Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Client entered a contest, paid $ 100 entry fee. also drove…

Client entered a contest, paid...
Client entered a contest, paid $ 100 entry fee. also drove 400 miles round trip to participate in the contest.
Company sent her a 1099 other income for $ 1,250. She did not receive any money. Does she have to claim this
award money? Can she expense the entry fee and mileage against it?
Thank you, Fred
Show More
Show Less
Ask Your Own Finance Question
Answered in 5 minutes by:
3/14/2018
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,272
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help.

I'd report the 1099-MISC as other income to avoid a matching notice, then enter a negative $1,250 to offset that and label it something like award never received - cash basis taxpayer.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,272
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Finance Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,272
1,272 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
My daughter is an actor that works for companies and
My daughter is an actor that works for companies and receives W-2's. When we itemize, do we do it under self employed? Or just list items. We are trying to write off her car and miles, but don't see a… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,467 satisfied customers
Verview... I am an insurance broker and work for an
verview... I am an insurance broker and work for an insurance agency, however, because I am new to this I receive a salary and a w2, no commissions yet.I also have a consulting business that I perform… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Mileage expense deductible to California C Corp 100% owner.
Mileage expense deductible to California C Corp 100% owner. 1) When I drive my individual car to meetings, or out of town for multiday assignments, if company pays for gas, can I deduct mileage? Seems… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
In the case of an 87 year old patient who is going blind and
In the case of an 87 year old patient who is going blind and cannot see well enough to drive herself to her own doctors appointments (with various doctors attending), would the fees she pays to a home… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I am self employed. I go to a doctor's office and provide
I am self employed. I go to a doctor's office and provide contract counseling to the patients. I end up writing a lot of my notes on my sessions to submit to the center, which I am required to do, fro… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
If one works as a contractor for an app based food/grocery
If one works as a contractor for an app based food/grocery delivery firm that pays mileage when the the "food/groceries" in the car but not when getting from one assignment to another but without food… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,467 satisfied customers
I own a business with a dedicated office. I know that I can
Hello! I own a business with a dedicated office. I know that I can deduct the mileage from my office to a client's house and back to my office. However, let's say I leave straight from home first thin… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
Lane and I hope all has been well since September. I
Hi there Lane and I hope all has been well since September. I appreciate everything. I am slammed and have a question about paying mileage and commute to 2nd office, etc. I have looked into put want t… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
As a property manager, I 1099 the property owners for the
As a property manager, I 1099 the property owners for the total amount I collect for rent (and send them a statement of expenses which include my management fees). Do I include prepaid deposits on the… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
My wife owns a sole proprietor photography business. She
My wife owns a sole proprietor photography business. She contracted three days worth of modeling sessions with both my daughter (a 1099 employee under her business) and her college room mate.By contra… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
I paid my 30 year old Daughter preformed wife and myself
I paid my 30 year old Daughter for work preformed for my wife and myself from Jan.2015 until December 2015 with an auto valued at 13,000.00 Is it possible to give this amount to her as a earned wage.… read more
abci168
abci168
Principal
27 satisfied customers
a) My daughter is attending school at the University of Alabama.
a) My daughter is attending school at the University of Alabama. While she is gone I give her a $200 a week allowance plus addition funds as the needs arise. Can I issue her a 1099-MISC for those fund… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
I have a main job as an HR director (W-2 employee) that I work
I have a main job as an HR director (W-2 employee) that I work at 3 days/week. I am also an HR consultant (1099 self-employed) and from September 2012 through December 2012 worked at a different locat… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Im thinking of buying a company car and i need to know whether
Im thinking of buying a company car and i need to know whether its worth it or whether to pay myself a dividend and buy it myself. My situation - i earn 60k and year via a paye working for someone els… read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,914 satisfied customers
How do you set up a draw account for an employee so that it
How do you set up a draw account for an employee so that it shows the payments he makes correctly?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I am a bookkeeper, and have a client that just now called (today
I am a bookkeeper, and have a client that just now called (today April 14th...day before tax day) wanting me to change a 1099 for a recipient. This company is a small biz and the owner gives his mothe… read more
Wayne Brasch
Wayne Brasch
Accountant and Business Consultant
Master Degree
718 satisfied customers
the last two years my neice did a job for her permanent employer
the last two years my neice did a job for her permanent employer as temperary and was paid cash. She thought it was included in her w2 but wasn't and didn't receive an 1099 due to an error somewhere, … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
My buddy and I just recently started an LLC on the ...
My buddy and I just recently started an LLC on the side of our current jobs (software startup). This will be my first year filing my taxes with my current situation. My car recently broke down and I w… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x