Please clarify the conditions.
- You're filing a joint return.
- You received a 1099-MISC for prize winnings
- I'm not sure what you mean by "value adjustment"?
- And I'm not sure how the joint return plays into it?
Your first two bullets capture the conditions. There is a screen where you can record the difference between 1) the value of the prize as indicated on the form 1099-MISC and 2) the fair market value of the prize. If married filing jointly the difference can be recorded for each person. The critical bug is on this part.
I'm not sure what you're seeing. I posted a sample 1099-INT.
- Wages & Income
- Other Common Income
- Form 1099-MISC
- Select the record
- Review the information
- Describe the reason for this 1099-MISC (Prize)
- Does one of these uncommon situations apply?
- This was prize winnings
- Do either of you have another 1099-MISC? Yes/No
This ends the interview. I don't see the area that you're referencing.
Did you post it this way?
I navigated there by clicking the other income section and clicking 1099-MISC. Later in the flow it lets you indicate prize winnings and do the value adjustment I described. Does that help?
The spouse you would enter the FMV adjustment to would be the spouse that received the 1099-MISC. You can tell this by looking at the Recipient's TIN on Form 1099-MISC.
On my mock-up return, prizes flow through to Schedule 1, Line 8h and the adjustment to the market value of prizes flow to Schedule 1, Line 8z.
Yes, this is the screen where there’s a bug. The user cannot always go back and adjust the value if they need to.
In your situation, it is recommended that you first log out of your TurboTax Online and delete your cookies.
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If that fails to work, you can always delete the 1099-MISC and start over to input the updated FMV.
To enter your 1099-MISC, please follow the steps below:
- Open or continue your return, if you're not already in it.
- Search for 1099-misc and select the Jump-to link.
- Enter your 1099-MISC.
- Follow the on-screen instructions.
Does TurboTax find it helpful when users report critical bugs?
If you enter the form and the adjustment and then go back and delete just the form, the adjustment remains.
To fix this:
- Re-enter the 1099-MISC.
- Click Continue.
- Clear the adjustment and leave the box blank.
- Continue and delete the 1099-MISC.
This did not work when I tried it. Do you have to enter the 1099-MISC identically including the allocation among spouses?
Yes, you should enter it the same way you did the first time.
If you try again and it doesn't work, try clearing your cache & cookies.