topic 1099 NEC in Deductions & credits

1099 NEC

Harleyford10 — Tue, 18 Feb 2025 18:17:40 GMT

I received a 1099 NEC from WPT for winnings valued at $15,060. The winnings included entry fees paid by WPT of $10,400 and $1,100. I also received a stipend of $1,500 and $1,100. The remains $960 was for winnings in cash. When I try to enter the 1099 NEC it ask for a description of what the 1099 NEC is for, examples include teaching, writing or some other form of work. This is sweepstakes winnings. How does it get reported and can I deduct anything for losses?

Re: 1099 NEC

KrisD15 — Tue, 18 Feb 2025 18:36:32 GMT

This will be reported as self-employment income, you will file Schedule C with your return.

You will claim expenses relating to this income.

Form 1099-NEC is Non-Employee Compensation. It can only be reported as self-employment.

Re: 1099 NEC

Harleyford10 — Tue, 18 Feb 2025 20:07:19 GMT

Why isn’t it reported on a 1099 MISC?