I need help with my PrizePicks taxes. My losses were more than my winnings so I didn’t receive a 1099-MISC. My net winnings were less than $600

[Mike9241]

for 2024, 2025 and prior years under Federal tax laws all winnings must be reported as income. losses and expenses are only deductible if you itemize your deductions and are limited to your winnings. 

Starting January 1, 2026, the IRS will limit the deduction of gambling losses to 90% of winnings. For some taxpayers this will result in paying taxes on “phantom income.”