I want to stay current with the IRS and was unaware that I had to declare every single trade especially since I never transferred money back into USD. However I now go to my tax returns on turbotax and it only lets me amend 2018, 2019 and 2020. How do I go about amending 2017 in turbotax - all data is there I just want to add the trades and send the 1040X. Any help how to go about it is appreciated.
To amend a 2017 return you can either get the fill in forms online from the IRS OR download, install, update the 2017 downloaded version. If you had a state on the original return then it also must be installed and updated first ... then you can open the .tax2017 file and start the amendment process.
Yes I could download the 1040X but honestly need turbotax to compute the numbers and everything for me, I wouldn't know where to put what on the forms. Could you elaborate on what you mean with download, install and update the 2017 version? Is there a desktop-version of Turbotax somewhere (i'd need a link) that would allow me to open the .tax file and add the crypto CSVs to compute the numbes and spit out a 1040X form?!
See this TurboTax support FAQ for completing a prior year tax return originally started with the online editions - https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-finish-a-prior-year-return-that-i-...
OK, do I have to pay extra for this or is this download free since I already paid for the online verison in 2017, 2018, etc...
Most persons did not report crypto transactions in 2017, figuring they could get away with it.
This is very tedious since you don't get a consolidated 1099-B with all your transactions.
See Form 8949 for how to report crypto transactions, it is done just like a stock security.
Without a 1099-B, your Box Category is "C" (Page 1) or "F" (Page 2).
IRS has become more interested now in getting the report and the associated tax revenue, going forward.
Contact support to see if they will push you a free download.
Please use the following link to contact Customer Support for further assistance.
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
"allow me to open the .tax file and add the crypto CSVs"
TurboTax CD/download program does not support import of a csv transaction file.
Instead, proceed as follows.
Adjust your csv files so the columns are in the same order as on Form 8949.
Put a header with your name tax year and SS Number
Use the summary option and then you can mail in the printout of the CSV files.
At tax time, you have the option to summarize your transactions by Sales Category.
IRS requires C/F details to be listed on your own Form 8949,
or on your other forms (e.g. spreadsheets) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.
Since you will be filing on paper for a prior year, attach the spreadsheet details to your amended tax return.