Reporting game show winnings

Forum|Forum|4 years ago
March 9, 2022
1 reply
5 views

Do I need to report the total value of all the winnings on a game show, especially if taxes on let's say a car have already been paid? I did not receive any forms like 1099 or anything like that. Also the trips were valued much higher than they would otherwise be priced with rooms probably being complimentary in exchange for advertising/air time. Is there any way to adjust the winnings?

DianeW777

Level 15

Yes. This would be considered income from winnings. You can determine reasonable amounts for fair market value (FMV) on the date of the winnings with documented evidence that you based it on. Keep those documents with your tax return. Tax paid on the car would seem to be sales tax which is different than income tax on the value of the vehicle.

How do you enter winnings on TurboTax?

Open or continue your return in TurboTax, if you aren't already in it. Search for W2G (don't include any hyphens) and select the Jump to link in the search results. Answer Yes on the Did you win money or other prizes in 2021? Continue to enter your winnings.

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