millsgot
New Member

How do I claim prize winnings? I have a 1099-MISC but not seeing where to enter. Thanks.

It was for a prize-winning photograph. He's not a professional and it wasn't for business.
Lakeisha
New Member

Get your taxes done using TurboTax

1. Log into your TurboTax Online Account and enter your Tax return through Tax Timeline
        2. From the uppermost Main Tab select and click on Federal Taxes
        3. In the next screen and Secondary tab select and click on Income and Expenses
        4. In this screen scroll down and find Other Common Income and click on Show More
        5. In the dropdown you will click on the Start button next to 1099-MISC.

The program will walk you through entering all of the information from your 1099-MISC for winnings. It is very important that the Dollar amount you enter is from Box 3 of the 1099 that is labeled as Other Income. This will keep that income in the proper section of your 1040.

I hope this answers your question!
millsgot
New Member

Get your taxes done using TurboTax

There is nothing in Box 3. We have a dollar amount in Box 2 under Royalties.
Lakeisha
New Member

Get your taxes done using TurboTax

Here is more information on Entering Box 2 on your 1099.

 Form 1099-MISC Box 2 reports Royalties, which could be royalties from oil and gas properties, publishing a book, an invention, or others. You must be using TurboTax Premier Online in order to enter the amount from Box 2 in the 1099-MISC section of Wages & Income.

Oil & Gas Royalties are reported on Schedule E under Rental & Royalty Properties. You can find this section by searching for "schedule e" then use the jump-to link to go to the start of that section.

Royalties from your business (writing a book, creating an invention) are reported on Schedule C under Business Income & Expenses. You can find this section by searching for "schedule c" then use the jump-to link to go to the start of that section.

If you are unsure about the source of your royalty payments, contact the company that sent you the 1099-MISC for more information.
millsgot
New Member

Get your taxes done using TurboTax

Thank you. We were hoping to avoid upgrading. We appreciate your response.
Lakeisha
New Member

Get your taxes done using TurboTax

No problem at all. I'm glad my response helped you. have a great evening!