I fully agree with michturk2. I will re-emphasize that BlockFi and other centralized crypto financial institutions (either exchanges or bank-like entities) may provide interest on deposits, which is also referred to as "yield" or "rewards." Examples of such institutions are Celsius, Nexo, FTX.US, and Gemini. For interest amounts greater than $600 per year, these institutions issue a 1099-MISC to report the interest income they have paid during the year. The interest may be in US dollar stable coins, which is equivalent to US dollars, or they may pay interest in kind, e.g., bitcoin is issued for bitcoin deposits, or not in kind, e.g., interst is issued in a different currency. Thus, Celsius may pay interest on deposits of US dollar stable coins in CEL tokens instead of in US dollar stable coins.
The problem for TurboTax is that there is no place to enter the income reported on a 1099-MISC, when it refers to interest income. TurboTax assumes that a 1099-MISC relates to some type of miscellanous business income related to one business or another. Clearly, TurboTax needs to update its software. Until then, my work around is to access the 1099-MISC worksheet as noted in my previous comment. This can only be done in the desktop version of TurboTax. It can't be done on the browser based cloud version of the software.
