Get your taxes done using TurboTax
So here is a super easy fix for everyone rather than starting all over. And it's uber simple.
- Not sure why everyone thinks you NEED to import all your transactions into Turbo Tax Desktop. You don't. You just need to enter the summary total values. However, since the IRS will want to see some details of where these numbers are coming from, you'll want to follow up with a letter to them, including the official forms such as Schedule D & Form 8949 so show more legitimacy.
- Go to Koinly (or whichever crypto tax tracker you use) and download the "complete tax report". This will include all the totals resolved from form 8949 & Schedule D, as well as all of your interest income and expenses.
- Now, open that file, and it will show you all the summary details (totals) you need to enter into turbotax manually to do the calculations. Typically just 4 or 5 entries in total.
- So, just enter the key item totals in the correct fields in TurboTax including Short Term Cap Gains, Long Term Cap Gains, Income & Expenses, and any other gains or losses you might have shown on the form and wallah! You are finished.
- However, when using this method, even if you file online, the IRS will want you to send them a letter stuffed with the full forms and schedules that they normally require, including schedule D and form 8949, and any other forms you think will support the legitimacy of your entries. If your taxes are anything like mine (1 to 2 weeks to complete @ 8 hours a day, this is MUCH easier than re-entering everything. Hope that helps.
