Turbo Tax Premier DESKTOP version and crypto

Forum|Forum|4 years ago
February 19, 2022
11 replies
97 views

I kept reading that we needed Turbo Tax Premier if we bought and sold crypto, so this year I bought the desktop version of premier. I can't find where to enter the crypto transactions at all. Searches show up previous year information that it was only in Premier ONLINE. Someone please tell me I didn't get duped this year in buying the desktop version, when instead TT wanted me to put all my information on their website instead.

Is there a way to do this in the Premier Desktop version for 2021 taxes?

Thanks.

sweswe

Level 2

Same here. Could not find crypto section in investment income in Premier desktop.

Need help.

Thanks.

HelenC12

Level 15

You can use the cryptocurrency import and other features with the TurboTax Online Premier and Self-employed versions, only.

One option is to start a free tax return in TurboTax Premier Online. You don't pay for the return until you file it, so you won't have to pay the Online fee. Enter (import) your cryptocurrency information in the Crypto section, and then save the .tax file (not PDF). You can then open the tax file in TurboTax desktop, add the rest of your tax data and file.

How do I save my TurboTax Online return as a tax data file? This FAQ will also have instructions on how to continue your return in the TurboTax CD\Download version.
How do I import from the .txf file?

The other option would be to file using the Online software and get a refund for the desktop program.

How you report cryptocurrency on your tax return depends on how you got it and how you used it. To read more, click here.

Related information:

Source: DawnC

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kenscott2022

Level 2

I am really angry with online software this year. I purchased TurboTax Premier Desktop version knowing I would need to do cryptocurrency and then 8915-F form. All references said I could use PREMIER. Now I see I am FORCED to use the online version.

I purchased the software via the Walmart web page via immediate download option. How do I get a refund for this piece of software seeing I will be forced to use the online version?

AventineAuthor

Level 2

KenScott,

What I learned is that you can fill out the federal online, including the crypto portion, and then export it before spending any money and importing it into the desktop to do the state. Strange they didn't tell me that when I went through the Help desk and everything else. They told me I would have to buy an online version for each member of the household and then pay extra for the state instead. Hope this finds you before you spent more money online!

Scott B Patterson

Level 2

You can use Desktop versions if your crypto software can generate the date in a .txf format. Here are the instructions for CoinTracking. After you get a .txf file from your software, the rest of these instructions will work for you.

Using CoinTracking with TurboTax Home and Business Desktop Edition

You need to know whether you have a Desktop or Online edition of TurboTax in order to select the correct tax file to download from CoinTracking. Home and Business is always a Desktop version. I think that the Online version is called Small Business or Premier.

To download CoinTracking data, first generate a CoinTracking tax report. For US residents, use the “Best Prices” and “OPTI” settings under the Reporting tab > Realized and Unrealized Gains, or you can select these settings in the left column of the Tax Report page.

Next, generate your Tax Report. Open the report by selecting the Load Report button, which is at the top of the list at the bottom of the page.

Scroll down to the Capital Gains Report page. Click on the TurboTax button. This will open a new window. For Desktop users, select the “TurboTax (desktop version)” at the bottom of the page.

Here’s where it gets tricky. When you select Desktop, two choices appear right below. DO NOT select either one. First, notice that the Desktop instructions are now at the top of the page, having switched places with the Online instructions.

Select one of the three highlighted reporting choices, which will depend on your number of transactions. This will generate a .txf file, which will appear at the lower left of the window. Drag this to your desktop.

Now open TurboTax Desktop. Click on “File” in the black bar at the top. Then > Import > From accounting software > Other financial software (Txf file) > Continue. Select the correct file from a list that opens (select the one with today’s date) > Import now.

Done!

Quintessence_11

Level 2

2021 was the first year I had crypto transactions, and what a pain. Premier Desktop had no direct way to enter or import my crypto trades - and I had hundreds of transactions on 2 crypto exchanges! I ended up filing an extension to give myself more time...

After doing some research and consulting some other crypto investors, I ended up using Koinly for my crypto. I was able to get started for free, and then buy a subscription to download the tax forms I needed, in a format I could import into Premier Desktop. Koinly walks you through setting up read-only API interface to most Crypto Exchanges to import your transactions into Koinly. I did have to request a CSV file of transactions from one of my exchanges because the API doesn't let you go back very far.

It should be easier next year since Koinly keeps track year-to-year. It cost somewhere between $49 - $250 depending on the number of transactions.