I received a 1099-Misc for a $3000 gift card that I won. I entered it under "Income from 1099-Misc". Under the Less Common Income, Miscellaneous Income, TurboTax has a credit for $3000. This information is then transferred to Schedule 1 with my $3000 entry in 8i and the credit in 8z with the notation "Adjustment to Value of Prizes and Awards". What is the credit for? Isn't the prize taxable?
