Entering Cryptocurrency in Premier

Are you in the Online version or the Desktop? 

 

Crypto sales are entered in the Investment section. This is located under Wages and Income.

 

 

 

I am having the same issue and I have the Desktop version. 

Please advise.

It depends on the type of cryptocurrency transactions you have. To report the sale of cryptocurrency in TurboTax Desktop Premier:

1. In the Personal > Personal Income section, scroll down to Investment Income and click Start/Update next to Stocks, Mutual Funds, Bonds, Other.
2. Click Add More Sales or answer Yes to Did you sell any investments in 2021?
3. Answer Did you get a 1099-B or a brokerage statement for these sales?
4. If you did receive a 1099-B in which all the transactions are characterized as either covered long or short-term (Categories A or D), then you can report the category totals. If no adjustments are needed, the IRS will not require additional documentation.
5. If you only have a few sales, you may enter each one manually. This will also prevent the IRS from needing any additional documentation if you do need to make adjustments to any of the information or the platform has not reported the holding period.

 

Cryptocurrency from mining is considered self-employment income as the fair market value in USD when you get the currency. If you accept cryptocurrency as a form of payment in any type of business, you would report the value of the currency in USD at the time of the transaction as business income. You would not be able to report this in Premier. To get to self-employment in TurboTax Desktop Home & Business:

1. Go to the Business section and Business Income and Expenses.
2. Enter the General Business Information then click Start next to Business Income.
3. Report your cryptocurrency mining income as General Income.

 

Earnings through interest and rewards are considered Other Income and would be reported in TurboTax Desktop using the following steps:

1. With your return open, go to Personal > Personal Income
2. Open the Less Common Income section and start or revisit the last entry, Miscellaneous Income, 1099-A, 1099-C.
3. On the next screen, start/revisit the very last entry, Other Reportable Income, and answer Yes on the following screen.
4. On the next screen, enter a description (for example, "crypto interest") and then enter the total USD amount.
5. You may repeat this for every currency for which you received interest or a reward or combine them on a single line.
6. Select Continue when finished.

@WJHennig

I have used TTax more years than I can remember but what they have done is so dirty and intentional I want to drive a class action lawsuit. Nowhere does it say in any comparison chart that you cannot connect or download crypto transactions in the desktop version. 

 

What intuit has done is forced all crypto users to use the online version of premier at 2 times the costs of the desktop version. They removed crypto exchanges from the list to connect to since last year and there is no way to import .csv or similar files. The cost of the online version is $119 plus filing plus state and state filing, and you are looking at $160 to $175 compared to $75 got the desktop. I spent several days adjusting my stocks from employee saving plan and now I have to start from scratch online and be taken to the cleaner.

i will never use this again, if I have to go back to using pen and paper, I am an enemy for life now due to the greed of Intuit!

 

I have the desktop version and updated to Premier yesterday. How do I connect to my Koinly tax info so that I can upload the CSV file.

You may be able to convert your .csv file from Koinly to a .txt file and upload it into TurboTax Desktop Premier version.

 

Follow these steps.

 

• Create a .csv file with all transactions using the format shown at Easytxf.
• Used Easytxf to convert the .csv file into .txf file.
• Import .txf file into Turbotax Desktop:   File / Import / From Accounting Software / Other Financial Software (TXF) file /  Continue / Choose a File to Import / Import now.

 

A 1099-B with all Crypto transactions is now created.   This entry can now be edited to include the account details.  Each transaction can be edited as well.

 

@Yarddog52