What is "Fair Market Value of Prizes and Awards"? It is asking me to enter a difference if I know.

usac43 — Sat, 01 Jun 2019 05:01:37 GMT

My son won this money and I have spent a lot more than that on his car. Is there a way I can offset this income?

Since you received a cash prize, the amount received is a...

AnnS7 — Sat, 01 Jun 2019 05:01:39 GMT

Since you received a cash prize, the amount received is also the Fair Market Value (FMV). TurboTax asks if there is any adjustment to FMV.

If you entered prize winnings from a 1099-MISC in TurboTax, once entered you will see a screen titled "Fair Market Value of Prizes and Awards". There will be a box next to Adjustment to Value of Prizes and Awards. Having received cash, you will leave this box blank. (If you had received an item, there may be a difference between the FMV of the item and what was reported to you.)

See screen shot below.

To get back to the "Fair Market Value of Prizes and Awards" screen:

Once in return: Federal Taxes -> Wages & Income -> Other Common Income -> Revisit Form 1099-MISC -> Click Done on "1099-MISC Summary" screen

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What is "Fair Market Value of Prizes and Awards"? It is asking me to enter a difference if I know.

Since you received a cash prize, the amount received is a...