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T
TomInVA
February 27, 2022
Question

How do I Report 1099-Misc Income Without a 1099-Misc?

  • February 27, 2022
  • 1 reply
  • 0 views

Hi,

 

I have an account at Coinbase. They have an ongoing promo called Coinbase Earn where, from time to time, they'll give you free cryptocurrency (i.e., tokens) if you spend a few minutes learning about their new tokens, etc. In 2021, Coinbase rewarded me with $40 in free tokens/cryptocurrency.

 

As near as I can tell, this is supposed to be 1099-Misc income. However, Coinbase doesn't send out a 1099-Misc unless you earn at least $600 for the year. How do I report this income in TurboTax? Can I tell TurboTax that have a 1099-Misc even though I didn't receive it? Will the IRS flag this as a discrepancy since they didn't receive a 1099-Misc from Coinbase?

 

Thanks,

RB

    1 reply

    ColeenD3
    ColeenD3
    February 27, 2022

    You can enter it as miscellaneous income.

     

    If you did not receive a 1099-misc or W-2, then you can report this as miscellaneous income.

    Select Federal Taxes, Wages & Income, I'll Choose What to Work On

    Scroll to Less Common Income, and select Miscellaneous Income, 1099-A, 1099-C

    Select Other Income not already reported on For W-2 or for 1099

    Select Yes

    Continue until you see Any Other Earned Income, and select yes, now on the next screen select other

     

    Complete the information

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