If your winnings are more than $600, then normally you will receive an information statement (Form W-2G or Form 1099-MISC). If your winnings were less than $600, then you may not receive an information statement, but the amount is still a reportable and taxable event to the federal government and the state of Massachusetts.
The Form 1099-MISC is used to report prizes that do not consist of wagers. The Form W-2G is used to report gambling and lottery winnings.
If you have received a Form 1099-MISC with an entry in Box 3, do this will in your return:
- Type Form 1099-MISC in Search
- Click the Jump to form 1099-misc link or the Go to Form 1099-MISC button
- Begin entering your data and follow the prompts
If you have not received a Form 1099-MISC Box 3, then you should do the following
- Select Federal in the menu to the left
- Select the Income and Expense tab
- Scroll to Less Common Income under the All income section
- Scroll to Miscellaneous income and click Start
- Scroll to Other Reportable Income, click Start
- Begin navigating through the prompts to enter the winning(s)
If you have and/or have not received a Form W-2G do the following:
- Select Federal located in the menu to left of the screen
- Click the Income and Expense tab
- Scroll to Less Common Income under the All Income section
- Chose Gambling Winnings and click Start
- Navigate through the program. It will ask if you have or have not received the Form W-2G. Answer the question accordingly and continue through the prompts
Either input method that is utilized in TurboTax will populate your Massachusetts return.
