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To clarify, what type of 1099 was this issued on?
I received a 1099-MISC with the only entry being in box 3 under "other income".
Enter your 1099-MISC as follows and be sure to answer the questions appropriately as indicated below. The cost or money paid to bet will not be allowed to offset the income unless you can itemize deductions. See the standard deductions below.
It's important for you to select 'None of these apply" and then you should also select the following:
This will report the income without any business activity and it will show up on Form 1040, Line 8 (From Schedule 1, Line 8z).
Steps to access/enter your Form 1099-MISC:
Standard deductions for your convenience- 2024:
For single taxpayers and married individuals filing separately, the standard deduction is $14,600 in 2024.
For married couples filing jointly or a Qualified Surviving Spouse, the standard deduction is $29,200, and
For head of household, the standard deduction is $21,900
If you're at least 65 years old or blind, you can claim an additional deduction in 2024 of:
For more information, see What's my standard deduction for 2024?
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