A child who earns $1,150 or more (tax year 2022) in "unearned income,” such as dividends or interest, needs to file a tax return. Prize winnings are considered unearned income.
You are entering it correctly. You should enter both or all Forms 1099-NEC and any other income that she has. Follow all TurboTax questions and prompts. Make sure to indicate that she is being claimed as a dependent on your tax return.
Reporting prize money
- Go to the Income section of the tax return.
- Scroll down to the Less Common Income category.
- Click Start or Update beside Miscellaneous Income, 1099-A, 1099-C.
- Click Start or Update beside Other Reportable Income at the bottom of the section.
- Enter your description (prize money) and the amount.
Click here for additional information on "At What Income Does a Minor Have to File an Income Tax Return/"
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