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Yes, that interest does become part of the basis of your Crypto. It follows the rule of constructive receipt.  Since you paid tax on the interest, the interest becomes part of your cost basis for the Crypto since you never withdrew it in the first place and left in in the account.

Oh I missed that, been so many questions about the 6,000 Senior Deduction. There is a 2,000 deduction that starts for 2026 that we file NEXT year.  Or as posted above the extra 2,000 added to the Standard Deduction.   For 2025 the standard deduction amounts are: Single 15,750 + 2,000 for 65 and over or blind (17,750) HOH 23,625 + 2,000 for 65 and over or blind Joint 31,500 +  1,600 for each 65 and over or blind (both 34,700) Married filing Separate 15,750+ 1,600 for 65 and over or blind

It is confusing, with many different scenarios.   There is a tuition credit available that is usually claimed by the parents, if the student is their dependent. But, in your case, the student has more scholarship than tuition.    Scholarships that pay for qualified educational expenses (QEE - tuition, fees, books and other course materials) is tax free.  Scholarship amounts that exceed QEE is taxable income, on the student’s tax return. Room & board are not QEE. If box 5 of the 1098-T exceeds box 1, TurboTax (TT) will treat the difference as taxable income, unless you enter additional QEE at books and other expenses. If you are entering the 1098-T, on your return, TT will advise  you that your student has taxable scholarship income to be reported on his/her return.  It will not (and should not) enter the taxable scholarship on your tax return.   There is a tax “loop hole” available to claim an education credit, for the parents of students on scholarship. The student reports all her scholarship, up to the amount needed to claim the American Opportunity Credit (AOC), as income on her return. That way, the parents  (or herself, if she is not a dependent) can claim the tuition credit on their return. They can do this because that much tuition was no longer paid by "tax free" scholarship.  You cannot do this  if the conditions of the grant (the scholarship is "restricted") are that it be used to pay for qualified expenses. Using your numbers, as an example: Student has $10,802 in box 5 of the 1098-T and $2859 in box 1. At first glance she has $7943 of taxable income and nobody can claim the American opportunity credit. But if she reports all  $10802 as income on her return, the parents can claim $2859 of qualified expenses on their return. The AOC is very generous (100% of the first $2000 of tuition and 25% of the next $2000) so the parents get more back than the student pays in tax.  Books and computers are also qualifying expenses for the AOC. So, extending the example, the student had another $1000 in expenses for those course materials, paid out of pocket. She would only need to report $9802 of taxable scholarship income, instead of $10,802 (or the parents could claim another $1000 for the AOC).    The IRS actually encourages use of this technique. From the form 1040 instructions: “You may be able to increase an education credit if the student chooses to include all or part of a Pell grant or certain other scholarships or fellowships in income. For more information, see Pub. 970, the instructions for Form 1040 and IRS.gov/EdCredit".  PUB 970 even has examples of how to do the “loop hole”.    TurboTax can theoretically handle all that when you follow the interview carefully. But, it goes smoother if you use a work around in TurboTax (TT). Advise if your student's scholarship is NOT restricted and you need instructions on a workaround. 

Absolutely confused. But it is your pint number one. I was thinking that 2k was a standalone from the regular std deduction. I was wrong on that point I think I cannot take an additional 2k when I am NOT already taking the  std deduction. Do I have this right? I’m not even thinking about 2026 yet haha.

The value would be the "regular" price when it was available for sale.  So the item that has a coupon for it, that is a sale price, you would still use the $49,99.  The one that doesn't exist anymore, it would be $29.99 because you would use the value of when it did exist.  So the price you would use would be the price on the date you received it.   Since this is nothing more than a hobby, then you would simply report the 1099-NEC as hobby income.  You will not receive any deductions for it, but you also will not have to pay the 15.3% Self-Employment taxes. 

I suggest you purchase a Desktop version of TurboTax. You will complete a joint return for the Federal Tax. You would then prepare an additional Federal type for your wife (No Income tax in FL) Enter only the information that applies to her. Then File the state return for NJ.

@sr1125      I think you are still confused.  There are two different $2000 situations.      #1) One is the additional $2000 Sr Std Deduction (for Single folks) or $1600/ea for MFJ where: ...Single Std Ded of $15,750 adds $2000 and becomes $17,750 ....MFJ  Std Ded of $31,500 adds another $1,600 for each spouse over age 65. ....(subject to MAGI limits...thru and including tax yr 2028) That goers directly to the Total on the Std Ded line 12e on the 1040 ____________________________ Then there a different "up-to" $2000 MFJ ($1000 Single) charity donation deduction, for MFJ non-itemizers that becomes effective ONLY for 2026 taxes we file in 2027.  SO that shows up nowhere this year.   That $2000 MFJ deduction ($1000 Single) will be available to anyone who files a Std Ded tax return next year, if they have sufficient charitable donations to fully use the $2000 (or $1000 single).  So that one doesn't show up on this year's filing of 2025 taxes.

That depends on how short you are.  If you are short less than $1000, you can probably ignore it for now and file your tax return, and pay when you file.  If you are short more than $1000, the deadline to make an on-time payment was January 15.  You can go to www.irs.gov/payments now, and make the appropriate payment.  Even though it is not on time, any penalties and interest is figured on how late the payment is, and being 7 days late is a lot better than being a few months late.     You may also want to include the penalty calculation form 2210 with schedule AI (annualized income method) with your tax return, as this may result in a lower estimated penalty than if you let the IRS figure it out by their default math.   Or on the other hand, don't include the penalty calculation and wait to see if the IRS bills you for a penalty.  You could then ask for a waiver of the penalty, either for reasonable cause, or as a one-time waiver if you never paid a penalty before.  It's easier to ask for the waiver if you haven't already paid the penalty.  https://www.irs.gov/payments/penalty-relief  

Totally agree, have never had this issue before and like you, the lack of any comments from the company speaks volumes.  These "estimates" that have been thrown out by the "experts" are not based on any facts and further add to the disappointment to the situation.  The only other option i have heard from turbotax is to pay extra to have them do it.  If your people can do it why can't I.  This is ridiculous.

Yes.  If you do not live with your spouse you still need to enter his information.  When you are married you are not able to file as single.  Your filing options are Married Filing Jointly, Married Filing Separately or Head of Household.    To qualify, you have to meet certain criteria. To file as Head of Household, you have to: Pay for more than half of the expenses for a qualifying household Be considered unmarried on the last day of the tax year or if married not have lived with your spouse at all for the last 6 months of the year Have a qualifying child or dependent If you do not qualify for Head of Household, then you will need to enter his information and file either Married Filing Separately or Married Filing Jointly.  In order to file jointly, you would need his permission to do so.