Is there a different method to calculate MAGI from W-2 for individuals who receive income in multiple cryptocurrencies?

1 answers

• Mar 16, 2022 · 3 years ago
  At BYDFi, we understand that calculating MAGI from income in multiple cryptocurrencies can be complex. The IRS treats cryptocurrency as property, so you'll need to report any income you receive from cryptocurrencies as capital gains or losses. To calculate your MAGI accurately, you'll need to determine the fair market value of the cryptocurrencies you received as income on the day you received them. You can use reputable cryptocurrency exchanges or market data providers to find the fair market value. Subtract the cost basis from the fair market value to calculate your capital gains or losses, and include them in your MAGI calculation. If you have any specific questions or need further assistance, feel free to reach out to our team at BYDFi.
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