Assuming the income is from winnings you can report the winnings and losses as shown below.
If the Form 1099-MISC has an amount in box 3 you can use the steps below without entering the Form 1099-MISC itself. Winnings shouldn't be reported on this document.
To report your gambling winnings and losses you can use the steps below.
Gambling winnings are reported by following the steps below.
- Sign into your TurboTax Premier account (online or desktop)
- Federal Tax
- Wages & Income
- Less Common Income
-
Gambling Winnings enter the full amount of the winnings
- Enter the gambling losses (see image attached for assistance)
Gambling winnings are taxable income and any gambling losses to the extent of the amount of winnings is deductible as an itemized deduction under miscellaneous expense (not limited by a percentage of income) if this works for you .
Attached is a checklist of other itemized deductions so that you take full advantage of this.
If services were performed then income would be reported on Form 1099-MISC in box 7, as nonemployee compensation. This would be considered self employment income. You can add a comment if this applies to you.
