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Question

I won tickets :1099MISC in the amount of $1240. Enter the adjusted amount of fair market value of prizes: $1240 . fed refund did not reduce. why?

Forum|Forum|1 year ago
February 24, 2025
1 reply
0 views

if i put zero for fair market value, then I get taxed but if I put $1240 as fair market value then I do not get taxed.

The box you are referring to is for making an ADJUSMENT to the 1099-MISC.

The adjustment is subtracted.

The 1099-MISC for a prize is listed on Schedule 1 line 8i. So you should see 1,240 on Schedule 1 line 8i.

The adjustment is listed on Schedule 1 line 8z.

The adjustment is SUBTRACTED from the Other Income amounts.

If you enter 1,240 for the 1099-MISC and zero as an adjustment, you are taxed on 1,240 income.

If you enter 1,240 for the 1099-MISC and 1,240 as an adjustment, you are taxed on 0 income.

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