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I received a 1099-MISC for something I won from a radio station. Where do that amount get entered on my tax form?

 
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2 Replies

I received a 1099-MISC for something I won from a radio station. Where do that amount get entered on my tax form?

@ plantsauto 

Is the income in Box 3 (Other income) of your 1099-MISC?   Here's how to enter a 1099-MISC to show prize winnings:

 

  • With your return open, click at the top on the Search button.
  • In the Search line enter the exact term 1099-misc without quotes, and click the adjacent tiny magnifying glass. (ignore any dropdown menu suggestions as you type).
  • Click on Jump to 1099-misc.
  • If you had previously entered other 1099-MISC forms, then you may arrive at a 1099-MISC summary page.  If so, click the link "add another 1099-MISC."
  • Enter the 1099-MISC info.
  • The next screen will ask you to describe the reason for the income, such as "Prize won from a radio station contest" (or whatever your situation is.)
  • The next screen titled "Does one of these uncommon situations apply" will have a list of reasons for the 1099-MISC .  One of the reasons listed will be "Prize winnings".

NOTE:  Also see my next comment below about whether your 1099-MISC accurately reflects the actual Fair Market Value of your prize.

I received a 1099-MISC for something I won from a radio station. Where do that amount get entered on my tax form?

@plantsauto 

Did you win cash or a non-cash prize?

Does the income reported on your Form 1099-MISC accurately reflect the Fair Market Value (FMV) of the prize you won, or is it overstated?   If it's a non-cash prize (as opposed to cash), sometimes a contest sponsor reports the highest retail value rather than the actual lower FMV, and in that case there is a way for the program to adjust the amount down so you pay less tax.   You still have to report the actual Box 3 figure that shows in the 1099-MISC so it matches the IRS data, but there is a way to tell TurboTax there is an adjustment to the prize winnings to reflect the FMV, if applicable.

 

But I don't know with certainty how to do it in Online TurboTax.  I don't know if Online TurboTax will automatically ask you or not.   When you click the DONE button at the end of the 1099-MISC Summary screen, as you proceed Online TurboTax may automatically ask you if you need to adjust the winnings to reflect Fair Market Value.

 

I know how to do it in the desktop software (where it does automatically ask), but I realize that doesn't help you since you are using the online version.  So you'll have to see if you are automatically asked.

 

If that's your situation, and if you need to adjust the taxable amount down to account for FMV,  and if Online TurboTax does not automatically ask you as you continue in that 1099-MISC section, then here's how to reach Customer Support.   If you won cash, then it's a moot point.

 

Hours are 5AM-9PM Pacific (8AM-12 Midnight Eastern) 7 days/week.

 

FAQ: What is the TurboTax phone number?
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

 

Or you can use this contact form to get a phone number, or it may schedule a callback.
https://support.turbotax.intuit.com/contact

 

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