Question

I won money/trips on a game show and am not sure how it's going to be taxed. Never happened to me before.

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Deluxe Online

Employee

The game show will send you a 1099-MISC. The 1099-MISC would be entered under "Other Income" On the main screen, under Federal Taxes, select Wages & Income. On the next screen you can click "I'll Choose What I work on"

That will take you to the Income Summary screen. Scroll down and look for "1099-MISC and Other Common Income". Your prize money should be entered there. Note that the trip value may be overinflated.

You may wish to make estimated tax payments.

T

theknopicksAuthor

Thank you so much for the information!! My main concern was whether they would be taking the amount for the taxes right away, or if they wait until we file our taxes, and then it gets taken out after we enter it in as "other income". Would "prefer" to have it taken out with our tax return and not right away.