The Form 1099K is not an "entry" document.  For your cryptocurrency account, you enter your transactions that were sold.  It is treated like an investment sale for tax purposes, and should be divided between long term and short term transactions. You will need the date purchased, purchase price, date sold, and selling price.

Cryptocurrency is treated like any other asset, stock or collectible.  There are no tax issues when buying.  When you sell, you have either a capital gain or loss, that is taxed as regular income (short term gain, held one year or less) or lower long term capital gains rates (held more than 1 year.)  Because cryptocurrency exchanges are not currently required to issue 1099-B statements like a stock broker does, you will need your own accurate records of your purchases and sales.  If you are audited and can't prove the price you paid, the IRS is likely to declare the entire amount to be a taxable.

Please use these steps in TurboTax (online or desktop):

1. Select the Federal tab
2. Select Wages and Income 
3. Select Investment Income
4. You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview 
5. When asked "Did you get a 1099-B or a brokerage statement for these sales?" select No 
6. When asked to Choose the type of investment you sold select Everything else
7. Translate proceeds of each sale into US dollars at the time of the sale
8. Repeat for each gain (you can consolidate for one short term sale and, if applicable, one long term sale).

For more information about cryptocurrency see below.

I received a 2021 form 1099-k payment card and third party network transactions form.  what do I do with this form

You will receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions.  A reportable payment transaction is defined as a payment card transaction or a third-party network transaction. You received a Form 1099-K because a third party payment processor paid $600 or more to you in the previous calendar year.

The income received on Form 1099-K should be included in the gross receipts of the taxpayer's business income. For a sole proprietor, Form 1099-K receipts are reported on Schedule C.  For a partnership or corporation the income is reported as part of the company's gross revenue.

1. Open or continue your return
2. Search for Schedule C and select the Jump to link in the search results
3. Answer the questions about your business. On the Let's enter the income for your work screen, select Other self-employed income
   • If you’re returning to Schedule C, select Review or Edit next to your work and then answer the questions about your business
4. On the Tell us about other self-employed income for your work screen, enter your 1099-K info
5. Select Continue when finished

If you are entering income from a 1099-K, remember the 1099-K just reflects gross income and does not include any of your business expenses.  You’ll have a chance to enter self-employment expenses in another part of your return.

Here is a link to a TurboTax article that discusses how to enter 1099-K information into TurboTax.  Also included below is a link to an IRS webpage that discusses Form 1099-K.  You might find this information helpful.

How To Enter a 1099-K into TurboTax 

Understanding Form 1099-K