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How do I format and import crypto into a .csv or .tfx file that TurboTax will accept?

Reporting cryptocurrency is similar to reporting a stock sale. You'll need to report your cryptocurrency if you:

  • Earned it in exchange for goods or services
  • Sold
  • Exchanged
  • Spent, or
  • Converted it

Review the following topics to learn more about the specifics of formatting and importing crypto into TurboTax.

A 1099-B or summary tax statement is not required for reporting cryptocurrency transactions. However, you may receive a 1099-B, 1099-K or 1099 Misc.

You'll receive a 1099-K if you:

  • Made over 200 cryptocurrency transactions or
  • Your proceeds exceeded $20,000

You don't need to enter all the details from this 1099-K in TurboTax. Enter all your sales and trade info to accurately capture all your cryptocurrency transactions and keep the 1099-K for your records.

TurboTax has partnered with popular crypto services to help you import your crypto transactions. To import your transactions into TurboTax Online:

  1. Sign into your TurboTax account.
  2. Type cryptocurrency into the Search bar.
  3. Select Jump to cryptocurrency.
  4. Select Yes to Did you sell or trade cryptocurrency in 2020?
  5. On the screen Let’s get your cryptocurrency info, TurboTax will display several popular cryptocurrency services.
  • Select your service and upload your .csv file
  • TurboTax only supports .csv files from those partners listed on the screen
  • Only a file or files totaling less than 2,251 transactions will be compatible
  • If you have multiple .csv files, upload the first one and TurboTax will help with the rest

The TurboTax import feature is only accurate if you use a single exchange for 100% of your cryptocurrency transactions. Even if you only use a single exchange, your .csv file may report transactions which need to be adjusted or reported elsewhere. These include:

  • Mined crypto
  • Staked crypto
  • Forked or airdropped coins (you only have taxable income if it results new cryptocurrency)
  • Participation in an initial coin offering (ICO)
  • Use of a decentralized finance (DeFi) product, or
  • Earned crypto interest

If you had more than 2,251 transactions, use a service like CoinTracker, Bitcoin.tax, Cryptotrader.tax, TokenTax, or ZenLedger to calculate your total gains or losses.

  1. Sign into your TurboTax account.
  2. Type cryptocurrency into the Search bar.
  3. Select Jump to cryptocurrency.
  4. Select Yes to Did you sell or trade cryptocurrency in 2020?
  5. On the screen, Let’s get your cryptocurrency info, select I’ll type it in myself.
  6. Manually enter your total gains or losses.
  7. Enter your short- and long-term totals as separate summaries (for example,  one for short-term gains/losses and another for long-term gains/losses.)

Note: If all your transactions were either short- or long-term, you'll only need one transaction.

TurboTax Online limits manual entries to 75 cryptocurrency transactions. If you have more than 75 to enter, use a service like CoinTracker, Bitcoin.tax, Cryptotrader.tax, TokenTax, or ZenLedger to prepare a .csv file which can be imported into Turbotax.

To manually enter transactions:

  1. Sign in to your TurboTax account.
  2. Type cryptocurrency into the Search bar.
  3. Select Jump to cryptocurrency.
  4. Select Yes to Did you sell or trade cryptocurrency in 2020?
  5. On the screen, Let’s get your cryptocurrency info, select I’ll type it in myself.
  6. Continue to select Add another transaction until you’ve entered all your transactions.

Cryptocurrency account holders may notice the absence of Coinbase. TurboTax still supports Coinbase but in 2020, the Coinbase Transaction history report and Pro Account and Fills Statements aren't directly compatible with TurboTax. You can import your Coinbase sales through a digital tax aggregator such as CoinTracker, or enter them manually if less than 75.

To manually calculate your Coinbase gains and losses follow these instructions in the Coinbase section called Preparing your gains/losses for your 2020 taxes.

TurboTax Desktop doesn't directly support cryptocurrency sales.  It is suggested you use TurboTax Online to import transactions.  There are several ways to enter cryptocurrency.

Option 1) Manual entries. You can type in the transactions on the screens which are set up for stock transactions.

Option 2)  Summaries. You can enter summaries and send copies of your exchange reports to the IRS.

Option 3)  Import a .txf file. You can import your transactions if they are in a .txf file format. Here’s how:

  1. Sign in to your TurboTax account.
  2. Select File from the toolbar.
  3. Select Import.
  • For Windows: Use Accounting Software
  • or Mac: Use TXF Files

4. Browse files and select Import Now.

Option 4) Use Turbotax Desktop Forms mode. Here’s how:

  1. Select the Forms icon from the toolbar to switch to Forms mode.
  2. Select Open Form.
  3. In the pop-up titled Search or Browse the list of available forms, type cryptocurrency.
  4. Select Cryptocurrency Wksand then select Open Form.
  5. Enter your transactions in Part II: Manually Entered Cryptocurrency Transaction Information.

Option 5) Use TurboTax Premier Online. Use TurboTax Premier Online to start a free return. It’s free because you won't finish and pay online. You’ll just use this to prepare your crypto. Here’s how:

  1. Sign in to your account using TurboTax Premier.
  2. Import your cryptocurrency information in the crypto section.
  3. Save the tax data file to your computer. (Note: See How do I switch from TurboTax Online to the TurboTax software?)
  4. Open the tax file in TurboTax Desktop and complete your return.

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