Problem entering Celsius Network LLC 1099-MISC, registering as a business

Forum|Forum|4 years ago
March 24, 2022
1 reply
1 view

Hello, I'm trying to add the 1099-misc I got from Celsius.

when I do that, it creates a Schedule C "Profit or Loss from Business". It's not a business, so how do I properly enter it?

This was not a problem with TurboTax for 2020.

Best answer by PatriciaV

Since it sounds like the income from your 1099-MISC was for interest earnings and not mining, you want to make sure it is entered correctly on your tax return.

With your return open, go to Federal > Wages & Income
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, "Crypto Interest") and then enter the total USD amount.
You may repeat this for every currency for which you received interest or combine them on a single line.
Select Continue when finished.

VolvoGirl

Level 15

Why did you get a 1099Misc? It's not for self employment?

Kon21Author

Level 2

No idea why it's 1099-misc, but that's how they have always sent it. It wasn't a problem in TurboTax 2020. As far as I know all the crypto companies that offer interest send out 1099-misc.

PatriciaVAnswer

Level 15

Since it sounds like the income from your 1099-MISC was for interest earnings and not mining, you want to make sure it is entered correctly on your tax return.

With your return open, go to Federal > Wages & Income
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, "Crypto Interest") and then enter the total USD amount.
You may repeat this for every currency for which you received interest or combine them on a single line.
Select Continue when finished.