topic I received a 1099 misc for tournament winnings while bass fishing. Can I deduct the expenses from this amount? If so, how do I enter the 1099 information? in Get your taxes done using TurboTax

I received a 1099 misc for tournament winnings while bass fishing. Can I deduct the expenses from this amount? If so, how do I enter the 1099 information?

kennyarnold — Mon, 03 Jun 2019 20:18:23 GMT

You can enter the award and expenses from the fishing tou...

LisaBr — Mon, 03 Jun 2019 20:18:24 GMT

You can enter the award and expenses from the fishing tournament from Form 1099-MISC as follows:

1. Go to Federal, select Wages and Income.

2. Choose Less Common Income, then Miscellaneous Income Form 1099A, 1099C

3. You'll see a list and you can choose Hobby Income and Expenses.

This is where you can enter the income information on your 1099-MISC and the expenses you incurred.

There is no place to enter the federal identification num...

kennyarnold — Mon, 03 Jun 2019 20:18:27 GMT

There is no place to enter the federal identification number in this area.

You don't need to. Since this is a hobby, and not your m...

LisaBr — Mon, 03 Jun 2019 20:18:28 GMT

You don't need to. Since this is a hobby, and not your main source of income, just enter the amount of money you received on that 1099-MISC and the expenses. The IRS will see the income reported.

Of course, if this is your main source of income, then I...

LisaBr — Mon, 03 Jun 2019 20:18:30 GMT

Of course, if this is your main source of income, then I need to give you different instructions.