What is the most preferred at correctly reporting the crypto taxes, .csv file containing crypto transactions or the actual Form 1099 B?

[zepa2]

I have been a TurboTax customer for about 20 years and I use the downloaded the Home & Business version and it does NOT have an option "Crypto" on the investment section. If I select to add a new account in the "Stocks, Mutual funds, Bonds and Other" it will NOT allow me to indicate that it is Crypto because I do NOT have a 1099-B oy any other report from CoinBase, since the gain is bellow 20K.  I don't want to add investment income labeled as from "No Financial Institution", as this would seem very fishy I believe. This seems to be a MAJOR functionality issue, HOME & BUSINESS is a higher level version and is supposed to allow you to input Crypto gains in a decent way!

[onetechy68]

The instructions dont match this years Turbotax Premier, could I get an answer on how to import the .csv file from my computer directly??

[JohnB5677]

Yes, you can report the transactions individually, or you can download them.

Reporting Cryptocurrency transactions

A taxable transaction will occur when you sell, trade, or otherwise exchange a  cryptocurrency.

You are required to provide a summary of each transaction.  This will include:

• Description

• Date of acquisition

• Cost or value at acquisition (may be zero)

• Date of sale or exchange

• Value or proceeds upon exchange

• All associated costs

This will all be entered in the Stocks, Cryptocurrency, Mutual Funds, Bonds, Other section

You may wish to use a crypto trading/tracking software to maintain the details for tax reporting.

Although brokers now maintain records of the Cost Basis of investments and stocks.  It is your individual responsibility to maintain those records.

Online version

Cryptocurrency download CSV file

The easiest and fastest way to get your crypto transactions into TurboTax is by using the import method. If you’d rather download a CSV file from your crypto service and upload it to TurboTax, here’s how.

1. Sign in to TurboTax, and open or continue your return

2. In the Wages and Income section under Investments and Savings (or Investment Income), select Start or Revisit next to Crypto (1099-B)

3. On the next screen, you may see Did you sell any of these investments in 2021? or Time to kick off your investments!, select either Yes or Okay!

4. On the We can make this faster screen, select Enter a different way, and then select Cryptocurrency on the following screen

   1. If, instead, you’re asked to select an investment type, select Cryptocurrency

   2. You’ll then see the Get ready to be impressed screen. Select Continue, then select Try another way

5. Select Upload on the Select your crypto experience screen 

6. On the What’s the name of the crypto service you used screen, select your crypto service from the dropdown menu 

7. After downloading your CSV file from your crypto service, upload it on the Go ahead and upload your crypto CSV file screen 

   1. Note: Make sure your file extension is .csv

8. Review your uploaded crypto information

TurboTax supports CSV files uploaded from these cryptocurrency services.

• Bitcoin.Tax

• BitTaxer

• Coinbase

• CoinTracker

• CryptoTrader.Tax

• Robinhood

• TokenTax

• ZenLedger

[zepa2]

what about the downloaded version of TT Home&Business?

[onetechy68]

Instructions are out of date, don't match up for this year's downloaded version. Phone support has been a joke. Very disappointed with TurboTax. 

[zepa2]

You're absolutely right. TurboTax is completely lost,  lots of TT Help instructions are incorrect, meaningless, and if you call, the agents are very poorly prepared. I wasted more than an hour on the phone with agents that had no idea of the functionality the TT applications have and should have and ended up with a CPA that guide me on how to go around the functionality flaws and fix the issue manually. Worst, they don't seem to have the proper processes and tools to report application bugs, even serious bugs, to the development and maintenance team. That's a real shame! I've been a TT customer for about 20 years, but for 2022 I'll be looking for a more solid tool for sure, lost confidence in their tool, processes and team.