Retain with your tax information a copy of whatever documentation you used to determine the amount of rewards that you entered into your tax return.
You will need to convert your rewards to US dollars if they haven't been issued as U.S. dollars. Here is how to enter your rewards in TurboTax as other income:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click Show more to the right of Less Common Income.
- To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
- To the right of Other reportable income, click the Start / Revisit button.
- At the screen Other Taxable Income, enter a description such as “Cryptocurrency rewards” and an amount.
The entries will be reported:
- on line 8z of Schedule 1 of the Federal 1040 tax return, and
- on line 8 of the Federal 1040 tax return.
@Tweezer2001
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