Yes, you can report that as Miscellaneous taxable income. Here's how to do that:
- Sign in to your TurboTax account.
- Select Edit under Wages & Income.
- Scroll down to Less Common Income at the bottom. Expand the section by selecting the down arrow.
- Select Start or Revisit to the right of Miscellaneous Income, 1099-A, 1099-C.
- Select Start or Revisit to the right of Other reportable income.
- Enter "Raffle prize" as the description and the dollar amount.
- Select Continue, then Done.
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