| Academy Award Nominations: | |
| Best Actor: Dustin Hoffman | |
| Best Adapted Screenplay: Hilary Henkin and David Mamet | |
| Golden Globe Nominations: | |
| Best Picture (Musical/Comedy) | |
| Best Actor (Musical/Comedy): Dustin Hoffman | |
| Best Screenplay | |
| Other Awards: | |
| Berlin Film Festival: Special Jury Prize | |
| National Board of Review: Best Supporting Actress (Heche; also cited for Donnie Brasco) | |
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