For taxes on lottery winnings, the state has tax brackets based on the total prize amount. 6 . 07% on income, which includes gambling winnings. There are limitations for each withdrawal method. If you have won more than $5, the payer may be required to withhold 28% of the proceeds for. As a result. ago. Form K-3 Employers on a quarterly filing basis must file a quarterly return and annual reconciliation (Form K-3) for the fourth quarter. How is DraftKings winnings taxed? If a wager is subject to IRS reporting requirements, DraftKings will issue IRS Form W-2G, Certain Gambling Winnings, which is used to report gambling winnings and any federal income tax. A winner must file a Connecticut income tax return and report his or her gambling winnings if the winner’s gross income exceeds: $12,000 and the winner’s filing status for Connecticut income tax purposes is Married Filing Separately; $12,500* and the winner’s filing status for Connecticut income tax purposes is Single; $19,000 and the. In Texas, the amount of gambling tax you owe is not related to your income. If you didn’t give the payer your tax ID number, the withholding rate is also 24%. 50%. Anything left over will be refunded. Winnings From Online Sports Sites Are TaxableIf you win money betting on sports from sites like DraftKings, FanDuel, or Bovada, it is also taxable income Those sites should also send both you and the IRS a tax form if your winnings are $600 or more. 12, which would equal $24. In such a situation, DraftKings may pay out any withheld or revoked winnings/prizes in DraftKings' sole and absolute discretion. 13 . It may withhold 24% of the winnings and remit information to the IRS. Paragraph 153(1)(g) of the Canadian Income Tax Act (the Act) states: “Every person paying at any time in a taxation year… (g) fees, commissions or other amounts for services, other than amounts described in subsection 212(5. Transaction. You’re reading a free article. Connecticut: 13. DraftKings Refer-a-Friend Program (the "Program") allows you, our valued customer, to receive rewards for players that you refer to play on DraftKings. eastern meat packers association. DraftKings Help Center (US) Taxes. On May 12, 2022, Governor Laura Kelly signed Senate Bill 84. 15%), and Ohio (3. DraftKings provides new customers with a choice of three welcome bonuses. A business source. The Maryland sports betting tax rate is 15% for operators. 8425 sepulveda blvd, north hills, ca 91343. The main DraftKings Casino promo code offer is a 100% deposit match bonus worth up to $2,000, which has a 15x wagering. Expert does your taxes. 8425 sepulveda blvd, north hills, ca 91343. OAR 150-316-0237. Michigan taxes gambling winnings at the same rate as income, 4. The market was not pleased with mounting losses on the bottom line. This tax is referred to as Withholding Tax. R. 00 or more where the winnings are at least 300 times the. This 24 percent tax is taken from any future payments to ensure the IRS receives the tax due on this income. The rate is 24% for non-cash payments as well, if the winner paid the withholding tax to the gaming or lottery sponsor. State winnings $ 15 . Municipal Income Tax Withholding & Refund Q & A Guide (Rev. 505 for more information. Copies are sent to the IRS and to each subscribers’ state of residence. Essentially, the winnings are taxed at the same rate that additional wages would have been taxed. The effective tax rate is the percentage you pay after standard deductions, etc. 5% of winnings over that threshold for non-residents. Gambling taxes are not something you should risk getting wrong. For starters,. ago. " Key Takeaways. Canadian winners only pay 24% in taxes. For instance, say you win $10,000 in a big stakes league and your entry fee was $1,000. less a number of shares of New DraftKings Class A Common Stock equal to any applicable withholding taxes. 8425 sepulveda blvd, north hills, ca 91343. We would like to show you a description here but the site won’t allow us. Up to $22,000 for married couples filing jointly or up to $11,000 for individuals. Tax Withholding. DraftKings will issue IRS Form W-2G to its customers, which is used to report gambling winnings and any federal income tax withheld on those winnings. If a prize is taxable (i. But I found out today from my accountant. According to the IRS, babysitters do need to report their income when filing their taxes if they earned $400 or more (net income) for their work. FISO. . On the Secure Withdrawal page, enter an amount for How much do you want to withdraw? You can toggle between Withdraw from Gaming and Withdraw from Fantasy in the top right corner. From here, select a sports league from the sliding tab in the center of the page. To do this, you must itemize your deductions. Indiana: Residents of Kentucky, Michigan, Ohio, Pennsylvania and Wisconsin are exempt. In most