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emildalz
New Member

I received money prizes in artistic competitions but I didn't receive a 1099 form because the amount was less than 600. How do I include the information in my tax return?

 
1 Reply
NancyG
New Member

I received money prizes in artistic competitions but I didn't receive a 1099 form because the amount was less than 600. How do I include the information in my tax return?

If you received income reported on a 1099-MISC, you may be treated as self-employed, but getting a 1099-MISC doesn't necessarily mean you'll be subject to self-employment tax.

It all depends on whether this is a recurring activity or a "one-off" activity that's infrequent, not related to your work, and wasn't performed in the tax year prior (or after) the tax year for which you received your 1099-MISC.

If you plan to continue the same type of work in the future, you will likely be considered self-employed, and therefore subject to the self-employment tax.


To enter your income as "other income" :

Type “other taxable income” in the Search box and then select the “Jump to” link. This will take you to where you can enter the prizes related to your artistic competitions. You may be asked some general questions about your income. 

To enter your income from self-employment without a 1099-Misc:

Type “Schedule C” in the Search box and then select the “Jump to” link. This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment. You may be asked some general questions about your business. After you answer them, you’ll be taken to the Your Business screen where you can enter this income as Additional Income under Business Income.

Any expenses related to the self-employment are entered in the 1099 MISC section: 

  • Log into your TurboTax online account and click on the Business tab and select Continue
  • Select “I’ll choose what I work on” and this takes you to “Let’s gather your business info” screen
  •  The first section down is Business Income and Expenses, choose Update
  • You are now at the “Here’s  the business info we have so far” screen where you should see your Business listed
  • Click Edit next to that business and on the next screen, scroll down to the fourth section which should be Business Expenses and select “Visit All”
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