2002 Tax Help Archives  

1099 Information Returns (All Other)

This is archived information that pertains only to the 2002 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

How do I report income received as a prize or award?

If you win a prize in a lucky number drawing, television or radio quiz program, beauty contest, or other event, you must include it in your income. For example, if you win a $50 prize in a photography contest, you must report this income on line 21 (other income), Form 1040. If you receive merchandise, you must report the fair market value of the item(s) as income. Refer to Chapter 13 of Publication 17 (PDF), Your Federal Income Tax, for additional information.

References:

I won $250 in a charity raffle. Where do I show this on my return?

Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all your winnings on line 21 (other income). For information on deducting gambling losses. Refer to Tax Topic 419, Gambling Income and Expenses, or Publication 529 (PDF), Miscellaneous Deductions,.

References:

Tax Topics & FAQs | 2002 Tax Year Archives | Tax Help Archives | Home