Entering Other Income in TurboTax (Staking/Mining/Airdrops, etc.)
Report staking, mining, or airdrops to TurboTax using your Awaken Income Report. PLEASE NOTE THAT YOU SHOULD NOT BE ADDING YOUR EXCHANGE’S 1099 ALONG WITH AWAKEN’S TAX REPORTS TO TURBOTAX. THIS WILL RESULT IN DOUBLE COUNTING YOUR INCOME. Awaken’s tax reports include your 1099 info, so there is no need to upload anything other than your Awaken reports.
Step 1: In TurboTax, navigate to “Wages and Income” and scroll down to “Less Common Income”.
Step 2: Choose “Miscellaneous Income” at the bottom of the drop-down.
Step 3: On the miscellaneous income screen, choose “Other reportable income” at the bottom. Note: you can choose “Digital assets not reported anywhere else,” but you cannot enter any descriptions of your income. Choosing “Other Reportable Income” is likely the best option.
Step 4: Select “Yes” when asked if you received any other taxable income.
Step 5: Choose “Add”.
Step 6: Enter a description and the total amount from your report. You can be as general or as specific as you like:
General: Use a description like “Awaken Tax income report”.
Granular: You can create specific entries for “ETH Staking Rewards,” “Airdrops,” or “Bitcoin Mining Income”.
You may enter as many of these specific entries as you would like.
Step 7 (optional): To double check your miscellaneous income or other items on your tax return:
Navigate to “Tax Tools” from the left hand menu and click “Tools” to bring up this menu
Click on “View Tax Summary” and on the left-hand side select “Preview my 1040”
Scroll down to your Schedule 1 and review line 8z, which now includes all of your miscellaneous income items that you just entered. If you enter more than 2 lines, you will have to scroll to see them listed on line 8z of Schedule 1.
