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Get your taxes done using TurboTax
If crypto interest does not reach the $600 annual threshold, you may not receive an IRS Form 1099-MISC.
If you have a record of the crypto interest earned, enter your staking rewards in TurboTax as follows:
- With your return open, select Federal from the left side navigation.
- On the top tabs, select Wages & Income
- Scroll down to Less Common Income section and select Start or Revisit next to Miscellaneous Income, 1099-A, 1099-C
- On the next screen, select Start or Revisit next to Other Reportable Income
- Answer Yes on the Any Other Taxable Income? screen
- On the next screen, enter a description and enter the total US dollar amount
- Continue with the onscreen interview until complete.
The IRS has ruled that staking rewards only become taxable once the taxpayer "acquires the ability to transfer, sell, exchange, or otherwise dispose of the cryptocurrency."
You will need to convert your staking rewards to US dollars if they have not been issued is U.S. dollars.
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March 16, 2022
5:41 PM
3,461 Views