US Taxes

If you are NOT a US person, you can ignore this.

Every year, the US government requires Numerai to issue a 1099-misc to every US person to whom we have paid least $600. In order to do so, we will need to send you a W9 form in order to collect information like your Taxpayer Identification Number and your mailing address.

How are payouts calculated?

All tournament earnings, bonuses and bounties in any currency or token count as "payment". In order to calculate the USD value of each non-USD payment, we simply multiply the amount by the most recent price as per CoinMarketCap at the time of the transaction.

Important: We do not "net" out burns when calculating payments. This is because we do not know the cost basis of the NMR you used for staking - only you can compute this. Therefore, you must do your own math to calculate your gains and losses.

Important: Only deposited funds that you fully control count as payments. For example, if you create a stake and get rewarded with daily payouts and reputation bonuses, it is not counted as a payment until you decrease (withdraw from the stake) into your wallet. The amount "paid" here is equal to the amount withdrawn minus your original stake amount. If you were paid "USD" in the legacy system, this counts as a payment since it can be immediately withdrawn.

Important: Payments are summed across all forms including (but not limited to) tournament payouts, bonuses, incentives, ErasureQuant payouts, bounties, grants etc when determining if the $600 threshold is crossed.

When will I get my 1099?

The deadline for sending out 1099s is Jan 31. This means we need to collect your W9s by early January. Corrections, amendments and late W9s will be processed on a rolling basis.

How will I get my 1099?

We will email you a copy and snail mail you a physical copy.

How should I file my taxes?

Numerai and its affiliates do not provide tax, legal or accounting advice. The above material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Support

We are here to help. If you have any questions please contact support@numer.ai and we will try our best to assist you.