Page 201 - Other Income for Individuals

Prizes and Awards

 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. Prizes

 Prizes and awards in goods
or services must be included
in your income at their fair
market value.
 For example, if you win a $50
prize in a photography
contest, you must report this
income on Schedule 1 (Form
1040), line 8.
 If you refuse to accept a
prize, don’t include its value
in your income. 199