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Level 1
posted Feb 28, 2025 10:26:13 AM

My W-2G includes amount I gave to investors in a 1099-MISC. Where do I net out the total W-2G amount I owe taxes on?

a person invested in my tournament entry. I issued a 1099 to them for portion of winnings reported to me in a W-2G. Where do I report this in my tax return so I don't pay taxes on full prize amount.

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1 Best answer
Expert Alumni
Mar 1, 2025 6:00:46 AM

Report this in the following manner. 

 

  1. Log into your account
  2. Select Wages and income
  3. Less Common income
  4. Miscellaneous Income, 1099-A, 1099>start
  5. Scroll to the bottom of the page to Other Reportable Income
  6. Other taxable income, answer yes
  7. Then give a brief description of the income and the amount listed.  You can list this as W2G earnings paid to a investor. Issued them a 1099 MISC. Then report the portion you gave to the investor with a minus sign in front of the amount.

1 Replies
Expert Alumni
Mar 1, 2025 6:00:46 AM

Report this in the following manner. 

 

  1. Log into your account
  2. Select Wages and income
  3. Less Common income
  4. Miscellaneous Income, 1099-A, 1099>start
  5. Scroll to the bottom of the page to Other Reportable Income
  6. Other taxable income, answer yes
  7. Then give a brief description of the income and the amount listed.  You can list this as W2G earnings paid to a investor. Issued them a 1099 MISC. Then report the portion you gave to the investor with a minus sign in front of the amount.