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Level 1
posted Apr 4, 2023 6:07:03 PM

Crypto staking

I’m receiving staking rewards with my crypto currency. The value is under $600 so I did not receive a 1099.  How is this reported? This is not treated as a busing or mining, rewards are from an exchange. I’m reading that it should be filed in “Other Income" on Line 8 of Schedule 1”. Is this the correct method? (not required to report it specifically as crypto?)

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1 Best answer
Expert Alumni
Apr 5, 2023 5:36:56 AM

Staking rewards are taxable income according to this Coinbase document.

 

You should report this income as Other Reportable Income.

 

In TurboTax, open your return and follow these steps:

 

  1. Click on Federal in the left-hand column, then on Wages and Income
  2. Continue and locate the Less Common Income section
  3. Click Show more and click Start next to Miscellaneous Income at the bottom
  4. On the next page, click Start next to Other Reportable Income.

1 Replies
Expert Alumni
Apr 5, 2023 5:36:56 AM

Staking rewards are taxable income according to this Coinbase document.

 

You should report this income as Other Reportable Income.

 

In TurboTax, open your return and follow these steps:

 

  1. Click on Federal in the left-hand column, then on Wages and Income
  2. Continue and locate the Less Common Income section
  3. Click Show more and click Start next to Miscellaneous Income at the bottom
  4. On the next page, click Start next to Other Reportable Income.