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demetriamoro
Level 2
October 30, 2024
Question

Sweepstakes

  • October 30, 2024
  • 1 reply
  • 0 views

How to claim sweepstakes wins without a 1099 form

    1 reply

    A
    Employee Tax & Finance Expert
    AmitaREmployee Tax & Finance Expert
    Employee Tax & Finance Expert
    October 30, 2024

    Hello demetriamoro,

     

    You may report your Sweepstakes winnings as Other Income. 

    Federal > Wages and Income > Other Income. 

    Enter Description and Amount.

     

    Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

    Have an amazing day.

    AR (CPA 10+ years)

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    D
    demetriamoroAuthor
    Level 2
    October 30, 2024

    Thank you for your reply! Am I able to report my losses? For example if I spent $3000 buying in to the sweepstakes and cashed out $3000 would it be a wash?  

    A
    Employee Tax & Finance Expert
    AmitaREmployee Tax & Finance Expert
    Employee Tax & Finance Expert
    October 30, 2024

    You can claim an itemized deduction for the amount  of your wager only to the extent of your gains.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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