DawnC
Expert Alumni

Retirement tax questions

Enter any 1099-Rs on your federal return and TurboTax will transfer the information to your GA return.  With a Traditional Inherited IRA, distributions are generally taxed as ordinary income at both the federal and state levels.

 

How crypto is taxed depends on the type of transaction - See Cryptocurrency Guide.  

 

Depending on the situation, cryptocurrency is taxed as:

 

  • Ordinary income, if for example, it earns a return for the holder from an income stream (similar to interest) or
  • A capital gain or loss from a sale of property after its value has increased or decreased
  • If merely bought and held, it’s not taxed until something is done with it, such as disposal
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