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What if I receive 1099-MISC box 3 income for my crypto?

SOLVEDby TurboTax78Updated 1 week 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.

  1. Open or continue your return.
  2. Go to Federal, then Wages & Income.  
  3. Under Other Common Income, select Start or Revisit next to Form 1099-MISC.
  4. Enter your 1099-MISC info on the Let's get the info from your 1099-MISC screen and Continue.
    1. If you’re editing a 1099-MISC you already entered, select Edit next to your form.
  5. On the Describe the reason for this 1099-MISC screen, enter crypto investment other income.
  6. Select None of these apply on the Does one of these uncommon situations apply? screen.
  7. Select No it didn’t involve work like my day job on the Did the involve work that's like your main job? screen.
  8. Select I got it in 2023 on the How often did you get income for? screen.
  9. Select No it didn’t involve intent to earn money on the Did the involve an intent to earn money? screen.
    1. 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.
  10. Select No on the Do you have another 1099-MISC? screen.

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