You'll need to sign in or create an account to connect with an expert.
You should make a "good faith effort" to ascertain the Fair Market Value (FMV) of the prize if you didn't receive a 1099-MISC nor any other correspondence from the prize company. Do you know what a similar item may be worth? E.g., a 32" TV is about $150 at a big-box store.
You would enter the amount as Other Taxable Income which will then show up on line 21 of your Form 1040.
To enter/edit prize money (not on a 1099-MISC):
1. Open your return (or continue if open).
2. Click on “Take me to my return” button.
3. Click on Federal tab (left-hand side of screen).
4. Click in Wages and Income (near top of screen)
5. Scroll down to Less Common Income.
6. Click on Start next to Miscellaneous Income.
7. Click on Other reportable income (all the way at the bottom as you scroll down); Click “Yes”.
8. Enter “Description” and “Amount”.
Please see attached screenshot below.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
k294
Level 2
tsrkum
Returning Member
HSAQuestions
Level 1
yodennis
Returning Member
Dependent Dad
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.