MBA Student Case Competition Winnings

[grvideen]

As a full-time MBA student (un-employed), I had winnings from a case competition in which I competed with a team of other MBA students against teams of other MBA students. This competition required our business school knowledge to win and was awarded from a panel of judges. This winning was reported to me through a 1099-MISC. How do I classify this for my taxes?

[PatriciaV]

Yes, enter this Form 1099-MISC 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.