I received a 1099 NEC from WPT for winnings valued at $15,060. The winnings included entry fees paid by WPT of $10,400 and $1,100. I also received a stipend of $1,500 and $1,100. The remains $960 was for winnings in cash. When I try to enter the 1099 NEC it ask for a description of what the 1099 NEC is for, examples include teaching, writing or some other form of work. This is sweepstakes winnings. How does it get reported and can I deduct anything for losses?
