My W-2G includes amount I gave to investors in a 1099-MISC. Where do I net out the total W-2G amount I owe taxes on?

yamel — Tue, 03 Feb 2026 07:22:35 GMT

a person invested in my tournament entry. I issued a 1099 to them for portion of winnings reported to me in a W-2G. Where do I report this in my tax return so I don't pay taxes on full prize amount.

Re: My W-2G includes amount I gave to investors in a 1099-MISC. Where do I net out the total W-2G...

DaveF1006 — Sat, 01 Mar 2025 14:00:46 GMT

Report this in the following manner.

Log into your account
Select Wages and income
Less Common income
Miscellaneous Income, 1099-A, 1099>start
Scroll to the bottom of the page to Other Reportable Income
Other taxable income, answer yes
Then give a brief description of the income and the amount listed. You can list this as W2G earnings paid to a investor. Issued them a 1099 MISC. Then report the portion you gave to the investor with a minus sign in front of the amount.

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My W-2G includes amount I gave to investors in a 1099-MISC. Where do I net out the total W-2G amount I owe taxes on?

Re: My W-2G includes amount I gave to investors in a 1099-MISC. Where do I net out the total W-2G...