Do I pay out of pocket for sports betting taxes?

[EskayNomac]

So I’ve been looking around for this information but can’t seem to find it. I’m wondering if taxes that are filed through a 1099-MISC form are paid out of pocket or are these taxes filed as if I’m filing taxes from working a job?

For example; if I win $630 from sports betting (PrizePicks) do I pay that $630 out of my pocket?

[Mike9241]

here are the tax rules unless you are a professional gambler. 

gross gambling winnings are reported as miscellaneous income on schedule 1 line 8b. they are not subject to self-employment taxes. you report this income on the return for the year in which you won along with your other income.  you pay taxes on the winnings based on your tax bracket which varies depending on the nature and amount of taxable income for the year.  I'm surprised you got a 1099-MISC rather than a W-2G. that form does not allow reporting on the proper line on the schedule (it will default to 8z (checking other income on the 1099-misc Turbotax form.  If you itemize your deductions, you are allowed to deduct gambling losses up to the amount of reported gambling winnings. If you itemize and take those losses, there will be a problem if the winnings are reported on 8z rather than 8b. Turbotax can't handle this automatically because of the 1099-MISC 

[EskayNomac]

So if I’m understanding correctly, this means I do pay or owe money back for gambling taxes. In this case; would I have to pay back the full amount of my winnings (over $600) or a percentage is what I won within the year? I’m new to gambling tax filing so I just to know if I pay out of my own pocket. Is there withholdings for winnings over $600? Do I still pay taxes for winnings under $600? 

Also yeah a 1099-misc is the form that the company sends out.

[Rick19744]

As explained by @Mike9241 you only pay tax on your winnings based on your tax bracket.

If you are in the 15% tax bracket, then you will pay 15% on your winnings; $600 x 15% = $90.

If you are in the 25% tax bracket, then you will pay 25% on your winnings; $600 x 25% = $150.

Keep in mind that you may also be subject to state income tax, unless you live in a state that does not have state income tax.