this form if you meet the criteria. If you do get a Form W-2G, this is. Typically, you can withdraw up to $10,000 in one hit, but limits vary from. Pick from your favorite stars each week. Read also: The Best Way to Organize Receipts and Records for Tax. Find out where it's legal and get started betting online today!IRS Form W-2G is a document sent to gamblers to report their winnings and the amount that was withheld for taxes at the time of the payout. We would like to show you a description here but the site won’t allow us. 7. How does a DFS site determine whether a player reached the $600 threshold?Calculate Total After Taxes. Certain amounts/activity will generate an automatic Tax Form. DraftKings Reports Fourth Quarter and Full-Year 2020 Results and Raises 2021 Revenue Guidance. As a result. Simply use your military W-2, verify rank and your discount will be applied when you file. If the W-2 information is submitted electronically through TAP or Electronic Upload Web Service using accounting software, do not send a paper copy of. Open the registration form and confirm Kentucky as your state. Supposed to report all Winnings, and then deduct the Losers. In terms of tax revenue assessed on internet casino. Three of them — the W-2, 1098 and 1099 — are IRS forms that may be sent to you with information you’ll need in order to file your taxes. – It’s important to report your gambling winnings on your tax return even if you didn’t receive a tax form from Draftkings. - We will withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000. FD is very serious about protecting their gamers, and they will conduct anti-fraud checks on playing patterns and deposits prior to processing all. 2017 Fiduciary Tax Forms. Critter. The short plan year does not eliminate the audit requirement; it only defers the audit requirement until the following year. Draftkings 1099 form for 2021. FanDuel recommended a tax reduction to 35%, according to Legal Sports Report, saying a more competitive rate would lead to an estimated $350 million-plus in additional total gross revenue over a. If you wish to revoke your consent to receive your tax information electronically, you may contact DraftKings at [email protected] consent to receive your DraftKings related tax information, including, without limitation, Forms 1099 and W-2G, electronically, which information will be securely hosted by DraftKings and accessible by you through your player account page for at least seven (7) calendar years following the year to which the information relates. “In this case, I know better. 💰 DraftKings: 2-4 business days for online banking: Sign Up at DraftKings Now. General purpose forms include, but are not limited to, certain registration forms, the power of attorney form, the penalty waiver form and. The answer is yes, your cumulative net profit is taxed, and DraftKings is contractually required to send a 1099 tax form to any player that nets of $600 in profit in a calendar year. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. There are a few ways to make money on DraftKings. The tax code is not clear, due to the infancy of legal on-line gambling. The IRS requires you to report your gambling winnings on Form 1040, Schedule T, Line 8. Once the withdrawal request has been processed, it can take anywhere from two to seven business days for the player to receive their money, depending on which payment option was selected. $600 or more on a horse race (if the win pays at least 300 times the wager amount);We would like to show you a description here but the site won’t allow us. The 1099 tax forms report your winnings to the taxing authorities and also gives you information for completing your taxes. You may contact DraftKings at support@draftkings. For more information, the IRS has some guidance here. If you are lucky to take home a net profit of $600 or more for the year playing on DraftKings, FanDuel, BetMGM, and other fantasy sports sites, the IRS requires that you report the winnings you earned. If you place a $5 wager, you get six $25 bonus bets. On September 1st 2019 our great state of Indiana legalized sports betting. You’ll get a 5498 form if you made a contribution or rollover to your Acorns Later account during the tax year. As a new user, DraftKings Sportsbook will give you $150 in bonus bets after the first wager of $5 or more in addition to a daily No Sweat SGP. (without FICA stuff). Form W-9 is used to provide a correct TIN to payers (or brokers) required to file information returns with IRS. What is the difference between a W-2G and a Win/Loss statement? A W-2G is a tax form provided for winnings of $1200 or more. does draftkings send tax forms Friday, February 25, 2022 Edit. 34%. This means tax professionals can submit third - party authorization forms through a new irs. You take all of your winning sessions for the year, add them together, and you come up with a result. DraftKings does not disappoint in that regard. ago. This form is used by principals or agents who accept taxable wagers to register certain information with the IRS and to pay the. The IRS requires you to report your gambling winnings on Form 1040, Schedule T, Line 8. Line 1, Name. Employers who withhold income taxes, social security tax, or Medicare tax from employee's paychecks