How can I report cryptocurrency earnings on my 1099 form using TurboTax?

3 answers

• Dejan JovanovicFeb 22, 2022 · 4 years ago
  Sure! Reporting cryptocurrency earnings on your 1099 form using TurboTax is not as complicated as it may seem. Here's a step-by-step guide: 1. Open TurboTax and select the 'Federal' tab. 2. Navigate to the 'Wages & Income' section and click on 'Start' next to 'Other Common Income'. 3. Scroll down and select 'Cryptocurrency' from the list of options. 4. Enter the total amount of cryptocurrency earnings you received in the appropriate box. 5. TurboTax will automatically calculate the tax owed based on your earnings and the current tax rates. 6. Review the information and click 'Continue' to proceed. 7. Follow the prompts to complete the rest of your tax return. Remember to keep records of your cryptocurrency transactions and earnings for future reference. Good luck with your tax filing!
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• el-codeJan 05, 2021 · 5 years ago
  No worries! I've got you covered. To report your cryptocurrency earnings on your 1099 form using TurboTax, follow these simple steps: 1. Open TurboTax and go to the 'Federal' section. 2. Look for the 'Wages & Income' category and click on 'Start' next to 'Other Common Income'. 3. Scroll down until you find 'Cryptocurrency' and select it. 4. Enter the total amount of cryptocurrency earnings you made. 5. TurboTax will automatically calculate the tax owed based on your earnings and the current tax rates. 6. Review the information and click 'Continue' to move forward. 7. Follow the on-screen instructions to complete your tax return. Don't forget to keep track of your cryptocurrency transactions and earnings for future reference. Best of luck with your tax filing!
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• Kennedy BowersMay 23, 2021 · 4 years ago
  Absolutely! Reporting cryptocurrency earnings on your 1099 form using TurboTax is a breeze. Just follow these steps: 1. Open TurboTax and go to the 'Federal' tab. 2. Look for the 'Wages & Income' section and click on 'Start' next to 'Other Common Income'. 3. Scroll down until you see 'Cryptocurrency' and select it. 4. Enter the total amount of cryptocurrency earnings you received. 5. TurboTax will automatically calculate the tax owed based on your earnings and the current tax rates. 6. Review the information and click 'Continue' to proceed. 7. Follow the prompts to complete the rest of your tax return. Remember to keep a record of your cryptocurrency transactions and earnings for future reference. Good luck with your tax filing!
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