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posted Mar 12, 2020 2:00:11 PM

Crypto question on free crypto provided by Coinbase. Do I need to report Coinbase Earn and Coinbase Rewards Income if total amount is less than $50?

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1 Replies
Expert Alumni
Mar 12, 2020 2:15:53 PM

Yes, these amounts are taxable and have to be reported as Other reportable income.

 

In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income.