Some pundits believe President Obama’s recent Nobel Peace Prize is a political liability. I won’t discuss that possible liability, but I will discuss the potential tax liability of the $1.4 million cash award.
Before a taxpayer accepts a Nobel or Pulitzer prize—or you accept your prize for notarial science—keep in mind that IRC §61(a) states that all income from whatever source derived is includable in gross income, unless specifically excluded.
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