Get your taxes done using TurboTax

@plantsauto 

Did you win cash or a non-cash prize?

Does the income reported on your Form 1099-MISC accurately reflect the Fair Market Value (FMV) of the prize you won, or is it overstated?   If it's a non-cash prize (as opposed to cash), sometimes a contest sponsor reports the highest retail value rather than the actual lower FMV, and in that case there is a way for the program to adjust the amount down so you pay less tax.   You still have to report the actual Box 3 figure that shows in the 1099-MISC so it matches the IRS data, but there is a way to tell TurboTax there is an adjustment to the prize winnings to reflect the FMV, if applicable.

 

But I don't know with certainty how to do it in Online TurboTax.  I don't know if Online TurboTax will automatically ask you or not.   When you click the DONE button at the end of the 1099-MISC Summary screen, as you proceed Online TurboTax may automatically ask you if you need to adjust the winnings to reflect Fair Market Value.

 

I know how to do it in the desktop software (where it does automatically ask), but I realize that doesn't help you since you are using the online version.  So you'll have to see if you are automatically asked.

 

If that's your situation, and if you need to adjust the taxable amount down to account for FMV,  and if Online TurboTax does not automatically ask you as you continue in that 1099-MISC section, then here's how to reach Customer Support.   If you won cash, then it's a moot point.

 

Hours are 5AM-9PM Pacific (8AM-12 Midnight Eastern) 7 days/week.

 

FAQ: What is the TurboTax phone number?
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

 

Or you can use this contact form to get a phone number, or it may schedule a callback.
https://support.turbotax.intuit.com/contact