The posting of @HelenC12 above is still in force. It states:
The IRS ruled that staking rewards only become taxable once the taxpayer "acquires the ability to transfer, sell, exchange, or otherwise dispose of the cryptocurrency."
You'll need to convert your staking rewards to US dollars if they haven't been issued is U.S. dollars.
In TurboTax Online report the income as follows:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click the down arrow to the right of Less Common Income.
- Click to the right of Miscellaneous Income, 1099-A, 1099-C.
- Click to the right of Other reportable income.
- 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.
@JUNIORCRUZ193
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