Tax guide

Do I have to pay taxes on my NFL gambling winnings?

Table of Contents

FAQ

You got this—all you have to do is start!

We make filing taxes delightfully simple with our flat–rate price. Every feature included for everyone.

Start filing

More Tax Guides

Yes, you do have to report all National Football League gambling winnings on your tax return as taxable income.

If your winnings are at least 300 times what you bet and over $600 (or otherwise subject to federal income tax withholding), the agency where you placed the bet is required to report your winnings to the IRS and send you a Form W-2G, Certain Gambling Winnings, as the payer.

Even if the agency isn’t required to issue a Form W-2G, you must still claim your winnings on your tax return. If the gaming organization doesn’t withhold tax from your winnings, and those winnings were substantial, you should pay those taxes yourself in the form of estimated tax payments in order to avoid an underpayment penalty.

To report your gambling winnings, enter the amount under “Other Income” on your Form 1040. You may also be able to deduct any gambling losses as an itemized deduction, which you’ll report on a Schedule A.

Table of Contents

FAQ

You got this—all you have to do is start!

We make filing taxes delightfully simple with our flat–rate price. Every feature included for everyone.

Start filing

More Tax Guides

It’s not too good to be true. See what others are saying about filing taxes online with 1040.com