UPDATED FOR TAX YEAR 2019
If you received a 1099-MISC for the winnings, you can enter the amount as Miscellaneous Income, and make an adjustment to the amount, using these steps:
- Click on Federal > Wages & Income
- In the Other Common Income section , click on the Start/Update box next to Form 1099-MISC.
- On the Let's get the info from your 1099-MISC screen, enter the amounts shown on the 1099-MISC.
- On the screen,Does one of these uncommon situations apply? mark the button for This was prize winnings and click Continue.
- On the screen, Fair Market Value of Prizes and Awards, enter the adjustment to the value of the prize.
[Edited | 3/23/2020 | 11:17 am PDT]
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