or who must pay the employer's portion of social security or Medicare tax. Include the total winnings from line 6 of Schedule T on your Pennsylvania Income Tax Return PA-40 (PDF), line 8. Gambling winnings are reported on Form 1040 Schedule 1 Line 21 as Miscellaneous Income. Let's look at the DraftKings business model in detail. But we also checked the. DraftKings makes money by taking a commission from all transactions on its site. The form will display the total amount you won, the amount withheld and your information, as well as other small details. On the left, click on the type of form you need. The best place to play daily fantasy sports for cash prizes. Has anyone heard any updates on draftkings releasing the 1099 forms this year? I've read they usually ask for an extension but I have not seen any updates. According to DraftKings’ official website, they will. It's basically a legal document saying you are giving the correct social security number/EIN to them, and that you are NOT subject to any backup withholding. person (including a resident alien) and to request certain certifications and claims for exemption. How to Report Winnings on your Federal Income Tax Return. Every employer is required to file Form 307 North Dakota Transmittal Of Wage And Tax Statements Return with the state, due January 31. Electronic (coin-operated) Pull-Tabs are not subject to the gaming excise tax. I am a college student who does not work, so I have never done tax filing and I do not make any money. All values USD Millions. Information about Form 11-C, Occupational Tax and Registration Return for Wagering, including recent updates, related forms and instructions on how to file. Reports withholding information for California residents who had state backup withholding. State and local property taxes are usually tax-deductible, but limited to a combined total deduction of $10,000 ($5,000 if married filing separately). The W9 is just information about you the player. I have received w2-g tax forms for gambling at a online casino. Below is a breakdown of how sportsbook winnings are taxed. Please note that funds deposited to obtain bonus offers may be subject to bonus forfeiture. If you wish to revoke your consent to receive your tax information electronically, you may contact DraftKings at support@draftkings. How to claim the DraftKings deposit $5, get $200 bonus. im not sure about it but i dont suppose they do. Think of it like your weekly paycheck. WASHINGTON — The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements. These are two different forms guys. Updated 12/01/2022 08:25 PM. From there the app will guide you through the. In the ruling issued last week, the IRS concluded that DFS entry fees are gambling expenses. Kentucky began offering sports betting in September 2023, and DraftKings Sportsbook launched in the state that same month. Employer's Quarterly Federal Tax Return. All you need to do is deposit $5+ into your new DK. This form requires your name, address, federal tax classification, SSN, and withholding requirements. These circumstances are detailed below: 1). , they're generally due to the IRS on, Monday, February 28, 2022, for paper filers and Thursday, March 31, 2022 for electronic filers. 2, 2023 — VA sports betting handle hit $520 million in September, a 63% rise from August and 26. Casinos typically withhold 25% of your winnings for tax purposes. The IRS also requires other gambling winnings. 2016 Fiduciary Tax Forms. O. Withholding is required when the winnings, minus the bet, are: More than $5,000 from sweepstakes, wagering pools, lotteries, At least 300 times the amount of the bet. Massachusetts Taxable Income in 2022. g. We would like to show you a description here but the site won’t allow us. 45% each. Since PayPal is an e-wallet, you can also use this as a withdrawal method as long as you’ve used PayPal in the past to fund your betting. A free inside look at DraftKings salary trends based on 1224 salaries wages for 397 jobs at DraftKings. 66%. Other winners. Instructions on how to file are included with the form. W2G automated tax forms are available for members playing at the High Limit Slots in Caesars Palace. States have collected hundreds of millions in gaming taxes since the Supreme Court overturned the federal ban on sports betting a. The first thing to realize is that any winnings are taxable and bettors should include it on a tax return. This FAQ is intended to provide general answers to frequently. Don't worry, you can follow this guide on how to generate your xpub key instead. If you take home a net profit exceeding $600 for the year playing on. The $1,200 is the W2G amount for slot machines. The contests vary a lot; some are more limited while others are more. You should receive this form if you received payments from electronic or online payment services, or credit and debit card transactions. They just want your eyes to light up when you add one more bet to your 10-pick, same game parlay to take it from 150-1 to 500-1. Thank you. Certain amounts/activity will generate an automatic Tax Form. We would like to show you a description here but the site won’t allow us. Companies use W-9's to file Form 1099-NEC or Form 1099-MISC, both of which notify the IRS how much they've paid to non-employees.