How do you report winnings from Yotta bank as the prizes they reward you?

[lukestevens8112-]

They haven't sent me any forms and in the app it tells me if you don't get more than $600 from them they won't send any form.

[MaryK4]

You will enter as Miscellaneous Income.  In most cases, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax.

To enter as Other Income, here are the steps:

1. Sign in to your account, select Pick up where you left off
2. To the right upper corner, in the search box, type in "other reportable income" and Enter
3. Select Jump to other reportable income
4. Next screen, Other Wages Received, select No to continue
5. Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
6. Next screen, Any Other Taxable Income? select Yes to continue
7. Enter a description and the amount.

[tomhato]

Same question for me. From what I can tell, both the Prizes (chance based) and Savings Reward (rate based) are not considered by Yotta to be bank interest. Both would be reported under 1099-MISC. With that being said, what are they even? They don't claim to be a bank. They're backed by Evolve Bank & Trust. Should users add Evolve's TIN, address, etc. in, or Yotta's?

[npierson7]

You can report it as if you receive 1099-INT for that income.  

1. Open (continue) your return if it's not already open.
2. Inside TurboTax, search for 1099-INT and select the Jump to link in the search results.
3. Answer Yes to Did you receive any interest income?
   • If you see Here's the interest we have so far, select Add interest income.
4. On the following screen follow the on-screen instructions.

Or you can report it as Other Income. Follow these steps to enter it in TurboTax:

Federal Taxes -> Wages & Income -> I'll choose what I work on -> Scroll to the bottom and under Less Common Income select Start (or Update) for Miscellaneous Income. You can enter your 1099-MISC information there. 

[tomhato]

No, you're supposed to file 1099-MISC in this case.

[JohnB5677]

It should actually be coded as Other Reportable Income.

It will be reported under:

1. Wages & Income
2. Work on other income
3. Less Common Income
   Home sale, canceled debt (1099-C, 1099-A), 1099-SA, gambling, etc.
4. Miscellaneous Income, 1099-A, 1099-C
5. Scroll down to Other reportable income 
6. Enter description

If you enter it in another section it may incorrectly result in self-employment tax (Social Security & Medicare) and requiring the use of a Schedule C.

[PraveenChander]

If your yearly winning is less than $ 600, you will have to report 1099 Misc as shown in this video from YouTube - https://www.youtube.com/watch?v=xNxuYZk2mK4

If your winning is $ 600 or above, you will get 1099 INT from Yotta.