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Sweepstakes prize tax responsibility

How do I report a sweepstakes prize (non-monetary)? I have a 1099 Prize Affidavit Release form with the prize retail value.
1 Reply
Level 10

Sweepstakes prize tax responsibility

Prizes are reported on the 1099-MISC in box 3, other income. The fair market value of a noncash prize is taxable income. 

To enter the 1099-MISC for the prize:

  • Continue your return in TurboTax. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click My Account (top right of your screen).
  • Click Tools.
  • Click Topic Search.
  • In the search bar, type prizes.
  • In the results box, highlight prizes and click Go.
  • Follow the onscreen instructions. After you enter the 1099-MISC information and continue through the interview, you'll be able to indicate that the form was for prize winnings. (Click the screenshot below to enlarge it for reference.)

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