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Level 2
posted Mar 5, 2022 12:42:43 PM

Using TurboTax self-employed, there is no option to include earning from mined cryptocurrency. I did not get any 1099 or else from the mining pools. How to report?

Under my general income and expenses (not for self-employment), there are options to report investments and savings including crypto but when I do so there, they are not added to my self-employment income and expenses.

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3 Replies
Expert Alumni
Mar 6, 2022 6:16:51 AM

If you earn cryptocurrency by mining, it counts as part of your regular taxable income. You owe tax on the entire fair market value of the crypto on
the day you received it, at your regular income tax rate.


Crypto mining can be taxed as either a Hobby or a Business


To post as a Hobby:

  1. Wages & Income
  2. Less Common Income 
  3. Next to Miscellaneous Income 1099-A, 1099-C
  4. Select Other Reportable Income
  5. Answer Yes on Any Other Taxable Income? 
  6. Continue through the interview

To Post as a Business:


If you have a business, it can be entered directly into the business income
section of the return.

Level 2
Mar 6, 2022 9:53:19 AM

Thanks, but where on the business income? There is no mention of any crypto. Only forms 1099 NEC, 1099-misc, 1099-k. 

 

I did not get any of these since the crypto received was mined. 

Expert Alumni
Mar 7, 2022 6:13:43 AM

If you've elected to list this as a business, and you didn't receive any 1099 forms you can enter it following this guide.

  1. Under Income & Expenses
  2. Select Self-employment income and expenses = Edit/Add
  3. Select, or enter your business
  4. Scroll down to Add income for this work
  5. Let's enter any additional income for your Tax preparation work
  6. Select Other self-employed income, includes 1099-K, cash, and check = Continue
  7. Tell us about the other self-employed income for your Tax preparation work
  8. For Type of income enter Crypto Mining, and the amount.