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What if I receive 1099-MISC box 3 income for my crypto?
by TurboTax• Updated about 7 hours ago
If you have 1099-MISC box 3 income for crypto or other investment income not considered self-employment income, follow these steps to enter your 1099-MISC in TurboTax Online:
Note: If your TurboTax navigation looks different from what’s described here, learn more.
- Open or continue your return.
- Go to Federal, then Wages & Income.
- Under Other Common Income, select Start or Revisit next to Form 1099-MISC.
- Enter your 1099-MISC info on the Let's get the info from your 1099-MISC screen and Continue.
- If you’re editing a 1099-MISC you already entered, select Edit next to your form.
- On the Describe the reason for this 1099-MISC screen, enter crypto investment other income.
- Select None of these apply on the Does one of these uncommon situations apply? screen.
- Select No it didn’t involve work like my day job on the Did the involve work that's like your main job? screen.
- Select I got it in 2023 on the How often did you get income for? screen.
- Select No it didn’t involve intent to earn money on the Did the involve an intent to earn money? screen.
- Even though staking and earning crypto interest/rewards may earn you money, you need to select No here because this investment income isn’t subject to self-employment taxes.
- Select No on the Do you have another 1099-MISC? screen.
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