How do I report my crypto mining activity with turbo tax? All I see is a question for if I sold/traded crypto, which I didn't. Where do I enter the mining info?

[amar1021]

I do not have any capital gains or losses as I have not sold or traded, only mined and bought.  I'm just wondering how to report a small amount of mining I did in early 2022 which has resulted in me owning $20 of mined alt coins.  I know it's not a lot and nobody would probably care.  But, I want to make sure I report it if I'm supposed to, and I can't find the place within Turbotax to do so.

[KrisD15]

Mining is Earned Income.

You can file a Schedule C as a business owner in which case you can claim expenses, 

or 

if you do it for fun, you might claim the income as Hobby Income. This way you can't claim a loss, but you also don't need to pay to file Schedule C and you won't pay Self-Employment tax. 

Be aware that if you earn from Mining year after year, the IRS might insist you file Schedule C as a trade and pay Self-Employment tax on your earnings. 

The main issue is do you do it for fun or profit? 

Under Personal Income, 

Scroll down to Miscellaneous Income at the bottom of the Less Common Income list

Click Start 

Scroll down to Hobby income and expenses

You can click the blue "Learn More" link on that page for more information 

[amar1021]

Thanks for the reply!  So, just to be clear, I don't have to list every single payment I received from mining pools?  I can enter it as lump sum from mining as a hobby?  I remember reading and hearing in YouTube tutorials that you have to list each payout you received.  Is that just for if I was filling out a schedule C?  Thanks in advance.

[RobertB4444]

No, when you're entering transactions and sales you need to list every one.  That can be a pain.  But when you're entering your income from mining just entering the total earned is the correct way to do it, whether on a schedule C or as hobby income.

That being said, your personal records - which you should be maintaining in order to have proof of what you have placed on your tax return - should have a list of every transaction.  And, as @KrisD15 says above, if this is income that you are going to be earning every year then you should start using a schedule C.

@amar1021 

[amar1021]

Gotcha, I do have records of all my transactions as I was advised to do so.  I'm just wondering where to put that information in TurboTax?  Is it on the same page as the Hobby Income Total?

[GeorgeM777]

If you believe your crypto mining was a business, then, in TurboTax online, select Wages & Income >>scroll down the screen to Self-Employment, click on the drop-down arrow if necessary>>click Start across from Self-employment income and expenses.  

If your crypto mining is a hobby, then, in TurboTax online select Wages & Income, >>scroll down the page to Less Common Income>>then select Miscellaneous Income>>Select "Yes" when asked if you received other taxable income.  Enter the name and amount.

@amar1021