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alvin is a new client in addition to his regular wage income alan produces form...

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Accounting

alvin is a new client in addition to his regular wage income alan produces form 1099 misc showing he had won a prize tax payer should: a report this on schedule c and ask alvin to recons schtruct his expenses he may have incurred to win the prize B report it on schedule 1 line 8 C Advise alvin the prize money is not taxable for federal tax purposes D advise alvin prize must be reported as royalty and that he may deduct any related expenses which you may help him reconstruct

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