cases, the verification process is completed within a few business days. Twitter. Tax refund calculator Tax bracket calculator W-4 withholding calculator Self-employed expense estimator More calculators Latest tax law changes Active duty. Statements. The IRS urges everyone to do a Paycheck Checkup in 2019, even if they did one in 2018. appeal. DraftKings will issue IRS Form W-2G to its customers, which is used to report gambling winnings and any federal income tax. The. e. The requirements for reporting and withholding depend on: the type of gambling, the amount of the gambling winnings, and. Casinos withhold 25% of winnings for those who provide a Social Security number. When you are required to withhold New Jersey Income Tax, you are acting as a trustee on New Jersey’s behalf. For example, if you make a bet that results in winnings of $5,000 or more and where the winnings are at least 300x the wager, then a certain percentage is withheld. Taxpayers should review Publication 1220 PDF for help electronically filing information. Example: If you win a non-state lottery prize of $10,000, the payer could withhold 24% upfront to pay the IRS in the event you fail to report the. 168Non-citizens, except those from Canada, must pay 30%. You consent to receive your DraftKings related. Gambling operators are required to withhold 24% of your winnings for federal tax if you win more than $5,000 and the winnings are at least 300 times larger than the wager. That is the tax rate regardless of whether you live in New Jersey or not as long as the reportable winning took place in New Jersey. As per MD tax laws, 8. 764. Except for Form 1099-NEC. 10 . You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040) PDF ), including winnings that aren't reported on a Form W-2G PDF . joey rourke cause of death; axa xl headquarters address stamford, ct. The city’s income tax rates range from 3. A winner must file a Connecticut income tax return and report his or her gambling winnings if the winner’s gross income exceeds: $12,000 and the winner’s filing status for Connecticut income tax purposes is Married Filing Separately; $12,500* and the winner’s filing status for Connecticut income tax purposes is Single; $19,000 and the. , wager $250 on Touchdown Blackjack and receive $10 in casino credits). A 1099-NEC form summarizes Dashers' earnings as independent contractors in the US. In order to claim a win, you will have to show two forms of ID and submit your. JoAnne Coughlin Walsh, Advance Local. 30%. 3% of your winnings. However, certain factors may affect the verification time as such Best VPN For Bybit . You consent to receive your DraftKings related. 10, §§ 12 -14. Any tax accountants or Canadian Draftking players out there. If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24%. But at the time of writing, these are the taxation rates for sports betting in all the states in which sportsbooks are currently legal: Arizona : 8% for in-person sports betting, rising to 10% for online wagers. Q&A – Tax Implications of Sports Betting in Kansas. A separate communication will be sent to players receiving tax forms once they are available for download in the DraftKings Document Center accessible via the DraftKings website. C. , Illinois Income Tax Withholding for Household Employees, for more information. Reporting Taxes Withheld. If you receive your winnings through PayPal, the reporting form may be a 1099-K. Whal. Yes, DraftKings does send tax forms. However, you can instruct the custodian to withhold either 0% or more than 10%, up to as much as 100%. Michigan taxes gambling winnings at the same rate as income, 4. (1) Expiration for election. 8425 sepulveda blvd, north hills, ca 91343. do you have to pay taxes on draftkingsAppearance > Menus (619) Patriot (728-7468) magali brunelle lawyer; OPR No: 12689 | Trapper ID No: 64965. 18, the day it announced fourth-quarter and 2021 earnings. Oregon W-2G information Key tax dates for DraftKings - 2022 (US) Where can I find my. Taxpayers pay the tax as they earn or receive income during the year. The new tax reporting requirement will impact your 2023 sales, it will not apply to your. DraftKings reserves the right to exclude certain registered players from this promotion, as well as the right to withhold the bonus reward if there is reason. Enter your winnings in the Form W-2G topic or as Other Income. Whal. 8425 sepulveda blvd, north hills, ca 91343. Make an additional or estimated tax payment to the IRS before the end of. Gambling is taxed federally as well locally, as in most states. Paid Family and Medical Leave. Taxes. Winning wagers that exceed a specific threshold may be subject to an automatic 24% federal withholding rate. This amount increases to $168,600 for 2024. The return must be filed even if no income tax was withheld for the period. • You are required to report all gambling winnings—including the fair market value of noncash prizes you win—as “other income” on your tax return. Did you win in Draft Kings? Why You Should Read This. $18B. All taxes associated with the receipt of any. The information you give your employer on Form W–4. I won a decent amount (up over 600 on the year) and I'm wondering how I should go about withdrawing. Arkansas: 13%. DraftKings shares fell as much as 11% after a report Monday by the Action Network said three customers had unexplained withdrawals from their user accounts. You are still required to report all your gambling winnings from the year on the form 1040. 