Shared Prize money but only one 1099 MISC

[nataliegocats]

A colleague and I won prize money that we split 50%.  He was solely awarded the money and wrote me a check for half.  He is the only one that received a 1099 MISC.  What does he do to report on his end and what do I need to do to report on my end.  I did not get a 1099 MISC. 

[RobertB4444 · Accepted solution]

Since he received a 1099-MISC for the money the best way for him to handle it is to issue you a 1099-MISC from him to you for half the amount.  Then you would each be able to just enter half the amount on your tax returns and be done with it.

Otherwise he can enter all of the money on his tax return and you can reimburse him for the difference it makes to his taxes.

@nataliegocats