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Level 2
posted Apr 15, 2023 9:52:02 AM

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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1 Best answer
Expert Alumni
Apr 15, 2023 11:03:19 AM

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 

5 Replies
Expert Alumni
Apr 15, 2023 10:21:35 AM

Please clarify where this is supposed to be entered.

 

Level 2
Apr 15, 2023 10:41:39 AM

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

Level 2
Apr 15, 2023 10:43:37 AM

This are the instructions form Coinbase

Expert Alumni
Apr 15, 2023 11:03:19 AM

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 

Level 2
Apr 16, 2023 11:52:37 AM

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