Where is gemini earn "total income" suppose to be entered on turbotax

[calv327441]

Only made $138.46, did not get issued a 1099 form from Gemini, however, I am not able to sync gemini with turbo tax through creating an API

[Cynthiad66]

@calv327441 -  Please provide additional information.  What are you trying to do?  Do you need to enter income on a return and you did not receive a Form 1099.  If that is your questions please see additional information below.  If not, please provide additional information to clarify your issue so that we may assist you.

If you need to know how to enter income received but no Form 1099, Please follow these steps.

For self-employment, if you didn't receive a 1099-MISC for that income, it will be entered into the Business area of TurboTax in the Business Income section, then General Income (skip past the 1099-MISC area). 

How to get to that area :   While inside the software and working on your return, type Schedule C in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to Schedule C.  Select that to get to the general area. 

When you set up your business, you can use your own name, address, and social security number (if you don't have a business name or EIN). Then, when done with the Business Profile:

• go to Business Income and Expenses
• select Edit next to your business (if it is there)
• scroll to Business Income 
• on the next screen, you will see a place to enter a Form 1099-MISC (since you didn’t receive one, you can Skip past that)
• then, on the next screen, you will see General Income (for income received that is not on a 1099-MISC form)
• enter a description for the income (ex. Services, or Consulting, Customer Sales) and the amount

You have to report income if I didn't receive a 1099?

If you didn't get a Form 1099, you are still required to report all income. You may be thinking “What about the $600 threshold?” Unfortunately, that only applies to your employers and clients preparing form 1099-MISC. There is no threshold that applies for reporting income.

[calv327441]

Hello @Cynthiad66,

Thank you for your thorough explanation, I apologize for the lack of clarity regarding my last post.

I am unable to connect the cryptocurrency exchange platform Gemini to Turbotax as an investment.

In regards to my particular case on Gemini, I only have a total of $138.46 generated from dividends of holding the underlying cryptocurrency for Y2021.

I attempted to with the assistant of a Turbotax assistant: 1) connect with API key generated from Gemini, and 2) directly upload CSV file of transactions downloaded from Gemini. Both attempts failed. Although I am able to manually enter transactions (event of sale) on Gemini, my actual earnings come from daily dividend generated as opposed to a particular (event of sale), thus I would not be able to enter in the information.

This situation is preventing me from completing the rest of my taxes.

Please advise.

Thank you,

Calvin

[ErnieS0]

Gemini does not list dividends on its website, but says it issues Form 1099-MISC if you earn more than $600. This income is reported as "Other Income". Report your $138.46 in the same place Calvin.

• In TurboTax Online click on Federal on the left column
• Click on Wages & Income at the top
• Scroll down to Miscellaneous Income, 1099-A, 1099-C. Start
• Choose Other reportable income
• Say Yes to Any Other Taxable Income?
• In Other Taxable Income, enter a Description and Amount

See What Do I Need To Know About Cryptocurrency Tax Reporting?

[cpkyle]

So if you lost money on a Bitcoin sale via Gemini does that mean they will not provide a 1099?

[JosephS1]

Most, but not all, of the cryptocurrency agencies do not distribute 1099's to their customers.  You should request, if you do not already have one, Form 8949 from the issuing agency.  Delete all imported transactions if you have made any, and enter the totals as a single transaction as shown on the 8949 for short-term and long-term transaction totals, respectively.

You may want to attach a pdf copy of the 8949 to your return for verification purposes.

The IRS is concerned that you are properly reporting your total capital transactions with their associated cost basis and while individual transactions are important, the totals are the most important.

Form 8949

@cpkyle 

[cpkyle]

Thank you.  I looked at Turbo Tax and it had already filled out a 8949 for me.

My understanding is I need to physically mail the 8949 with an attachment

showing my Bitcoin Sale to the IRS.  Does that sound correct?

[AmyC]

The 8949 has different rules. I am going to assume that you do not qualify for the Special provision for certain corporations, partnerships, securities dealers, and other qualified en....

For an individual, filing the 8949 depends on adjustments made and  if you entered totals or line items. See Do I need to fill out or mail in Form 8949?

@cpkyle 

Reference: How do I mail Form 8453?

[andrewadams8912]

Hi, I did receive a 1099-MISC from Gemini for earnings over $600. Can you please provide the correct steps for me to enter this into TurboTax? thanks

[PattiF]

By earnings, do you mean earned income from payment for goods and services or cryptocurrency from sale or trade and treated as capital gains? Please see the information below and choose the link that applies to your situation.

To enter your crypto transactions, it depends whether your cryptocurrency was considered earned income or treated as property sales.

Cryptocurrency received as payment for goods and services is taxed as earned income:

• If you earned money by providing a service or selling something, you’d have to report it as earned income (either wages or self-employment income) as if you’d been paid in cash. 
• See How do I report income from self-employment?

Cryptocurrency sold, exchanged, spent or converted, is treated as sale of property:

• Like property sales or the sale of stock, any gain or loss from the sale or trade of cryptocurrency is reported as a capital gain or loss. See How do I report Bitcoin or other cryptocurrency as a capital gain?
• If you buy and sell it within 12 months, it’s treated as a short-term capital gain.
• If you hold it for over 12 months, it’s taxed at the lower, long-term, capital gain rates.

@andrewadams8912 

[andrewadams8912]

Gemini had an "Earn" program (now discontinued), which paid interest to users who invested in crypto through their platform. This is the income being reported on the 1099-MISC I was provided. Should this be entered as self employment income? thanks

[JamesG1]

No, report the "Earn" program rewards as other income.  You will need to convert your rewards to US dollars if they have not been issued as U.S. dollars. Here is how to enter your rewards in TurboTax as other income:

• Select Federal from the left side menu.
• Click on Wages & Income.
• Scroll down to Other Common Income.  Click Show more.
• Click Start / Revisit to the right of 1099-MISC.
• Click Start / Revisit to the right of Other reportable income.
• At the screen Does one of these uncommon situations apply, select None of these apply.
• At the screen Did the xxx involve work that's like your main job, select No.....
• At the screen Did the xxx involve an intent to earn money, select No....

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.

View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

@andrewadams8912