The IRS has ruled that staking rewards become taxable once the taxpayer "acquires the ability to transfer, sell, exchange, or otherwise dispose of the cryptocurrency."
You will convert your staking rewards to US dollars if they have noy been issued as U.S. dollars. Follow these steps to enter your staking rewards in TurboTax as other income:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click Show more to the right of Less Common Income.
- To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
- To the right of Other reportable income, click the Start / Revisit button.
- At the screen Other Taxable Income, enter a description such as “Cryptocurrency rewards” and an amount.
The entries will be reported:
- on line 8z of Schedule 1 of the Federal 1040 tax return, and
- on line 8 of the Federal 1040 tax return.
Regarding csv files, thank you for your patience while we get these automated tools ready for you.
@alejoide
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