Hi guys, i'm struggling to figure this out. I've got a prize winning, from consistent raffling throughout the year. The prize was 15000 in value.
They issued a 1099-MISC. In Turbotax, they dont allow me to diretly edit the schedule A to put in gambling losses. The only way to do losses is to fill the W2G field, but, I also need to note "didnt recieve W2g" and enter both the income AND deductions.
I am worried if I dont file the 1099-MISC form, it will raise a flag.
I've spoken to Turbotax, and even paid for help with "CPAs" on Fiverr, no one has a answer. Heck, Turbotax said to tie the 1099-MISC to a business (gambling monthly to earn income), and write off a much as i can there.
Anyone know?
1099MISC on a prize winning, and deducations, in turbotax and freetax usa
byu/44193_Red intax
Posted by 44193_Red
3 Comments
You have enough to itemize
What kind of raffling was this?
Doesn’t TurboTax let you enter gambling/prizes/sweepstakes winnings that were NOT reported to you on a W2G?
I think the question simply asks if you won any prizes, awards, gambling, etc. – you say yes, and then it asks if you got a W-2G. You say no, then proceed through the questions. Enter the amount of your winnings (those that WERE, and also those that were NOT, reported on 1099-MISC).
Then, answer the questions about losses.
>Turbotax said to tie the 1099-MISC to a business (gambling monthly to earn income), and write off a much as i can there.
Yeah, that’s wrong. You’re not a business.