TurboTax FAQ
TurboTax FAQ
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Excluding Prize Money received from the United States Olympic Committee

Once you have entered your 1099-MISC income was received from the United States Olympic Committee for participating in the Olympics or Paralympics you may need to adjust the income as follows:

You must first figure your adjusted gross income including the amount of your medals and prize money. If your adjusted gross income is not more than $1,000,000 ($500,000 if married filing separately), these amounts are nontaxable. If the income is nontaxable then follow the instructions below to exclude the income:

 
 

If the income was reported on a Schedule C

  1. Go to your Schedule C for your Olympic (or Paralympic)
  2. Find Other Common Business Expenses/Other Expenses
  3. Then select Other Miscellaneous Expenses.
  4. Advance to the Miscellaneous Expenses or Business Expenses Not Yet Reported” Screen
  5. Enter “Income excluded under IRS Sec 74(d)(1)” in the Description and the negative of your income on the amount.  
For example, if you received $10,000 from the USOC for winning a medal you would enter 10,000 for the amount to be excluded.

If you designated that the amount received was a prize (and the income is not being reported on a Schedule C)

If the income was not reported on a Schedule C you will need to adjust the income as follows:

  1. Go to the Income area.
  2. Choose what you work on or Jump to the Full List
  3. Choose Less Common Income: Miscellaneous Income, 1099-A, 1099-C
  4. Choose Other reportable income
  5. Say YES to “Any Other Taxable Income”
  6. Enter “Income excluded under IRS Sec 74(d)(1)” in the Description and the negative of your income on the amount.  
For example, if you received $10,000 from the USOC for winning a medal you would enter 10,000 for the amount to be excluded.
 

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