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Blockfi Cryptocurrency Interest
I earned $350 worth of interest income in the form of USDC, a stable coin (cryptocurrency) with the Blockfi savings account in 2021. Since the interest amount was <$600, Blockfi did not issue 1099-Misc. I did not have any other crypto buying or selling in 2021, only the $350 interest from the $5k parked in Blockfi savings account. Couple of questions:
1. My answer for following question should be 'No', right? - Did you acquire, sell, exchange, or dispose any financial interest in any virtual currency?
2. Do I report interest income as other income with no intent to earn to earn money? Since I don't have 1099-Misc, I am not sure what to enter when Turbotax asks about EIN of Blockfi.
March 26, 2022
4:01 PM