My W-2G includes amount I gave to investors in a 1099-MISC. Where do I net out the total W-2G amount I owe taxes on?

Forum|Forum|1 year ago
February 28, 2025
1 reply
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a person invested in my tournament entry. I issued a 1099 to them for portion of winnings reported to me in a W-2G. Where do I report this in my tax return so I don't pay taxes on full prize amount.

Best answer by DaveF1006

Report this in the following manner.

Log into your account
Select Wages and income
Less Common income
Miscellaneous Income, 1099-A, 1099>start
Scroll to the bottom of the page to Other Reportable Income
Other taxable income, answer yes
Then give a brief description of the income and the amount listed. You can list this as W2G earnings paid to a investor. Issued them a 1099 MISC. Then report the portion you gave to the investor with a minus sign in front of the amount.

DaveF1006Answer

Report this in the following manner.

Log into your account
Select Wages and income
Less Common income
Miscellaneous Income, 1099-A, 1099>start
Scroll to the bottom of the page to Other Reportable Income
Other taxable income, answer yes
Then give a brief description of the income and the amount listed. You can list this as W2G earnings paid to a investor. Issued them a 1099 MISC. Then report the portion you gave to the investor with a minus sign in front of the amount.

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