Income reported by koiny

Tax Questions
1

Koinly currently only produces a spreadsheet of my income earned defi staking and aidrops etc. How do i import this to turbo tax ? The capital gains and loss report (schedule D) created by koinly only captures the buys and sells and can be imported to turbo tax.

What do i do with the income report spreadsheet generated by koinly ? Since it is in spreadsheet format , how do i import this to turbo tax ? Or is it that the turbo tax file generated by koinly also includes the income details automatically ?

Can someone confirm this ?

it looks like the income needs to be filed with schedule-1 in 1040. How do i generate this in Koinly and how can i import in into turbo tax ? currently the turbo tax download file only contains schedule d info (capita gains and losses) but not the schedule 1 info. how do i get schedule - 1 info into turbo tax ?

3 Likes
2

Same question here. How do I get income report into turbo tax?

4

Same question here. Schedule D for Capital Gains & Loss works fine, but there does not seem to be an option to generate a Schedule 1 form for misc income in turbo tax. Will there be an update or option?

6

It is a problem when adding other income manually in turbo tax. It asks for tax identifier for other misc income reported on 1099-misc form. Koiny gives the other income as single amount. With no tax identifier for that amount ( which is from multiple sources) we are hosed. Has anyone entered the other income successfully in turbo tax using koinly csv? This is total mess up!!

8

I believe it is fine to just add one number for total income since a typical 1099 form is based on interest income which is made up of monthly payments form a bank for example. My question is how to do people enter the cost numbers which come from gas fees that are not part of a token exchange like entering into Liquidity Pool. Koinly defines this category( ie cost) as a tax deductible cost or fee which I agree with but the question is where to enter. I know you can not offset income and it should be part a cost basis when computing gain/loss. Do people put in one number for the cost under capital gain or add to all transactions which could be huge work.

3

It seems you need to manually add the income amt mentioned in the income report in the “other income” section of turbo tax. No biggie.

5

so we should add total income as single line item? or staking rewards one by one which is actually huge.

9

For income breaking them into different line items is fine. i did one for staking , airdrop , loan interest and other income just for easier tracking.

10

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