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Old 02-20-2017, 02:55 PM
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1099-MISC with FATCA filing checked

I have received a 1099-MISC for a sweepstakes prize I won valued at $2200. The FATCA box on the 1099-MISC was checked. As I was going through my tax program it has alerted me regarding Form 8938. Am I required to fill out this form 8938? If so, I am not sure how to do it.



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Old 02-21-2017, 01:31 AM
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Quote:
Originally Posted by sambo59 View Post
I have received a 1099-MISC for a sweepstakes prize I won valued at $2200. The FATCA box on the 1099-MISC was checked. As I was going through my tax program it has alerted me regarding Form 8938. Am I required to fill out this form 8938? If so, I am not sure how to do it.
You need to report the income on 1040 line 21 as other income ; Since the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to the IRS. You also may have a filing requirement. i Do not think you need to file the form 8938.
Please refer to the website here; https://www.irs.gov/businesses/corpo...nancial-assets



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