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Get your taxes done using TurboTax
Yes, you will want to enter rewards and interest as Other income. To do this:
- With your return open, go to Federal > Income & Expenses
- Open the Less Common Income section and start or revisit the last entry, Miscellaneous Income, 1099-A, 1099-C.
- On the next screen, start/revisit the very last entry, Other Reportable Income, and answer Yes on the following screen.
- On the next screen, enter a description (for example, "Coinbase Rewards Payments") and then enter the total USD amount at the time of the reward, not its current value.
- You may repeat this for every currency for which you received interest or reward or combine them on a single line.
- Select Continue when finished.
If you received any cryptocurrency from mining or as a payment for services, this would have to be reported as self-employment income.
‎February 13, 2022
5:31 AM