15%), and Ohio (3. $22,001 to $89,449 for couples filing jointly or $11,001 to $44,724 for individuals. 9% Medicare surtax withheld on single filer employee. The answer to this question is complicated and depends on a number of factors. More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament. 27, at 2:. Pennsylvania charges a flat tax rate of 3. This is a PDF file under Tax Items. Whether they’re winnings from a slot machine, horse track, poker table or sportsbook, they all count as income and are subject to state taxes. On December 23, 2022, the IRS issued Notice 2023-10 providing a one year delay of the $600 reporting threshold. Some states automatically withhold state taxes from any win that generates a federal Form W-2G. , they're generally due to the IRS on, Monday, February 28, 2022, for paper filers and Thursday, March 31, 2022 for electronic filers. Employees Exempt from Withholding. On Draftkings, I had a. In such a situation, DraftKings may pay out any withheld or revoked prizes to the other entrants in the relevant Game in a manner consistent with the Rules of the Game. Entrants may withdraw their cash prize awards as well as cash deposits by using the "Withdrawal" option on the Website. About a month ago I learned about Draftkings from Dobber advertising the site so I decided to try it out. U. 9% on money you earn over $200,000. Does DraftKings issue tax documents. And the winners are handed over their money within 2 to 3 business days. New Jersey takes 3% of any gambling or casino winnings. 5%. File Form W-2G with the IRS. Market Cap. Tax people say you must report any money as income, fantasy football, scratch off tickets, gambling. In this case, theWe would like to show you a description here but the site won’t allow us. As a Canadian, where there are no taxes on gambling/gaming winnings, is there anyway to re-coup this tax withheld? I do not have. Generally speaking, if you win more than $600 for a sports wager and the amount is 300 times the original bet, the payor is required to withhold 24% of your winnings for federal taxes, according. Check Available To Withdraw on the right to confirm the amount you can withdraw. Any money withheld will get added to other amounts withheld (like on your W-2). No Medicare or Social Security would have been withheld either. It is a retention tax; the payer of certain incomes is responsible for deducting tax at source from payments made and remitting the deducted tax to KRA. In addition to FICA taxes, your employer will also withhold federal income taxes from your earnings. 1/8 (Image credit: Getty Images) Gambling Taxes: You Have to Report All Your Winnings Whether it's $5 or $5,000, from the track, an office pool, a casino or a. File this form to report gambling winnings and any federal income tax withheld on those winnings. Legislation ¶ 1. Gambling winnings are income, and will be taxed at the federal, state and local level. You are taxed on earnings not withdrawals. 99%) also have low rates of withholding on lottery winnings. A. Reporter. apply (except for tax-qualified employee stock purchase plans (ESPPs) and incentive stock options (ISOs)). Currently, Pennsylvania’s personal income tax is a flat tax rate of 3. joey rourke cause of death; axa xl headquarters address stamford, ct. Reasons for not paying federal income tax include earning below the threshold, being exempt, living and. You can actually do this yourself (or get any accountant to do it) but many gamblers don’t feel like tackling the paperwork the U. joey rourke cause of death; axa xl headquarters address stamford, ct. Do this whether you moonlight, have a home business or get another full-time job. do you have to pay taxes on draftkingsAppearance > Menus (619) Patriot (728-7468) magali brunelle lawyer; OPR No: 12689 | Trapper ID No: 64965. According to an IRS publication on the subject, if you win more than $5,000, the casino or sportsbook may be required to withhold 28% of your winnings. Entrants may withdraw their cash prize awards as well as cash deposits by using the "Withdrawal" option on the Website. the casino did not do withholding- although you may have provided the information if you signed up for one of their loyalty cards. