Bowling tournament winnings

[IamAW123]

I won 704$ from a bowling tournament. I have entered the 1099-misc. Can I deduct the associated expenses up to the winnings amount? If so how do I do that. I have done it in the past but cannot figure out how to on the 2019 return.

thanks

S.

[DianeC958]

Yes, if the income has been reported in Box 7 of the 1099-Misc.  To report this income you need the Self-Employed version of TurboTax and you report the income and expenses in the Business Items Section, Business Income and Expenses.

[IamAW123]

Thank you for the answer. So because I am taking a standard deduction I cannot take it? I have a regular job. I think it was box 3

Thanks

[DianeC958 · Accepted solution]

No, you can still take deductions from the income since it was reported on a 1099-Misc and in box 3.  The deductions for this income are not related to the Standard Deduction.

 You would need to use the TurboTax Self-Employed version and report the income and expenses in the section Business Items>Business Income and Expenses.

Your other option is to just report the income and pay the Federal Tax due on the amount.  To report just the income from the 1099-Misc

Enter the 1099-Misc

• On the next screen Describe what the payment was for
• On the next screen select "none of these apply"
• On the next screen select "No it didn't involve work like my main job"
• On the next screen select "I got it in 2019" 
• On the next screen select No, it didn't involve intent to earn money
• TT will put the amount on line 21 of form 1040 as other income

@IamAW123