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Question

Is my academic prize taxable?

Forum|Forum|2 years ago
January 29, 2024
2 replies
0 views

I received a 1099-MISC for an academic prize that was awarded to me by my college at the end of the academic year for my achievements. I did not apply for the prize. There were no federal or state income taxes withheld. Will this income be taxed at the federal level?

Not A Product Question

Yes.

The prize will not be subjected to Self-Employment Tax, but will be subject to State and Federal Income tax (depending on your income level).

Enter the 1099-MISC under "Other Common Income" and be sure to select "Prize" for the reason it was received.

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Employee

Q. Is my academic prize taxable?

A. Yes.

All income is taxable unless it is specifically exempt by law. This is particularly true if the income is reported to you on an IRS form, like a 1099-MISC. Prizes are almost always taxable.