Where should I input crypto staking rewards if I was not issued a 1099-MISC (from Crypto.com) because the rewards altogether did not exceed $600?

Forum|Forum|4 years ago
March 4, 2022
1 reply
36 views

The 1099-MISC screen/option will not let me move forward unless I was actually issued said form. Thank you so much

TurboTax Premier Online

ErnieS0

Level 15

Staking rewards may not be taxable if you held your coins. You can report or not report this. It is a grey area.

In Jarrett et al vs United States of America, a Tennessee couple sued the IRS to get a refund for tax paid on staking income that they received but still held in their account.

The Justice Department offered to refund the money. But the IRS refused to say whether it would pursue other taxpayers who did not report staking rewards on their income tax return.

If you want to report staking rewards, you can report as Other Reportable Income even if you did not receive a Form 1099-MISC.

In TurboTax Online click on Federal on the left column
Click on Wages & Income at the top
Scroll down to Miscellaneous Income, 1099-A, 1099-C. Start
Choose Other reportable income
Say Yes to Any Other Taxable Income?
In Other Taxable Income, enter a Description and Amount

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rile263430Author

Level 2

Ernie, thank you so much for your response and help!

I have tried to manually input these reward amounts in the "Miscellaneous Income, 1099-A, 1099-C" section, but for those less than 50 cents (< $0.50) it rounds down to $0.00 and thus nothing is recorded.

Should I instead just add them all up and input them on one line as one reward? Thanks again