--- title: Millennials Reported Crypto Transactions on Their Taxes More Than Any Other Age Group Last Year description: A larger share of millennials reported crypto transactions in their 2021 taxes than any other generation. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 602 covers: - Investing - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Investing - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-01-25T19:50:53.000Z' modified: '2024-01-10T14:32:51.000Z' section: Investing tags: - News - Taxes word_count: 409 canonical: https://money.com/millennials-crypto-tax-reporting/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Two people bringing mouse and bitcoin to report to the big man IRS](https://img.money.com/2023/01/News-Millennials-report-crypto-IRS.jpg) The [affinity](https://money.com/crypto-dominant-economic-force-survey/) that younger Americans have for [crypto](https://money.com/what-is-cryptocurrency/) is clear as day in new research on their 2021 federal income tax returns. Among single individual filers, 4.5% of millennials reported taxable crypto transactions last year — a higher share than any other generation, according to a [report](https://blog.turbotax.intuit.com/life/turbotax-tax-trends-report-tax-year-2021-53767/) from tax prep software provider TurboTax. ## What the research says The percentage of people who reported taxable crypto transactions was much smaller than the share of Americans who say they have made crypto transactions in general. Overall, 2.9% of tax filers included crypto in their 2021 returns. TurboTax compared that figure to a [Pew Research Center survey](https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/) in which 16% of U.S. respondents said they had invested in, traded or used a cryptocurrency. - After the 25-to-34 millennial age group, Americans ages 35 to 44 were the second most likely to report crypto transactions on their tax returns, followed by those ages 18 to 24. - TurboTax found that the likelihood of a filer reporting [crypto](https://money.com/investors-now-own-multiple-types-of-crypto/) transactions on their tax returns was highly correlated with income, increasing the more money a filer made. - There were also regional differences in crypto tax reporting. Filers in the West were most likely to report crypto transactions on their 2021 tax returns, followed by filers in the Northeast. ## The next step Crypto tax reporting rules have changed for the 2023 filing season. - Since the 2020 tax year, all taxpayers have had to answer a [question about crypto](https://money.com/irs-crypto-question-tax-return/) at the top of Form 1040. The prominence of the question reflects the importance the IRS places on taxing crypto, given the agency’s belief that there’s [significant underreporting](https://money.com/how-is-crypto-taxed/) of crypto transactions. - The crypto question was edited for this year’s filing season. It now reads: “At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” Filers must respond "yes" or "no." - Those who check the "yes" box have to report their income related to those transactions. ## Bottom line Millennials are reporting crypto transactions on their [taxes](https://money.com/tax-season-2023-start-date/) to a greater degree than other generations. But even among millennials, the fraction of filers who are reporting crypto transactions is tiny. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/millennials-crypto-tax-reporting/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Investing", "item": "https://money.com/investing/" }, { "@type": "ListItem", "position": 3, "name": "Cryptocurrency", "item": "https://money.com/cryptocurrency/" }, { "@type": "ListItem", "position": 4, "name": "Millennials Reported Crypto Transactions on Their Taxes More Than Any Other Age Group Last Year" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/millennials-crypto-tax-reporting/#webpage", "url": "https://money.com/millennials-crypto-tax-reporting/", "name": "Millennials Reported Crypto Transactions on Their Taxes More Than Any Other Age Group Last Year", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-01-25T19:50:53.000Z", "mainEntity": { "@id": "https://money.com/millennials-crypto-tax-reporting/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/millennials-crypto-tax-reporting/#breadcrumb" }, "dateModified": "2024-01-10T14:32:51.000Z" }, { "@type": "NewsArticle", "headline": "Millennials Reported Crypto Transactions on Their Taxes More Than Any Other Age Group Last Year", "articleSection": "Investing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/01/News-Millennials-report-crypto-IRS.jpg", "width": 2880, "height": 1920, "caption": "News-Millennials-report-crypto-IRS" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. 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