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Coinbase did not give me a 1099-MISC because income was less than $600. I am supposed to enter this in line 21 of form 1099. How can I do that with TurboTax Online ?

 
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Accepted Solutions
PattiF
Expert Alumni

Coinbase did not give me a 1099-MISC because income was less than $600. I am supposed to enter this in line 21 of form 1099. How can I do that with TurboTax Online ?

The instructions to enter on Line 21 of Form 1040 are incorrect.

 

 

Here are instructions to enter Miscellaneous income:

 

To enter Other Income, please follow the steps below:

  1. Open your return.
  2. Click on Federal Taxes.
  3. Go to Wages & Income
  4. Scroll to the bottom under Less Common Income select Start (or Update) for Miscellaneous Income.
  5. Choose the appropriate category and enter your Other Income

@dizarra 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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5 Replies
PattiF
Expert Alumni

Coinbase did not give me a 1099-MISC because income was less than $600. I am supposed to enter this in line 21 of form 1099. How can I do that with TurboTax Online ?

Please clarify where this is supposed to be entered.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Coinbase did not give me a 1099-MISC because income was less than $600. I am supposed to enter this in line 21 of form 1099. How can I do that with TurboTax Online ?

As per the instructions from Coinbase, I am to report the amount on line 21 of form 1040.  No 1099-MISC was issued. 

Coinbase did not give me a 1099-MISC because income was less than $600. I am supposed to enter this in line 21 of form 1099. How can I do that with TurboTax Online ?

This are the instructions form CoinbaseThis are the instructions form Coinbase

PattiF
Expert Alumni

Coinbase did not give me a 1099-MISC because income was less than $600. I am supposed to enter this in line 21 of form 1099. How can I do that with TurboTax Online ?

The instructions to enter on Line 21 of Form 1040 are incorrect.

 

 

Here are instructions to enter Miscellaneous income:

 

To enter Other Income, please follow the steps below:

  1. Open your return.
  2. Click on Federal Taxes.
  3. Go to Wages & Income
  4. Scroll to the bottom under Less Common Income select Start (or Update) for Miscellaneous Income.
  5. Choose the appropriate category and enter your Other Income

@dizarra 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Coinbase did not give me a 1099-MISC because income was less than $600. I am supposed to enter this in line 21 of form 1099. How can I do that with TurboTax Online ?

Thank you!  I was able to report the amount following the steps you shared

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