I have a rather peculiar situation and could use some help. I won a large sweepstakes prize in 2021 that included two prize components: airmiles and a free trip. I received the airmiles, but due to the pandemic we were not able to take the trip in 2021. The company agreed to extend the deadline for the trip to 2022 instead.
I have not received a 1099MISC or a W2-G. All I have is the estimated retail value of the total prize ($15,470) from the rules, and an email from the company breaking down the cost into two parts: $11,200 - miles, and $4270 - trip. I was told by the company that I *would* receive a 1099MISC, so I am confused about why I have not done so. It is a major US airline. My guess is that I still need to file taxes on this amount as income, but I am unsure about how to do so. Specifically, my question is as follows:
Given that the company extended the trip to 2022, would we just list the $11,200 for the miles on our tax return and then wait until 2022 to list the $4270 (or actual value when we have taken the trip and can provide documentation)? That seems reasonable given the way we are receiving the prize, but I don't want to do anything wrong.
I would very much appreciate any advice. Thank you!
