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Get your taxes done using TurboTax
Change a couple of answers to your questions in that 1099 entry, and you can get the income to show as Other Income, not Self-Employment. Delete that 1099 you started and re-enter it following these steps and the income will go to Line 8 (not SE). @widestrides
To enter other reportable income, on a 1099-MISC form, follow these steps:
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Sign into your TurboTax account.
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Select Federal from the left side menu.
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Type 1099-Misc in the search bar and click on Jump to 1099-misc.
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On the Did you get a 1099-MISC? screen, select Yes. If you come to the 1099-MISC Summary screen, select +Add Another 1099-MISC located under the Total.
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On the Let’s get the info from your 1099-MISC screen, enter the information on the form and Continue. ($ should be in Box 3)
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On the Describe the reason for this 1099-MISC screen, enter a description (crypto staking).
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On the Does one of these uncommon situations apply? select any option and continue with the onscreen interview until complete.
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If you select None of these apply, you have a few more questions to enter. Keep going.
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On the Did the XXX involve work that’s like your main job? screen, select No, it didn’t involve work like my main job. If it’s like your main job, this may be self-employment income.
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On the How often did you get income for XXX? screen, select I got it in 2021. Note: If you have done this work in the past and plan on doing this in the future, this may be self-employment income.
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On the Did the XXX involve an intent to earn money? screen, select No, it didn’t involve an intent to earn money and Continue. Note: An intent to earn means obtain (money) in return for labor or services with the intent on making a profit.
Normally, you do not get a 1099-MISC for these. Had you not received the form and needed to report the staking income, you would need to use Coleen's step above to get it reported. And since most of these transactions are not on a 1099, the default instructions are to enter the income through Other Reportable Income which is a non-1099 entry. But since you do have a 1099-MISC, you should enter it in Other 1099-MISC income. The income ends up in the same place on your tax return.
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