Crypto Income Airdrops

What is the proper way to report Airdrop income on TurboTax? In the Koinly Youtube video he says to put the total income as a single amount under misc income, but doesn’t this need me to upload any supporting documents?

Hey @me2cool8,

We are not tax advisors, so we cannot help you on how to fill your taxes apart from what our guide says.
Unlicensed tax advice is a criminal offense in the US, I hope you understand.

That said, you can find how to enter income into Turbotax in our article here.

Says (quote):

Your TurboTax Online report only covers assets (so capital gains) - so to report your crypto income you’ll need to use the figure in your Koinly Tax Summary. If you want to split your crypto income into the different types of income you’ve had - for example, mining, staking, airdrops etc. - then you’ll need to download the Koinly Complete Tax Report to get this information.

  1. In TurboTax - in the left hand menu, select Federal.

  2. Scroll down to less common income and select show more.

  3. Next to miscellaneous income, select start.

  4. Next to other reportable income, select start.

  5. Select yes.

  6. Enter a description of your income and the amount of income in USD. If you have income from various sources, for example mining, staking and airdrops - you can choose to split these into different transactions by repeating these steps or simply enter the total for all crypto income for the financial year.

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