Timing of 1099-MISC for trip prize

not-a-CPA · ‎January 26, 2023

We ran a contest and offered a free trip as the grand prize. Should the 1099 be issued in the year the winner was announced or the year the winner actually takes the trip?

DianeW777 · ‎January 26, 2023

The Form 1099-MISC should be issued in the year the winner had an unrestricted right to the prize and ability to use the prize at will.

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

View solution in original post

DianeW777 · ‎January 26, 2023

The Form 1099-MISC should be issued in the year the winner had an unrestricted right to the prize and ability to use the prize at will.

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

Expert does your taxes

Do it yourself

Resources

Support

Timing of 1099-MISC for trip prize