It depends. If this is considered a 'prize' and not self employment income for services performed at the business your firm works with, you can enter your prize using the steps below.
A form 1099-NEC, itself, indicates self employment. However if this is more like a prize you can enter it by using the steps below and do not enter the 1099-NEC itself. Keep it in your tax file, along with the reasons you received the income, which will allow you to explain it should need to later. If you need to delete it, use the link below for the TurboTax software you are using for your tax return.
- If you're using TurboTax Online software and need to delete a form, click here.
- If you're using TurboTax Desktop software and need to delete a form, click here.
Other Miscellaneous Income:
- Sign into your TurboTax Online account
- Go to Wages and Income section > Scroll to Less Common Income > Select Prizes Awards and Gambling Winnings
- Start or Update > answer Yes > No we didn't receive a W-2G > Continue > Did you __ win any other prizes or awards that didn't come from gambling? Yes
- Enter the amount of your prize > Continue
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