Enter any 1099-Rs on your federal return and TurboTax will transfer the information to your GA return. With a Traditional Inherited IRA, distributions are generally taxed as ordinary income at both the federal and state levels.
How crypto is taxed depends on the type of transaction - See Cryptocurrency Guide.
Depending on the situation, cryptocurrency is taxed as:
- Ordinary income, if for example, it earns a return for the holder from an income stream (similar to interest) or
- A capital gain or loss from a sale of property after its value has increased or decreased
- If merely bought and held, it’s not taxed until something is done with it, such as disposal