What qualifies as Olympic or Paralympic medals and prize money?
Olympic or Paralympic medals and prize money includes the value of Olympic and Paralympic medals and the amount of United States Olympic Committee prize money you receive on account of your participation in the Olympic or Paralympic Games.
Menu Path: Income > Business / Rental Income > 1099-NEC / 1099-MISC
You should have received a Form 1099-MISC reporting the amount of your medals and prize money. Enter your 1099-MISC on the Your 1099-NEC or 1099-MISC Income screen.
Menu Path: Income > Uncommon Income > Other Income
If you didn't receive a Form 1099-MISC, you can report the amount of your medals and prize money on the Other Sources of Income screen.
Menu Path: Deductions/Credits > Other Deductions/Credits > Miscellaneous Adjustments
If your adjusted gross income (AGI), including your medals and prize money, is $1,000,000 or less ($500,000 if married filing separately), your medals and prize money are nontaxable. Enter the amount of your medals and prize money on the Miscellaneous Adjustments to Income screen and select Olympic and Paralympic medals and prize money as your Other Adjustment Description.
Menu Path: Income > Business / Rental Income > 1099-NEC / 1099-MISC
You should have received a Form 1099-MISC reporting the amount of your medals and prize money. Enter your 1099-MISC on the Your 1099-NEC or 1099-MISC Income screen.
Menu Path: Income > Uncommon Income > Other Income
If you didn't receive a Form 1099-MISC, you can report the amount of your medals and prize money on the Other Sources of Income screen.
Menu Path: Deductions/Credits > Other Deductions/Credits > Miscellaneous Adjustments
If your adjusted gross income (AGI), including your medals and prize money, is $1,000,000 or less ($500,000 if married filing separately), your medals and prize money are nontaxable. Enter the amount of your medals and prize money on the Miscellaneous Adjustments to Income screen and select Olympic and Paralympic medals and prize money as your Other Adjustment Description.
