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Question

Sweepstakes prize tax responsibility

Forum|Forum|7 years ago
June 6, 2019
1 reply
25 views

How do I report a sweepstakes prize (non-monetary)? I have a 1099 Prize Affidavit Release form with the prize retail value.

TurboTax Deluxe Online

Level 10

Prizes are reported on the 1099-MISC in box 3, other income. The fair market value of a noncash prize is taxable income.

To enter the 1099-MISC for the prize:

Continue your return in TurboTax. (If your return isn't open, you'll need to sign in and click Take me to my return.)
Click My Account (top right of your screen).
Click Tools.
Click Topic Search.
In the search bar, type prizes.
In the results box, highlight prizes and click Go.
Follow the onscreen instructions. After you enter the 1099-MISC information and continue through the interview, you'll be able to indicate that the form was for prize winnings. (Click the screenshot below to enlarge it for reference.)