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S
sims6851
February 4, 2022
Question

Receiving a 1099 Misc for Crypto interest and/or staking rewards involve an intent to earn money?

  • February 4, 2022
  • 1 reply
  • 0 views
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1 reply

J
JamesG1
February 6, 2022

Some crypto exchanges (Coinbase) are using IRS form 1099-Misc to report traders’ gross income from crypto rewards or staking.

 

Is this what you are referring to?  Please clarify.

 

This amount is typically reported in Box 3 of Form 1099-MISC, as other income and not reported as self-employment income.

 

In TurboTax online, the income would be reported under Federal / Wages & Income / Your Income / Less Common Income / Miscellaneous Income, 1099-A, 1099-C.

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S
sims6851Author
February 7, 2022

Yes I am referring to the 1099 Misc.  I think you answered the question concerning whether a self employment tax should be applied or not.  Thanks

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