[Crypto Currency] How do we report Coinbase Learning Reward

Forum|Forum|3 years ago
February 8, 2023
2 replies
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Dear Community,

I have learning rewards from Coinbase that i have not sold nor exchanged at all, they are still in my Coinbase Account and i do see them under the MISC income section.

Since i have not sold these Learning Rewards yet, does that mean i do NOT need to report them at all?

Thanks

Best answer by MinhT1

Coinbase rewards are taxable income according to this Coinbase document.

You should report this income as Other Reportable Income.

In TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income
Continue and locate the Less Common Income section
Click Show more and click Start next to Miscellaneous Income at the bottom
On the next page, click Start next to Other Reportable Income.

MinhT1Answer

Coinbase rewards are taxable income according to this Coinbase document.

You should report this income as Other Reportable Income.

In TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income
Continue and locate the Less Common Income section
Click Show more and click Start next to Miscellaneous Income at the bottom
On the next page, click Start next to Other Reportable Income.

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bohueilinAuthor

Thank you so much @MinhT1

Questions,

1.) if we use Turbotax Import, will those be automatically included? Or it is still required to enter manually ?

2.) What about stacking rewards (say ETH interest, etc)

Thanks

MinhT1

For rewards, you cannot import them. You have to enter them manually as I showed you.

Staking rewards are also taxable, and you enter them as previously shown.

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gemumalu

In my opinion, I don't think you have to declare this type of earnings as "income", since they are not income as such, unless it is worth a lot of money, I do not see the need, but in the comments they told you yes and even how to do it So it's up to you which option to take.