turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do you indicate transfer from Coinbase to an external wallet?

2 Questions:

1. Coinbase account:  I have not sold, converted or spent any cryptocurrency, but I did transfer ETH and BTC to an external Ledger Wallet.  I imported my tax info from Coinbase to Turbotax and it says I have a total gain of ~$500, however I did not receive a 1099 from Coinbase and their site says I should report ~$18 on line 21 for the 1099 MISC-INC.  Do I need to somehow indicate that the transfers were to a wallet? 

 

2. Venmo account:  I purchased cryptocurrency through my Venmo account and this does not sync with Turbotax.  Do I need to manually input each of the purchases?  In 2023 I transferred all of my crypto holdings from Venmo into an external Ledger wallet and wonder how to input this information. 

 

Thank you for any help. 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
RobertB4444
Expert Alumni

How do you indicate transfer from Coinbase to an external wallet?

Purchases and transfers do not need to be reported on your tax return.  Sales do.  If you imported a bunch of data showing transfers then TurboTax would have interpreted that to be sales and entered it accordingly.  Go ahead and delete the imported data from your tax return and manually enter the tax forms that show your sales and other income since it sounds like there isn't very much there to enter.

 

@Kanawalt 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How do you indicate transfer from Coinbase to an external wallet?

Sorry, I deleted the Coinbase download but not I don't understand where to enter the small gain from rewards I received from Coinbase (~$18) into Turbotax.  Since I did not receive a 1099 MISC form I don't have the necessary information to fill out the this form and I don't see a line 21 available.  If I try to enter it in the "Investments and Savings" part of Turbotax I have to treat it like a singular event with dates, etc.  

 

 

DaveF1006
Expert Alumni

How do you indicate transfer from Coinbase to an external wallet?

Here is the best way to report this in your return as this reward is ordinary income to you. 

 

  1. Log into your account
  2. Select Wages and income
  3. Less Common income
  4. Miscellaneous Income, 1099-A, 1099>start
  5. Scroll to the bottom of the page to Other Reportable Income
  6. Other taxable income, answer yes
  7. Then give a brief description of the income and the amount listed. Here you can list this as a Coinbase Reward and then the amount. This will appear in line 8Z of Schedule 1 and will be part of a total in Line 8 on your 1040.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies