How does raffle winnings affect my tax return?

Expert Alumni

Jan 21, 2020 8:03:25 AM

Raffle winnings are considered income and generally will increase your tax liability.

You should receive Form 1099-MISC reporting the amount of your winnings. Follow these steps to report your raffle winnings.

With TurboTax open:

Click Federal Taxes -> Wages & Income and scroll down to Less Common Income
Go to the last selection, Miscellaneous Income and click Start
Go to the last option, Other reportable income and click Start
When it asks, "Any other reportable income?" say yes and then type in a description and the amount to report it on your tax return.