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Get your taxes done using TurboTax
@userIN There are several ways to bring crypto into TurboTax CD\Desktop:
The CD\Download version of TurboTax does not directly support cryptocurrency sales. There are several ways to enter cryptocurrency.
- Manual Entries. You can type in the transactions yourself the screens which are set up for stock transactions.
- Summaries. You can enter summaries and send copies of your exchange reports to the IRS.
- Import TXF file. You can import your transactions if they are in a TXF file format.
- Choose File in the upper-left corner of CD\Download
- Select Import > From Accounting Software (Windows) or Import > From TXF Files (Mac)
- Browse Files and Import Now
Our Community Tax Experts have come up with two workarounds.
Workaround 1 from awesome Tax Expert @KathrynG3:
- Click on Forms in the upper right to switch to Forms mode.
- Click Open Form in the left column.
- You’ll see a pop up titled Search or Browse the list of available forms.
- Type cryptocurrency.
- Select Cryptocurrency Wks and click Open Form.
- Enter your transactions in “Part II: Manually Entered Cryptocurrency Transaction Information.”
Workaround 2 from awesome Tax Expert @DawnC:
- Start a free tax return in TurboTax Premier Online. It’s free because you will not finish and pay online. You’ll just use this to prepare your crypto.
- Enter (import) your crypto currency information in the Crypto section.
- Save the tax data file to your computer. See: How do I switch from TurboTax Online to the TurboTax software?
- Open the tax file in TurboTax CD\download and complete your return
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May 12, 2021
6:57 AM