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Get your taxes done using TurboTax
Here's an overview of the process DenM is proposing:
- Create a return on TurboTax Online. (You won't have to pay for it until you file, which you're not going to do online.)
- Import your cryptocurrency into the online return.
- Download the online return to your computer.
- Open the file with the crytocurrency transactions and complete your return.
You may lose the data you've already entered in the return you created in desktop with this approach.
DernM's other solution is much better--report just the totals in each category, as you would with stocks. You can report just the summaries of each category (short-term, long-term, etc.) and then mail in the statement to the IRS after filing. Please follow these steps:
- Click on Federal > Wages & Income.
- In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.
- If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far. Click on the Add More Sales link.
- Click the Yes box on the screen Did you get a 1099-B or a brokerage statement for these sales?
- On the screen, Choose your bank or brokerage, click on the box I'll type it myself.
- Enter the name of the bank or brokerage and click Continue.
- On the screen, Tell us about your [XX] 1099-B, mark the button I'll enter a summary for each sales category.
- Boxes will appear for you to enter the proceeds, basis, and category. After entering your information for this category, click the Done box.
- On the screen, Do you have another sale to enter from your Big Bucks Brokerage 1099-B? mark the appropriate button.
- If you marked Yes, a Sale #2 - Tell us about your [XX] 1099-B screen will appear to enter the information on another category.
- Continue entering summaries of the transactions for all the categories. When you are finished, on the screen Do you have another sale... mark the No box and click Continue.
- The next screen will be a summary of your entries: Here's all the sales reported by [XX]. You can Edit, Delete, or Add a transaction.
- For the instructions to mail in your statements, click on the instructions link underneath the table of transactions.
March 3, 2020
12:28 PM