Today we’re going to discuss everything that you need to know about Thrillzz taxes. Our main focus will naturally be on whether or not you need to pay tax on any prizes that you win from the app.
There are a couple of key things to address. Firstly, Thrillzz and other sweepstakes prize winnings are classed as traditional income and are therefore subject to federal tax. Additionally, your prize winnings will also quite likely be subject to state tax as well, though there are a handful of states where this doesn’t apply.
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Thrillzz Highlights
- Leaderboard Contests with Thrillzz Sweeps Prizes
- Major Sports Covered Incl. NFL, NBA, MLB
- Build Squads and Share Your Wins with Friends
How Thrillzz Works - A Quick Explainer
Before we look at the tax issues, let’s first take a quick look at how
Thrillzz
works. First and foremost; Thrillzz is not a gambling app, it is a social sportsbook.
On this app, you can wager on sports using virtual currency, instead of real money, so no actual gambling takes place by definition. There are two virtual currencies that you can use to make your social sports bets:
- With Thrillzz Coins, you can make bets for entertainment purposes only. These coins have no monetary value and can never be withdrawn or redeemed.
- With Thrillzz Sweeps, you can redeem real prizes if you win more Thrillzz Sweeps and meet the playthrough and minimum balance requirements.
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Thrillz First Purchase Bonus
Upon signing up to Thrillz, you are given a welcome bonus. However, you can make an optional purchase of Thrillz Coins. Thrillz have made a wonderful offer available on your first purchase. This is a “purchase of $10, get $50” deal. That is a 400% bonus on your purchase.
Here are a few details on this offer.
- Make a purchase of $10 and receive an additional $40 worth of Sweeps Bonus Picks
- You’ll be credited 4 x $10 worth of Sweeps Bonus Picks which are valid on any sport for 7 days
- Each Bonus Pick must be used in full on one pick
- Only winnings from eligible social picks are returned to your virtual currency balance, the original social wager is not returned.
Do You Have to Pay Taxes on Thrillzz Prizes?
Thrillzz might not be classed as a gambling app in the eyes of federal and state laws, but any sweepstakes prizes that you win are taxed just the same. At the federal level, sweepstakes prizes, including those from Thrillzz, are taxed as traditional income by the IRS.
This means that your prizes from the
should be added to your total income on the “Form 1040” and taxed accordingly. Additionally, two extra forms can come into play if you redeem a prize over $600 (1099-MISC) and $5,000 (W-2G).
Does Thrillzz Charge Taxes from You Directly?
In short, the Sweepstakes Rules at Thrillzz clearly state that you (the “Entrant”) are responsible for any federal and state taxes owed on your prizes. However, with prizes over the aforementioned $600 and $5,000 thresholds, some action is required on Thrillzz’s end as well:
Prizes over $600: Thrillzz must report your prize to the IRS and give you a 1099-MISC to fill out.
Prizes over $5,000: Thrillzz will hold back 24% of your total prize and give you a W-2G form showing this. You then need to include this form when you submit your federal tax return and you may get some of the 24% back depending on how much tax you have paid in total for the year.
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Thrillzz Taxes by State
With federal taxes out of the way, let’s take a look at sweepstakes prizes taxes at the state level. In 38 states, your
prize winnings may also be subjected to additional state income tax on top of the federal taxes described above.
The 12 states where this does not apply can be divided into two categories; those with no state income tax at all, and those that don’t tax sweepstakes prizes or gambling winnings.
States That Don’t Tax Your Thrillzz Sweepstakes Prize Winnings
If you live in any of these 12 states, you won’t have to pay state-level tax on your Thrillzz prize:
| States with no income tax | States that don’t tax sweepstakes or gambling winnings |
However, it's essential to keep in mind that sweepstakes laws are subject to change, so you'll need to double-check to make sure you can play at Thrillzz from your jurisdiction. Right now, you won't be able to sign up and play if you live in Alabama, Arizona, California, Connecticut, Georgia, Hawaii, Idaho, Kentucky, Louisiana, Michigan, Mississippi, Montana, Nevada, New Jersey, New York, Ohio, Tennessee or Washington.
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Are Thrillzz Purchases Tax-Deductible?
With winnings from online gambling, you can deduct the money you’ve spent on wagers as losses on your tax return. However, what’s key to remember with Thrillzz is that you don’t ever spend any money with the prospect of winning a prize (and that it is not a gambling app).
Only
are available for purchase, and these cannot be redeemed for prizes. Thrillzz Sweeps, on the other hand, can only be obtained for free, meaning that there is no way to spend any money on the app with the prospect of potentially winning a prize.
You can indeed get free Thrillzz Sweeps as a bonus when you purchase special bundles of Thrillzz Coins. However, in this case, your money is being spent on the Thrillzz Coins and the Sweeps are part of a free promotion. As a result, we would not include Thrillzz Coins purchases as a deductible outlay on your federal tax return.
Thrillzz Taxes - The Pros and Cons
To round things up, here are the pros and cons of the taxes that you can potentially pay on your Thrillzz sweepstakes prizes:
- Most prizes are taxed as traditional federal income
- Only large prizes ($600+) are subjected to additional tax
- No state income taxes are charged in 12 states
- You will have to pay at least some tax on all Thrillzz prizes
Conclusion - Everything You Need to Know About Thrillzz Taxes
In summary, prizes that you redeem from Thrillzz are classed as traditional income by the IRS, meaning that they must be included in your Form 1040 at the end of the year. Additionally, Thrilllzz will report wins over $600 to the IRS and must withhold 24% of prizes exceeding $5,000 in value. At the state level, income tax applies in all states besides the 12 listed above.
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Thrillzz Taxes FAQ
💰 Do You Pay Taxes on Thrillzz?
If you win a prize on Thrillzz, it will be subject to federal and possibly state taxes. At the federal level, it is classed as traditional income and therefore must be added to your regular income on Form 1040 as a part of your tax return.
🧾 Who Is Responsible for Taxes on Thrillzz Prizes?
You are responsible for paying any federal and state taxes that you are eligible for concerning your Thrillzz prize winnings, not the sweepstakes operator. For a full breakdown of the taxes that may apply, check out this comprehensive guide here at Dimers.com.
📊 How Much Tax Do I Pay on a Thrillzz Sweepstakes Prize?
Several factors contribute to the calculation of how much tax you’re eligible for on a sweepstakes prize. It’s classed as traditional income, so the rest of your earnings play a part, meanwhile, there are extra federal taxes for prizes exceeding $600 in value. For full details, and to discover the latest
, head to Dimers.com.
