I am unable to find an option to report my Cryptocurrency sales in Turbotax 2020 Deluxe Software? How do I fix this? I have a CSV from Robinhood.

[JohnB5677]

To report stock, or Crypto transactions you will need to have the Premiere software.

You will then be able to post it to:

Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other
2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
4. From here, you can import or manually enter your 1099-B.
5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.

Cryptocurrency sold, exchanged, spent or converted, is treated as sale of property

Like property sales or the sale of stock, any gain or loss from the sale or trade of cryptocurrency is reported as a capital gain or loss.

If you buy and sell it within 12 months, it’s treated as a short-term capital gain. If you hold it for over 12 months, it’s taxed at the lower, long-term, capital gain rates.

[bpk1993]

Not really. I see the option to report Stock transactions in the Deluxe version itself.

The only issue is with the Crypto transactions. I have a csv file from Robinhood. But I don't see the option to upload that in the Deluxe Software.

I don't mind upgrading to Premium version, but only if its guaranteed, that I can import CSV from robinhood directly to the turbotax software.

I see this option perfectly in the online version of the turbotax.. where everything was directly imported from the Robinhood accouynt.

The only way currently I  see in the deluxe version is to manually enter each Crypto transaction to the " Stock, Bonds, Mutual Funds" section. That's tedious. But if this way works too.. I dont mind manually entering each crypto transaction. Please confirm

Please advise

[DianeW777]

If you are using TurboTax Online then an upgrade to Premier will be necessary to complete your cryptocurrency trades.  The Robinhood website helps with this process.

To upload your cryptocurrency information:

1. Log in to TurboTax and navigate to the screen for Wages & Income
2. Click the Start button next to Cryptocurrency
3. Choose Yes when asked “Did you sell or trade cryptocurrency in 2020?”
4. Select the Robinhood icon and click Continue
5. Upload the CSV version of your Consolidated 1099
6. Continue through the rest of the process to finish submitting your cryptocurrency income.

You can directly import up to 2,250 transactions this way.

Visit our Help Center to learn more about how to upload your 1099, and for troubleshooting steps.

[bpk1993]

But i already purchased the deluxe desktop version. Please advise, how i can do this process with that.

Will upgrading to premier version help with Robinhood's crypo CSV.

[JotikaT2]

Yes, you will need to update your software to the Premier as there are additional forms needed to support your investments.

Please see the link below for steps to upgrade your software.

Upgrading software in downloaded software

In regards to Robinhood, please see the attached link for steps to import your information into TurboTax.

Importing Robinhood Transactions

I have also included a link to additional information that may be useful to you in regards to your investing activity.  The article covers various type of transactions that would be considered investment activity such as your Robinhood transactions.

Investments and tax return reporting