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Get your taxes done using TurboTax
@123champ wrote:
The cash prize was $150, so I suppose it won't be reported to the IRS (or to her) on a 1099-MISC.
Even if she doesn't get a 1099-MISC for the prize, she still has to report the income on her tax return. $150 plus "chump change" will probably result in no tax being due, but she still has to file the return to show that.
@123champ wrote:
will have the daughter file a separate return.
I wouldn't leave her on her own to file the return. We see a lot of posts from people whose college students filed their own tax return and did not indicate that they can be claimed as a dependent. It causes a lot of trouble and aggravation for both the parents and the student. You want to make absolutely sure that she gets that right.
‎November 2, 2023
8:38 PM
1,243 Views