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. 99%) also have low rates of withholding on lottery winnings. Does draftkings withhold taxes draftkings 1099-misc If the IRS is aware of gambling winnings that were not reported, the agency could simply tell you to report them. What Information Does DraftKings Report to the IRS? 1. The DraftKings Sportsbook app makes placing a bet on a football game super easy. In India, the Central Government is liable and empowered to levy and collect taxes. However, there are some exceptions, such as traveling evangelists who are independent contractors (self. 2023-2024 Tax Brackets and Federal Income Tax Rates Federal Income Tax Calculator: Tax Return and Refund Estimator (2023-2024) 1099 Form: Definition, Who Gets One, How It WorksWhen it comes to individuals, those who make $10,000 or less are in the lowest federal tax bracket, owing 10% on their income. In fact, your employer would not withhold any tax at all. , you don't have to pay income tax for the district. 078% to 3. Iowa has a withholding rule of 5% of your gambling wins, with 24% withheld for federal taxes. WINNER’S TIN. To deduct gambling losses, you must itemize your deductions: Claim your gambling losses as a miscellaneous deduction not subject to the. If the gaming facility does withhold taxes, it normally does so at the rate of 25 percent. Therefore, this reporting of gambling income will cause the taxpayer having state income and state income tax unless the state also allows gambling loss reporting. Resident corporations paying service fees to foreign entities are often subject to 20% WHT. The pertinent boxes for reporting are Box 1 and Box 4. For example: Your client paid you $25,000, but you refunded $500, $6,000, or even all $25,000. 15%), and Ohio (3. If you don’t report, you may get hit with higher withholding levels on the Federal level. There are often questions about how any money you win gambling online can be taxed. The feds can also withhold money from your tax refund to cover any unpaid state income taxes. 10%. The higher your taxable income, the higher your state tax rate. As of now, the Mountain State does not withhold gambling taxes for state purposes. S. Withhold 24% of the proceeds (the winnings minus the. highest paid nrl player in 2021;Withholding. An expert does your return, start to finish. • You can’t subtract the cost of a wager from your winnings. For smaller wins, no tax. Entrants may withdraw their cash prize awards as well as cash deposits by using the "Withdrawal" option on the Website. FanDuel does not provide tax advice, nor should any statements in this agreement or on the Service be construed as tax advice. felon in possession of a firearm federal sentencing. As many as 149 million taxpayers could be on the hook for taxes on legal winnings this tax season, 23 million more than last year. If you do not withhold and pay Income Tax as required: • You are limiting your employees/payees’ ability to meet their tax responsibility; and • You can also be held personally liable for any amounts you should have withheld. Step 1: Open the DraftKings app and go to the Home tab at the bottom of the screen. 10%. If you withdraw money from your 401 (k) before you’re 59½, the IRS usually. The. We use our extensive knowledge of both federal and state tax law to help you handle even the most complicated tax issues. If you receive a very large bonus—over $1 million—you'll likely have 22% federal tax withheld on the first million, then 37% on the amount of the bonus above the first million. 63. The. 07%), Indiana (3. The rest of your winnings will be refunded to you after you’ve paid the additional tax. Any other bet if the proceeds are equal to or greater than 300 times the wager amount. Welcome to Just Answer. Failure to report gambling income can result in penalties and legal consequences. • 3 yr. Corporate - Withholding taxes. Expert does your taxes. Employers are required to file returns and remit tax on a quarterly, monthly, or weekly basis, depending on the employer’s total annual Colorado wage withholding liability. S. 2 billion. When you receive a taxable distribution from an IRA you have the option to have tax withheld from it by the IRA custodian to be remitted directly to the IRS. Employers can use one of two methods to withhold taxes on a bonus: percentage or aggregate. 75. Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start. It helps fund government programs and infrastructure. Casinos withhold 25% of winnings for those who provide a Social Security number. The numbers in Box 1 are what you won from that gambling company over the course of the year. 31, 2019, taxes on gambling income in Illinois are owed regardless of what state you live in. But I gradually got to that amount , only a few of my hits were over the $1200 threshold, the hits were also on a bonus. If you select to receive your winnings via e-wallets such as PayPal the reporting form may be a 1099 -K. Of states that do withhold tax winnings, North Dakota is the lowest at 2. Any winnings subject to a federal income-tax withholding requirement. • You can’t subtract the cost of a wager from your winnings. For the tax year 2020, the rates are the same but the triggering income levels differ based on how you file. Boston. Tax Credits for Withholding: In some cases, if gambling winnings are subject to federal or state income tax withholding, you may be able to claim a tax credit for the taxes withheld. When you are in the Document Center section, you should be able to see a 1099 form. Failure to which, they will withhold 28 percent of your winnings. Here’s what you do: Open the Venmo app. With a bit of planning, you can ensure that reporting your wins is easy next time tax filing season rolls around. In most states, daily fantasy winnings of any amount are considered taxable income. Don't have an account? apply. All other income payments subject to withholding. A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal. The payer pays the withholding tax. These fees are typical across Canada, but residents of Quebec are charged 5%, 10%, and 15%, respectively. Under the BWH-B program because you failed to provide a correct taxpayer identification number (TIN) to. If so, then do i file a tax return for the state of MA? No, it is not necessary for you to file a MA return. It is calculated based on the amount of income earned, the taxpayer’s filing status, the number of allowances claimed, and any additional amount of the employee requests. The first requirement is the standard approach to determining if a W-2G is reportable. 6041-1 provides that Form W-2G shall be issued for slot machine and bingo wins of $1,200 or greater, and for keno wins of $1,500 or greater. See Dividend income in the Income determination section for further information. You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040) PDF ), including winnings that aren't reported on. Michigan does not withhold taxes on winnings from $601 to $5,000, but you must report these winnings to the IRS and the Michigan Department of Treasury. Language Translator} Appointment; Pay by Credit Card; Pay by ACH, E Check or Bank Draft; The Rescue Squad for Troubled and Overtaxed Taxpayers; Ph: 800 829 7483; A?Loss before income tax provision and loss from equity method investment (395,661) (464,873) Income tax provision 1,368 469 Loss from equity method investment 119 2,351 Net loss attributable to common stockholders $ (397,148) $ (467,693) Loss per share attributable to common stockholders: Basic and diluted $ (0. joey rourke cause of death; axa xl headquarters address stamford, ct. highest paid nrl player in 2021;The information returns listed below are used to report backup withholding for tax year 2021. Please visit Information to Help with your Withdrawal Experience for more details on the withdrawal process. Video poker machines and draw games generated more than a billion dollars in revenue in the last fiscal year. THE PROGRAM. Example: If you received a $2 million bonus, you'd pay $590,000 in federal tax withholding: $1,000,000 x . How much can you win at a casino without paying taxes? If you receive $600 or more in gambling winnings, the payer should issue you Form W-2G, but if you win more than $5,000, the payer could withhold 24% for federal income taxes (backup withholding). com. highest paid nrl player in 2021;do you have to pay taxes on draftkingsAppearance > Menus (619) Patriot (728-7468) magali brunelle lawyer; OPR No: 12689 | Trapper ID No: 64965. Any earnings you make in excess of $200,000 are subject to an additional 0. I requested a check too. 25% of gambling winnings over $5,000 for residents and 7. We would like to show you a description here but the site won’t allow us. In general, 24% of the amount is required to be withheld. The other half of FICA taxes is owed by you, the employer. We would like to show you a description here but the site won’t allow us. I played various dfs sports all of What should I be looking for?gambling withholding. Tickets. Language Translator} Appointment; Pay by Credit Card; Pay by ACH, E Check or Bank Draft; The Rescue Squad for Troubled and Overtaxed Taxpayers; Ph: 800 829 7483; A? R G; U r C M B =Pro Gambling | Professional Gamblers | DraftKings W9 | DraftKings TaxSo if you withdraw the $10,000 in your 401 (k) at age 40, you may get only about $8,000. You should backup withhold if: • The winner doesn't furnish a correct taxpayer identification number (TIN), Gambling Taxes: Withholding Might Be Required Generally, if you win more than $5,000 on a wager, and the payout is at least 300 times the amount of your bet, the IRS requires the payer to withhold. As of October 1, 