- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
If you make a separate entry to subtract part of the winnings and don't identify the other winner, it is possible that the IRS may eventually contact you for more information. However, it is up to the other party to report the prize income on their return.
If this involved gambling winnings, IRS Form 5754 should have been completed at the time of the winnings.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 9, 2024
11:38 AM
941 Views