Double counting interest earned through Celsius Network

[GeorgeM777]

If the income from the Celsius Network is not income related to self-employment, then you can report the income as other income.  To do so, in TurboTax online, follow these steps:

1. go to Income & Expenses,
2. scroll down the page to the last item Less Common Income, select Miscellaneous income,
3. then from the list select Other reportable income. 
4. you will have to enter the amount you earned plus a short description. 

If you are using TurboTax Online, here are the steps to follow to preview your Form 1040 and see the amount on line 8:

       Open or continue your return.

1. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
2. With the Tax Tools menu open;
3. Select Tools.
4. Next, select View Tax Summary in the pop-up.
5. Then Preview my 1040 in the left menu.
6. Select Back in the left margin to return to the page where you left off

If you need to report this income as self-employment income, then you will pay income tax and self-employment tax depending on the amount entered.  If you reported this income as self-employment income, did you enter any expenses for this work?  If yes, perhaps those expenses eliminated any tax due for this income which might explain why you are seeing no change.  

@pazimzadeh

[pazimzadeh]

When I follow the steps:

go to Income & Expenses, scroll down the page to the last item Less Common Income, select Miscellaneous income, then from the list select Other reportable income. you will have to enter the amount you earned plus a short description

It leads to a page which says "Do not report income reported on Form 1099-MISC" (See attached)

[GeorgeM777]

Thanks for the follow-up.  You can disregard the Do not enter income reported on Form 1099-Misc, and enter your income amount.  It will be reported on line 8 of your Form 1040.  

Or, if you prefer, you can enter the amount as you had done previously, but when you get to the page Did this involve an intent to make a profit (or similar page) select No.  Selecting No will not generate a Schedule C Profit or Loss From Business.  The income will be reported on line 8 of Form 1040, the same as the above.  

If you want to get back to how you originally began to enter this income, enter 1099 Misc in the search bar.  Then use the jump-to link to take you to the page where you can begin to re-enter your information. 

@pazimzadeh