Not sure where to post this, but I recently won 95k for first in a live tournament. I swapped 5% with two players of a total 10%.
I heard I had to get a 1099 or a w9.
Where can I find 1099/w9 forms to print out to give to them
how do I file them in and what do I do with my own winnings for taxes.
My first big tournament score and I am completely clueless on how this stuff works.
You need to take 1/8 to 1/2% of that nice score and hire a tax professional. What you want is not hard, but no one here wants to help you fill out these things free of charge.
they give you a W9 with their info, then at the beginning of next year you give them a 1099 with their net profit from you and a copy goes in ur tax return.
(NOT A LAWYER)
agree on hiring a cheap professional that will make ur mind at ease tho
You can find these forms on the official IRS website - there you can download them as PDF and then print and file by hand. Another way, you can file form 1099 online https://1099-misc-form.pdffiller.com/ but that's paid