Import Coinbase CSV to TurboTax Premier (Desktop, Mac)

Forum|Forum|7 years ago
June 1, 2019
9 replies
60 views

This article shows that TurboTax Premier can import Coinbase transactions in the .csv files:

https://blog.turbotax.intuit.com/turbotax-news/turbotax-makes-it-easier-for-coinbase-customers-to-re...

I have followed those instructions and have the .csv.

When I go to TurboTax Premier (Desktop version, Mac) to import, it only shows that I'm allowed to import .txf files.

I've tried the csv => txf conversions with no luck.

What am I missing here?

TurboTax Premier Mac

jaiswaldeepak

Level 2

I am also facing the same problem. I have a csv file from Robinhood.

fanfare

Level 15

TurboTax Desktop doesn't import .csv files.

If the conversion to .txf fails also, either your converter is bad , or the coinbase datafile is bad.

instead format the csv using a spreadsheet and use the Summarize option. Enter only your total proceeds and cost for each sales category into Turbotax.

IRS requires each transaction to be listed on Form 8949, or on your own forms (e.g. spreadsheets) which have the same information and in the same manner as Form 8949.

Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your tax return.

jaiswaldeepak

Level 2

Based on the link provided by OP, it does.
Also Robinhood has an article on it but I dont see it on the premier sw.

hgwatts

Level 2

Is this a lie? even turbotax expert said i need to convert to txf, maybe they shouldn't blog that you don't.

https://blog.turbotax.intuit.com/turbotax-news/turbotax-makes-it-easier-for-coinbase-customers-to-report-their-cryptocurrency-transactions-42740/

richweb

Level 2

After spending hours on my own trying to follow the on line instructions I called TurboTax... I explained I was using Premiere version on my desktop.

They had me on the phone for 70 minutes and the rep did not know you CANNOT import .CSV to the desktop version - only learned that after he contacted upper level support.

I would think such a critical shortcoming would be common knowledge by the "experts" we rely upon to help use the program.

The only alternative is to use the on-line version, which I have tried but it sucks to high heaven! It's not very intuitive and I don't like having my information in the cloud.

I just purchased the desktop version about 3 weeks ago and they did say I could apply for a refund - but I don't want a refund I want it to work as advertised!

fanfare

Level 15

If TurboTax won't accept your CSV file, proceed as follows.

Adjust your csv files so the columns are in the same order as on Form 8949.

Put a header with your name tax year and SS Number.

Use the summary option and then you can mail in the printout of the CSV files.
See the TurboTax instructions that will pop up.

You would use Category C and/or F since you don't have a 1099-B.

At tax time, you will subtotal your SELL transactions by Sales Category.

Note: only actual SELL transactions go to Form 8949.

IRS requires Box C/F details to be listed on your own Form 8949,
or on your other forms (e.g. spreadsheets) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize (not itemize) and e-File, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.

That's the IRS Instructions, I don't make this stuff up.

Update: you're supposed to use Form 8453 as a cover sheet.
Form 8453 is not to be signed.

@richweb