No cryptocurrency section for TurboTax Home and Business 2021

[OxmpbetaBoy]

Hello!

I got Home and Business instead of premiere because I am both w2 and own my own consulting business. I do investing as well and it’s been pretty easy. But I have some crypto taxes this year and unbelievable as it is, there is no crypto section. 

should I just calculate my gains losses and sum them up and add them as a generic investment (I can name it “cryptocurrency” etc) in the investment section with cost basis etc? Or is there a more legit way to do this?  

Thanks. Just trying to do it the right way and not get audited etc. 

Thanks. 
Nick

[fanfare]

@OxmpbetaBoy 

At tax time, you have the option to summarize your SELL transactions by Sales Category.

For crypto you would use Box Category C or F since you don't have a 1099-B.

IRS requires C/F SELL 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, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.

--

So far (2020), it seems only TurboTax Online offers the option to attach a PDF file of detail to  an e-Filed return

[fanfare]

If you have only a handful of transactions to report, enter them one by one. No mailing is necessary.

Note: TurboTax has been known to suppress box A or D SELL transaction with no adjustments entered manually.

[OxmpbetaBoy]

Ok. Problem is when you do a market order it fills it piecemeal (15 here, 100.6 there, .056 there, etc) and there’s 8 pages of transactions for two sales. So I was going to just aggregate each individual sale and enter them manually. Just wanted to make sure that I am entering it properly in the proper spot. 

Does the premiere version have a specific crypto section? If so, why does that more expensive home and business no have it?

What  do you mean about suppressing sells? Just trying to figure out what to look for to make sure it’s set up properly. 

[Critter-3]

ALL the programs have the crypto in the same place ... it is treated just like stocks ...  in the H&B version look in the PERSONAL tab  all others look in Federal >> Wages & Income. 

[OxmpbetaBoy]

Is that the online version of self employed?

I have the Mac download version of  Home and Business. Is the download version gimped?

It had no crypto anything anywhere. I looked extensively and searched. 

Do I just need to switch to online?

[TeresaM]

Currently, there is not a section in the desktop versions that is labeled Cryptocurrency. However, it is possible to enter them in the Investments section, if the desktop version is a better fit for you. The TurboTax Online Self-Employed version does have a Cryptocurrency section within the Investment area and also can handle a sole proprietor Schedule C.

If you are importing information from brokerage account 1099-B forms, the import process is the same for stock and for cryptocurrency, so you can use the stock process in the desktop version.  If you will be entering a summary and have the details in a csv file, the online version allows import of the csv file directly into TurboTax. The desktop version has instructions to mail the information after the e-file.

The desktop version saves data directly onto your hard drive and the online version saves it online. You may install the desktop version on more than one computer but would need to transfer the file between them to work on the return and maintain your own backup. With online, you can access from any computer, mac, windows, or the TurboTax mobile app. The desktop version has a forms mode where you can look directly at the forms as they have been filled out by the interview process. This is not available in the online version.

The desktop and online versions handle some things differently but either would work for both your cryptocurrency and your Schedule C. The mobile app does have reduced features but works with the online version, so you can log into the same return from either your computer or your mobile device.

If you would like to switch to the online version, you have already paid for the desktop version but TurboTax phone support can help, so you are not double billed. You can transfer entered information from the previous year of the desktop to the current online version but not from the current year. If you have already entered information for this year, you may wish to continue with the desktop version for this year.

[Edited 01/17/22 7:00 am PST] edited to correct transfer information
@OxmpbetaBoy
 


 

[Critter-3]

@TeresaM    FYI ... if a user starts the 2021 return in the downloaded version then they cannot switch to the 2021 online version without having to enter everything again ... the switch only works in the other direction.

And in the downloaded versions the crypto may not have a separate section ... it is treated just like stock sales ... use that section.  FYI ... in the online it gives a separate crypto section however the interview is exactly the same as stock sales ... they look identical.  

[fanfare]

if you sell multiple lots  with the same LT/ST holding period on the same date, you can aggregate the cost and report it on one line.

Set Date Acquired to "various" for different purchase dates.  If lots were purchased on the same day, use actual Date Acquired.

This is not the same as aggregation by Box Category.