How do I adjust 1099 misc income to fair market value? Last year there was a simple process to reflect the actual market value of a prize reported on 1099 misc.
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How do I adjust 1099 misc income to fair market value? Last year there was a simple process to reflect the actual market value of a prize reported on 1099 misc.

Last year I was able to simply adjust the fair market value of  1099 misc income (prize) but I don't see the option this year.Deluxe edition.

3 Replies
Level 15

How do I adjust 1099 misc income to fair market value? Last year there was a simple process to reflect the actual market value of a prize reported on 1099 misc.

Level 15

How do I adjust 1099 misc income to fair market value? Last year there was a simple process to reflect the actual market value of a prize reported on 1099 misc.

You won prizes two years in a row?
Level 15
Level 15

How do I adjust 1099 misc income to fair market value? Last year there was a simple process to reflect the actual market value of a prize reported on 1099 misc.

The adjustment to fair market value comes after you finish entering all your 1099-MISC forms. After you enter a 1099-MISC it asks you if you have another one. If you select No, the next screen is the 1099-MISC Summary. When you click Done on the 1099-MISC Summary screen, you get the Fair Market Value screen. If you are not getting it, check your entries for the 1099-MISC. Is the prize amount in box 3? Did you select "This was prize winnings" on the screen that asks about "uncommon situations"?

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