I received a prize at a conference, how do I report this?

Yes, if you received Form 1099-MISC, enter this under Other Common Income. Indicate that this was prize money. TurboTax will place this on Line 21 Other Income of your Form 1040.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "1099-misc", hit Enter, and click on "jump to 1099-misc" to go directly to beginning of this topic.

Or go to My Account >> Tools >> Topic Search. Type in "1099-misc", then click the topic in the list to go directly to the start of this section.

If you did not receive Form 1099-MISC, you would still report the cash, or Fair Market Value of goods/services, as Other Income. Search on "other reportable income" to go to this section of TurboTax.

I also receive a prize from a conference. But I receive a form 1099-NEC. How should I report it? 

If the payer is from a state different than my resident state, should this prize be counted as "other state income"?

Enter Prize Winnings on 1099-MISC:

1. Open your return.
2. Click on Federal tab
3. Click on Wages & Income.
4. Click on Other Common Income.
5. Click on Start next to Income from Form 1099-MISC 
6. Enter 1099-MISC information (Box 3).
7. Enter Description for prize.  See  image below.
8. On Does one of these uncommon situations apply? page, Select This was prize winnings.  Continue  See mage below.
9. Answer No to Do you have another 1099-MISC?  Continue.

 

 

This entry will show up on Schedule 1, Line 8i Prizes and Awards.

 

@enrico-zampese 

Turbo Tax reversed my prize winning on Schedule 1, row 8z.  Why?

 

Can you explain? 

Is the amount of the prize listed on Schedule 1 line 8z?

Is there a reversing entry as well?

How did you enter the income?

I received a 1099-Misc for a $3000 gift card that I won.  I entered it under "Income from 1099-Misc".   Under the Less Common Income, Miscellaneous Income, TurboTax has a credit for $3000.  This information is then transferred to Schedule 1 with my $3000 entry in 8i and the credit in 8z with the notation "Adjustment to Value of Prizes and Awards".  What is the credit for?   Isn't the prize taxable?

 

 

 

 

 

Leave the adjustment box blank.   Since you received a $3K gift card - it is worth $3k - no FMV adjustments are necessary.  

Thanks.  I didn't add that.  It's a TurboTax bug.

I think you "adjusted" the value of the 3,000 prize by 3,000.

That is telling the program that 3,000 needs to be adjusted, removed.

 

Please return to that section and change to zero for the adjustment. 

 

 

 

@tshearing