QB Issue Resolution:

Yes

An issue may well arise going forward, prizes are subject to 1099 reporting if the total amount received per year per person is $600 or more

Resolution for Issue 'For a music competition that awards cash prizes- should I create a prize/award expense account to record the checks written to the competitors?' available: Yes (Solved).
Source: Intuit Community forum.

For a music competition that awards cash prizes- should I create a prize/award expense account to record the checks written to the competitors?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for 1099 reporting
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Error Recovery for 1099 reporting [Canada]
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