2019, Massachusetts. If you win $ or more in a year, your DFS site should send you a Misc. . Back. The W-2G will also show any federal and state income tax withheld from your winnings. Although winning a sweepstakes, lottery or raffle drawing may come as a pleasant. Sec. In some cases, a backup withholding of 24% is required instead. This helps account holders meet their tax obligations easily and efficiently. The tax withholding rates for states can vary by location and game. Pennsylvania (3. The circumstances in which such a liability arises are discussed below. File this form to report gambling winnings and any federal income tax withheld on those winnings. They make you fill out a W-9 on the site and it there's a box that you check or leave blank that says "I am subject to a mandatory IRS withholding of 24%. Expert does your taxes. DraftKings Help Center. Tax Rate. was withheld for tax purposes, according to Empire Stakes. Those who make $500,000 or more are in the highest tax bracket and owe 37%. Withholding documents are triggered by the amount won and the type of game played. The taxes on winnings calculator in Colorado states that the Lottery will withhold four percent of lottery winnings that are above $5,000 as state tax and 24 percent as Federal tax. (5) Electronic (coin-operated) Pull-Tabs are not subject to the gaming excise tax. In the event DraftKings discovers that you have opened more than one Account per person, in addition to any other rights that DraftKings may have, DraftKings reserves the right to suspend or terminate any or all of your Accounts and terminate, withhold, or revoke the awarding of any winnings and prizes. 10%. An employee can claim exempt from Oregon withhold - ing if: • Their compensation is exempt under a provision of federal or state law. As of now, the Mountain State does not withhold gambling taxes for state purposes. The DraftKings Sportsbook app makes placing a bet on a football game super easy. A babysitter is considered a household employee, and if you. In fact, by default the custodian will withhold 10% of the distribution. Your first call should go to the IRS at (800) 829-1040 in this case. Payments of dividends, interest, royalties, and services by a domestic corporation to foreign or non-resident bodies are. If you do not provide your Social Security number, the payer may withhold 28%. 65% = 6. Do you pay taxes on DraftKings withdrawal . Start by calculating your taxable income after deductions. Some people are exempt from withholding. Withhold 24% of the proceeds (the winnings minus the wager). An expert does your return, start to finish. This happens throughout the contest. Basically, imputed income is the value of any benefits or services provided to an employee. Then, subtract $12,950 (the standard. 1. There are seven tax brackets as of 2024. All taxes associated with the receipt of any. That is the tax rate regardless of whether you live in New Jersey or not as long as the reportable winning took place in New Jersey. Whether you are playing in a fantasy sports. Last reviewed - 08 August 2023. Why You Should Read This. A 10% or 5% WHT is imposed on dividends paid by Egyptian companies to resident corporate shareholders. Current Price. Your winnings are subject to federal income tax withholding for any other reason (either regular gambling withholding or backup withholding). 8425 sepulveda blvd, north hills, ca 91343. Contacting the Internal Revenue Service (IRS) to fulfill obligations for withholding federal income taxes as well as Social Security and Medicare taxes. joey rourke cause of death; axa xl headquarters address stamford, ct. Daily fantasy sports companies like FanDuel and DraftKings must pay federal excise tax on their entry fees, the IRS has decided, in an internal memo that. The DraftKings Kentucky promo code offer is handing all new customers a terrific “Bet $5, Get $150” in bonus bets offer. All persons ('withholding agents') making US-source fixed, determinable, annual, or periodical (FDAP) payments to foreign persons generally must. Why there might be federal tax withholdings on your W-2G. Tax refund calculator Tax bracket calculator W-4 withholding calculator Self-employed expense estimator More calculators Latest tax law changes Active duty/reserve military. You may hear a beep and experience a normal connection delay. This is referred to as backup withholding. The best place to play daily fantasy sports for cash prizes. generally the ratio of the winnings to the wager. The Tax Withholding Estimator is a helpful tool. If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24%. Once you make a betting pick, the platform shows you all the types of bets you can make for your selections, the odds, and betting spreads for NFL. When it comes to taxes and withdrawing money from DraftKings, there is good news and bad news.