Solved: My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!
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My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

 
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Level 2

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

It is reported as other income and it is unearned income. This income will not be subject to Social Security and Medicare taxes. 

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Level 2

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

Is the amount reported on box 7 or box 3?
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New Member

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

box 3
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New Member

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

Box 3 is prize money . Unearned income. Go through the 1099 Misc flow.
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New Member

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

but when I got to child income, no price money option
Highlighted
Level 2

My child received 1099-MISC for winning chess tournaments, ~$2000, Is it earned income or unearned income? Thanks!

It is reported as other income and it is unearned income. This income will not be subject to Social Security and Medicare taxes. 

View solution in original post

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