Sleeper may be required under federal and state law to collect certain taxpayer information and report certain user earnings to the Internal Revenue Service (“IRS”) and applicable state tax authorities.
If reporting thresholds established by the IRS are met, Sleeper may issue you an appropriate tax form reflecting reportable income credited to your account during the calendar year. These thresholds are set by the IRS and may change over time.
To comply with these obligations, Sleeper may request information such as your legal name, current address, and Social Security Number or other taxpayer identification number. This information may also be shared with authorized third-party service providers solely for the purpose of preparing and delivering required tax documentation.
Sleeper does not provide tax, legal, or financial advice. This FAQ is provided for general informational purposes only and is intended to describe Sleeper’s compliance obligations under applicable law. Nothing communicated by Sleeper at any time should be construed as tax advice.
Team Picks
Team Picks involve participation in event-based contracts and may be subject to specific federal and state regulatory and reporting requirements applicable to event contracts markets.
If you receive cash credits or other reportable proceeds in connection with the settlement, sale, or resolution of Team Picks contracts, Sleeper may be required to track those amounts and report them to the IRS once applicable reporting thresholds are met.
Reporting is generally based on amounts credited to your Sleeper account in connection with contract settlement or sale, as required by law.
If you do not provide the taxpayer information necessary for Sleeper to complete required filings, Sleeper may be required to apply backup withholding at the rate established by the IRS (currently 24%) and remit that amount to the IRS.
Player Picks
Player Picks are offered as a daily fantasy sports product and may be subject to federal tax reporting rules applicable to fantasy sports contest winnings and other similar payouts.
If your cumulative cash winnings or other reportable amounts credited to your Sleeper account meet IRS reporting thresholds during a calendar year, Sleeper may be required to report those amounts and provide you with an appropriate tax form.
Certain in-app promotional credits or credits that cannot be withdrawn as cash may not be treated the same as cash proceeds for reporting purposes, consistent with applicable IRS rules.
As part of compliance, Sleeper may require you to consent to electronic delivery of any required tax forms. Tax forms are generally made available by mid-February of the following year.
You are responsible for determining any taxes that may apply to your activity, and Sleeper encourages you to consult a qualified tax professional with any questions.
