Deductions & credits

You will need to provide more information about who actually paid the money and what you did to get it. 

 

If your employer paid you a bonus, they are supposed to report it on your W-2.  There is a form you can file in turbotax to fix this (not self-employment schedule C) but you can't deduct any expenses.  But it would be better to have your employer fix your W-2.

 

If the prize was awarded by a third party, then it might be compensation for work performed or it might be a prize.  Prizes are not subject to the extra 15% self-employment tax but you can't deduct expenses.  Compensation for work or services would be reported on schedule C and you can deduct expenses but you pay extra tax on the net profit.  And just because the money might have been listed in box 7 of the 1099-MISC doesn't mean you must report it as compensation...it depends on what you actually did to get the money.