Yes, this is a prize and you must pay taxes on the amount. You need to report this amount as Other Reportable Income. In TurboTax, open your return and follow these steps: Click on Federal in the left-hand column, then on Wages and Income on top of the screen Scroll down to All Income, locate the Less Common Income section Click Show more and click Start next to Miscellaneous Income at the bottom On the next page, click Start next to Other Reportable Income.

Question

Can someone tell me how to file a 1099-misc for a car i won my senior year in high school?

Forum|Forum|4 years ago
March 13, 2022
1 reply
0 views

No text available

TurboTax Deluxe Online

ColeenD3

Yes, this is a prize and you must pay taxes on the amount.

You need to report this amount as Other Reportable Income.

In TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income on top of the screen
Scroll down to All Income, locate the Less Common Income section
Click Show more and click Start next to Miscellaneous Income at the bottom
On the next page, click Start next to Other Reportable Income.