2260559
You'll need to sign in or create an account to connect with an expert.
@ 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:
NOTE: Also see my next comment below about whether your 1099-MISC accurately reflects the actual Fair Market Value of your prize.
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
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tyrahlj
New Member
k52beatty
New Member
Ismaelsantana1230
New Member
Ismaelsantana1230
New Member
CQ60177
New Member