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Get your taxes done using TurboTax
You can only import .TXF files or 1099-Bs from TurboTax partners if you are using the desktop software. This year, TurboTax Online added the feature of importing CSV files from some crypto exchanges. You can also upload your own CSV file to TurboTax Online.
Since CSV files can't be uploaded to the desktop program, the transactions have to be manually entered, either individually or summarized by short-term and long-term holding periods. If you do not want to enter each transaction individually or summarize the data, you have 2 options:
- You can switch to the Online software and complete your tax return using that.
- If you want to use the desktop software, you can start a return in TurboTax Online to get your crypto entered and then finish that tax return using the desktop software.
You would need to get a refund for the desktop software for option 1 and you won't have to pay for TurboTax Online for option 2. Instructions for Option 2 are below:
- Start a return in the Online software in the Self-Employed (any individual tax return will work with SE) product. Use the ''Start for Free'' option as you will not be paying for or filing the return using TurboTax Online.
- If you have a saved copy of your 2020 return as a tax file (*.tax2020), import that previous year tax file using the linked instructions (choose 'I used the CD/Download version last year'). This will populate your personal information, previously used Schedules, AGI, carryover amounts, and other important details from your previous year's return. A PDF file won't work; you need the 2020 tax file. If you do not have a 2020 tax return to transfer in, you can skip this step, but your 2021 return won't have your 2020 data if you do skip this step. ***
- Import or upload your crypto data. You can connect directly to your exchange or upload your own CSV file. Use one header row with only the 5 key column labels (description, purchase date, sold date, proceeds, and cost basis) at the top. If you are using the file from the crypto exchange or aggregator, it may have something hidden or embedded in the header row that prevents it from importing correctly.
- Once you have all your crypto in TurboTax Online, you can use the Tax Tools >> Tools menu on the left side panel and click on Save your 2021 return to your computer link. The 2021 tax file will download to your computer.
- Open that tax file using your desktop software and finish your return. All of your previous year's information (including 2020 carryovers), as well as your crypto transactions, will be included in the tax file (*.tax2021).
- Finish your return and file from the desktop software.
***Keep in mind, a *.tax file from a previous year won't transfer if the file is password protected.
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