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Mickyly
New Member

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

 
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‎June 6, 2019 2:06 AM
last updated ‎June 06, 2019 2:06 AM
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BurakG
Employee Tax Expert
Employee Tax Expert

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

It is reported as other income and it is unearned income. This income will not be subject to Social Security and Medicare taxes. 

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‎June 6, 2019 2:06 AM
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BurakG
Employee Tax Expert
Employee Tax Expert

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

Is the amount reported on box 7 or box 3?
‎June 6, 2019 2:06 AM
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Mickyly
New Member

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

box 3
‎June 6, 2019 2:06 AM
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Mikki
New Member
New Member

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

Box 3 is prize money . Unearned income. Go through the 1099 Misc flow.
‎June 6, 2019 2:06 AM
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Mickyly
New Member

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

but when I got to child income, no price money option
‎June 6, 2019 2:06 AM
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BurakG
Employee Tax Expert
Employee Tax Expert

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

It is reported as other income and it is unearned income. This income will not be subject to Social Security and Medicare taxes. 

‎June 6, 2019 2:06 AM
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