Get your taxes done using TurboTax

If your adjusted gross income is not more than $1,000,000 ($500,000 if married filing separately), the value of Olympic and Paralympic medals and United States Olympic Committee (USOC) prize money you receive are non-taxable.  While such amounts are non-taxable, the value of the medals and prize money will appear on line 8l of Schedule 1 to the Form 1040; however, the Form 1040 will reflect that the income is non-taxable.

Here are the steps to follow when entering your Paralympic prize money.  These steps assume you received a 1099-Misc in connection with your Paralympic prize money.  If you did not receive a 1099-Misc, contact the Committee that sponsored the event because you will need their federal ID number when responding to questions in TurboTax. 

1. After signing in to TurboTax, enter "1099 Misc" in the search bar (upper right side of the page)
2. You will see 1099-Misc appear in the list of searches, click on it, then click on the jump to link.
3. Now you should be on a page where you can enter information about your 1099-Misc.
4. Click Continue to move through the application.
5. On the page "Does one of these uncommon situations apply,?" click on the entry relating to Olympic/Paralympic prize money.
6. You will then see a link to a page to learn more about excluding this type of income from tax.  Disregard it, and just continue through the application.
7. At the end of this section, click Done.

After you have completed your entries, review your Form 1040 to ensure the Paralympic prize money has not been taxed.  If you are using TurboTax Online, here are the steps to follow to preview your Form 1040:

         1. Open or continue your return.

         2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).

         3. With the Tax Tools menu open, you can then:

             a. View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my                                     1040 in the left menu.