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ars2
New Member

My 16 year old son received a 1099 MISC for FFA prize winnings with an amount in box 3 only. Do we (his parents) report this on our tax return as income?

 
4 Replies
SweetieJean
Level 15

My 16 year old son received a 1099 MISC for FFA prize winnings with an amount in box 3 only. Do we (his parents) report this on our tax return as income?

No. He reports it on his own return. Be sure he marks that he can be claimed as a dependent by someone else.

VolvoGirl
Level 15

My 16 year old son received a 1099 MISC for FFA prize winnings with an amount in box 3 only. Do we (his parents) report this on our tax return as income?

Online is only good for 1 return.  But you can use the same email address for 5 accounts.   How to start another return in the Online version      <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3288574">https://ttlc.intuit.com/replies/3288574</a>

Be sure to check the box on his return that says he can be claimed on someone else’s return.
Hal_Al
Level 15

My 16 year old son received a 1099 MISC for FFA prize winnings with an amount in box 3 only. Do we (his parents) report this on our tax return as income?

4H Club or FFA project.   If an individual participates in a 4-H Club or FFA project, any NET income received from sales or prizes related to the project may be subject to income tax. Report the net income on line 21 of Form 1040. If necessary, attach a statement showing the gross income and expenses. The net income may not be subject to SE tax if the project is primarily for educational purposes and not for profit, and is completed by the individual under the rules and economic restrictions of the sponsoring 4-H or FFA organization. Such a project is generally not considered a trade or business.  Reference:  IRS PUB 225 Page 73  http://www.irs.gov/pub/irs-pdf/p225.pdf

If his total income, for the year, including the 1099-Misc,  was less than $1050, he does not need to file a tax return at all.


SweetieJean
Level 15

My 16 year old son received a 1099 MISC for FFA prize winnings with an amount in box 3 only. Do we (his parents) report this on our tax return as income?

State filing requirements may be different.

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