I received a 1099 misc for tournament winnings while bass fishing. Can I deduct the expenses from this amount? If so, how do I enter the 1099 information?

[LisaBr]

You can enter the award and expenses from the fishing tournament from Form 1099-MISC as follows:

1.  Go to Federal, select Wages and Income.

2.  Choose Less Common Income, then Miscellaneous Income Form 1099A, 1099C

3.  You'll see a list and you can choose Hobby Income and Expenses. 

This is where you can enter the income information on your 1099-MISC and the expenses you incurred.

[kennyarnold]

There is no place to enter the federal identification number in this area.

[LisaBr]

You don't need to.  Since this is a hobby, and not your main source of income, just enter the amount of money you received on that 1099-MISC and the expenses.  The IRS will see the income reported.

[LisaBr]

Of course, if this is your main source of income, then I need to give you different instructions.