Confused how income is entered for cryptocurrencies, vs captial gains.

Forum|Forum|4 years ago
February 13, 2022
1 reply
23 views

Hello,

I am using Koinly to put all my crypto purchases together, and it generates a turbotax csv to enter in turbotax online. This seems to work fine for captain gains calculations, but doesn't seem to do anything for calculated cypto income such as rewards, etc. Are we expected to enter this income number separately in TurboTax online somewhere as "Other income" or is there another way?

Thanks.

TurboTax Premier Online

Best answer by RaifH

Yes, you will want to enter rewards and interest as Other income. To do this:

With your return open, go to Federal > Income & Expenses
Open the Less Common Income section and start or revisit the last entry, Miscellaneous Income, 1099-A, 1099-C.
On the next screen, start/revisit the very last entry, Other Reportable Income, and answer Yes on the following screen.
On the next screen, enter a description (for example, "Coinbase Rewards Payments") and then enter the total USD amount at the time of the reward, not its current value.
You may repeat this for every currency for which you received interest or reward or combine them on a single line.
Select Continue when finished.

If you received any cryptocurrency from mining or as a payment for services, this would have to be reported as self-employment income.

RaifHAnswer

Alumni - Intuit

Yes, you will want to enter rewards and interest as Other income. To do this:

With your return open, go to Federal > Income & Expenses
Open the Less Common Income section and start or revisit the last entry, Miscellaneous Income, 1099-A, 1099-C.
On the next screen, start/revisit the very last entry, Other Reportable Income, and answer Yes on the following screen.
On the next screen, enter a description (for example, "Coinbase Rewards Payments") and then enter the total USD amount at the time of the reward, not its current value.
You may repeat this for every currency for which you received interest or reward or combine them on a single line.
Select Continue when finished.