For some reason TurboTax has not yet updated their desktop Premier version for cryptocurrencies as they have with the online Premier version. The online version has a separate section for cryptocurrencies and walks you through the transaction.
Follow these steps in the Premier Edition: (for online version but it will assist you)
- Open (continue) your return in TurboTax.
- In the search box, search for investment sales and then select the "Jump to" link in the search results.
- Answer Yes to the question Did you sell any investments? (If you land on the Here's the investment sales we have so far screen, select Add More Sales.)
- Continue following the onscreen instructions and we'll calculate the gain or loss from the sale. Note: There isn't a specific section for digital currency, but if you answer the questions related to sales, we'll be able to do the proper calculation.
OR if the jump-to link is not working
- Select the Federal tab
- Select Wages and Income
- Select Investment Income
- You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview
- When asked Did you get a 1099-B or a brokerage statement for these sales? select No
- When asked to Choose the type of investment you sold select Everything else
- Translate proceeds of each transfer into US dollars at the time of the transfer
- Repeat for each
Please let us know if this helps.
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