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JPhong67
New Member

Olympic Prize money exclusion

I was at the 2021 Tokyo Paralympic and won prize money for my medal. How can I file this to get it excluded?

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1 Reply
MaryK4
Employee Tax Expert

Olympic Prize money exclusion

The value of Olympic and Paralympic medals and the amount of United States Olympic Committee (USOC) prize money you receive on account of your participation in the Olympic or Paralympic Games may be nontaxable.  If your adjusted gross income is not more than $1,000,000 ($500,000 if married filing separately), these amounts are nontaxable.  

 

In TurboTax, you can enter your 1099-MISC and there will be a selection for Olympics (See below).  The link it sends you to does not work, but just continue and the income will be reported on Schedule 1 Line 8l, then subtracted it on line 24c.

 

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