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Jsk1
Returning Member

Entering Crypto Sales in download Home & Biz 2020 taxes

I am attempting to enter crypto sales in the Home and Biz download windows version of TT. I am asked if I invested in crypto and I click yes. Then nothing more about crypto. On my own I have found Form 8949 from the general available forms and entered my (C) short term sales (they are well under 20k/200 transactions). TT won't let me fill out form 8949 unless I override each entry. Same for Schedule D, Box C. So I have red entries. How do I get my crypto into the TT system so that the entries are not seen as errors upon Review? Should I enter them as 1099-B even though I didn't receive a 1099-B? That way they'd populate into Schedule D without a manual override. Please help this is frustrating.

6 Replies
Mike9241
Level 15

Entering Crypto Sales in download Home & Biz 2020 taxes

sales of capital assets are entered on the 1099-B worksheet - not directly on the 8949 or schedule D

yes even though you didn't receive a 1099-B.  the type would be C for short-term trades and F for long-term

 

GeorgeDenseff
Level 8

Entering Crypto Sales in download Home & Biz 2020 taxes

That question confuses a lot of taxpayers. When you answer yes to a question like that you expect to get screens asking for details.  

 The question is just something the IRS is asking as a survey to see how many people have used crypto.  That is why there is no follow up to the question.  

 

SundayInSalem
Level 8

Entering Crypto Sales in download Home & Biz 2020 taxes

TurboTax Alumni Expert @KathrynG3 says you can enter your crypto transactions on the Cryptocurrency Worksheet in Forms Mode if you are having trouble entering them in Step-by-Step.

  • Click on the Forms toggle in the upper corner next to Flags and Notifications>
  • Click Open Form in the left column>in the search box, type cryptocurrency>
  • Click on Cryptocurrency Wks (worksheet)> click Open Form
  • Enter the details of your transactions

View the entire discussion at How to enter cryptocurrency on the downloaded version???

JeremyW2
Level 1

Entering Crypto Sales in download Home & Biz 2020 taxes

So is there any way to upload 100s of transactions via CSV using the downloadable Turbotax Premier?

How about connecting to the 100s of Crypto exchanges right from the Turbotax desktop application?

I didn't realize that even though I purchased Turbotax Premier the features and capabilities of the same product name online version would be vastly superior.

 

HelenC12
Expert Alumni

Entering Crypto Sales in download Home & Biz 2020 taxes

Only the TurboTax Online Premier and Self-employed versions allow you to import cryptocurrency. 

 

One option is to start a free tax return in TurboTax Premier Online. You don't pay for the return until you file it, so you won't have to pay the Online fee.  Enter (import) your cryptocurrency information in the Crypto section, and then save the .tax file (not PDF).  You can then open the tax file in TurboTax desktop, add the rest of your tax data and file.

 

The other option would be to file using the Online software and get a refund for the desktop program.

 

Related information: 

Source: DawnC

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JeremyW2
Level 1

Entering Crypto Sales in download Home & Biz 2020 taxes

Helen thank you! This is a true outside the box solution to my problem that I really appreciate you sharing. 

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