Each year, all American winners who have won $600 USD or more over the previous year must provide updated address and social security details to OwnersBox. OwnersBox will use these details to comply with tax regulations and may be shared with appropriate tax authorities.
In compliance with the United States Internal Revenue Service regulations, OwnersBox is required to submit a 1099-MISC to the Internal Revenue Service (IRS) for any American user who withdraws $600 (USD) or more than they deposited in a given tax year.
Depending on the jurisdiction in which you reside, OwnersBox may require you to complete a Form W-9, Request for Taxpayer Identification Number (TIN), and Certification and/or additional tax forms. This information will be used to file the 1099-MISC form with the IRS.
You can find an editable PDF W9 here: https://www.irs.gov/pub/irs-pdf/fw9.pdf
1099-MISC forms are mailed out early each calendar year and filed electronically as per IRS guidelines.
OwnersBox reserves the right to withhold (from your existing account balance and/or from future net winnings) any amount required to be withheld by law. You remain solely responsible for filing and paying all federal and other taxes in accordance with the laws that apply in your local, state, province, and/or country of residence.