Which income section do I enter cryptocurrency trading gains?
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New Member

Which income section do I enter cryptocurrency trading gains?

 
16 Replies
Level 1

Which income section do I enter cryptocurrency trading gains?

Follow these steps in the Premier Edition:

  1. Select the Federal tab
  2. Select Wages and Income 
  3. Select Investment Income
  4. You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview 
  5. When asked Did you get a 1099-B or a brokerage statement for these sales? select No 
  6. When asked to Choose the type of investment you sold select Everything else
  7. Translate proceeds of each sale into US dollars at the time of the sale
  8. Repeat for each gain
New Member

Which income section do I enter cryptocurrency trading gains?

Using this method will give you an error while trying to efile. Is there an alternative method that can be used to Efile?
New Member

Which income section do I enter cryptocurrency trading gains?

I also just got an error for this. I'm glad I'm not alone...but its frustrating
New Member

Which income section do I enter cryptocurrency trading gains?

Also got an error.
New Member

Which income section do I enter cryptocurrency trading gains?

Is your error, "Part III, line 5c, should not be greater than the gross sales price"?
New Member

Which income section do I enter cryptocurrency trading gains?

New Member

Which income section do I enter cryptocurrency trading gains?

Yes, then when I switched my existing entry from "Everything Else" to "Personal", I was still getting the error. The only way to fix it was to delete the existing entry, choose "Personal" from the start, then go back to Review.
New Member

Which income section do I enter cryptocurrency trading gains?

I spoke with a TurboTax representative. The solution for me was to download my current return in progress and edit the lines using the desktop app. It wont allow you to edit these fields online. Hope this helps everyone.
New Member

Which income section do I enter cryptocurrency trading gains?

Hey Intuit, You might want to get your ACT together...this is terrible implementation
New Member

Which income section do I enter cryptocurrency trading gains?

Shouldn't this be reported as stock, we do pay transaction/commissions etc. All  tax services should be on this, they saw this coming at least a year in advance....
New Member

Which income section do I enter cryptocurrency trading gains?

wtf
Level 2

Which income section do I enter cryptocurrency trading gains?

Hi Everybody, I had to figure this out for one of our wonderful TurboTax customers!  

Please follow these instructions to report your cryptocurrency.
 
1)    Log in to TurboTax and click to continue your tax return.
2)    On the left side bar, click TOOLS
3)    The Tools Center will open up, click Topic Search.  
4)    In the search box for Topic Search, type Cryptocurrency
5)    Select cryptocurrency from the list and click the blue GO button.
6)    You will land on a page that asks “Did you sell or trade cryptocurrency in 2018?”.
7)    Click YES
😎    From here, you can import your cryptocurrency info.  If you do not see the service you use, then you will need to type in the info yourself.

This is a pretty good TurboTax article that discusses cryptocurrency.  <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00...>

Hope that helps!
Returning Member

Which income section do I enter cryptocurrency trading gains?

na
New Member

Which income section do I enter cryptocurrency trading gains?

The last information I read regarding crypto is that the IRS is considering crypto as PROPERTY and NOT investment income.  Either way TurbTax is dropping the ball on this and it's ridiculous.

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