Follow the steps below to report prize income. However, since the income will flow through Federal 1040 Schedule 1, the software will want you to upgrade from the Free version. See comparison of TurboTax versions here.
- Select Federal from the left side menu.
- Click on Wages & Income.
- Scroll down to Less Common Income. Click Show more.
- Click Start / Revisit to the right of Miscellaneous income….
- Click Start / Revisit to the right of Other reportable income.
- At the screen Other Taxable Income enter ‘Prize’.
View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.
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