Celsius Interest on 1099-MISC Turbotax Counting as Business Income

I have two 1099-MISC from Celsius (one based on London, one based in NJ...not sure why) reporting interest income on my Cryptocurrencies held. When I input the data into Turbotax, it wants to treat this as business income and asks many questions that are irrelevant nonsensical to interest income, but throws errors during the smart check. How to I correctly input this 1099-MISC, which is reported to the IRS, but show it is actually interest income and answer questions that are truthful and make sense?

188

Expert Alumni

Feb 5, 2022 6:07:49 PM

Are you sure your Form 1099s are reporting interest income? Interest payments are reported on Form 1099-INT. Other types of income are reported on Form 1099-MISC.

Reddit users say your received two 1099s because Celsius moved to the US from the UK.

If the amounts are truly interest income you can delete your 1099-MISCs and enter the amounts instead as interest.

To enter interest income:

Type "1099int" in Search in the upper right
Select "Jump to 1099int"
Say Yes to Did you receive any interest income?
Continue past Get ready to be impressed
On Let’s import your tax info go to the bottom and click Change how I enter my form
On How do you want to add your 1099‑INT? choose Type it in myself
Enter your info

Why sign in to the Community?

Celsius Interest on 1099-MISC Turbotax Counting as Business Income