topic Re: Entering Cryptocurrency into TurboTax in Get your taxes done using TurboTax

Entering Cryptocurrency into TurboTax

troehlig — Tue, 25 Feb 2020 22:11:05 GMT

I have TurboTax Premier 2019. How do I enter the cryptocurrency. It asks the question at the end of wages and income. I answer yes, but nothing happens. How do you enter it?

Re: Entering Cryptocurrency into TurboTax

ColeenD3 — Tue, 25 Feb 2020 22:30:22 GMT

If you sold cryptocurrency follow these steps:

Reporting cryptocurrency is similar to reporting a stock sale. You'll need to report your cryptocurrency if you sold, exchanged, spent or converted it. When it comes to hard forks and airdrops, you only have taxable income if it results new cryptocurrency.

You have to do this for every trade you made. If you bought coins at different prices or sold partial amounts, then you have to keep track and record the difference of what you sold. Cryptocurrency exchanges are not required to provide a 1099-B or summary tax statement for cryptocurrency transactions.

You'll receive a 1099-K if you made over 200 cryptocurrency transactions or your proceeds exceeded $20,000. You don't need to enter all the details from this 1099-K in TurboTax. Enter all your sales and trade info to accurately capture all your cryptocurrency transactions and keep the 1099-K for your records.

It’s your responsibility to keep records of your transactions. The most common way to do this is to download your order or trading history from your exchange’s website. You may need to do this a few times throughout the year due to limits on how far back you can get information.

Once you have your figures:

Open or continue your return.
Select Federal from the left menu, and Wages & Income from the menu near the top.
Scroll down and select Show more next to Investment Income.
Select Start or Revisit next to Cryptocurrency.
Follow the instructions and we'll calculate the gain or loss from the sale.

There's an upload limit of 2,000 cryptocurrency transactions in TurboTax. If you have more than that, you’ll need a transaction aggregator. We’ll walk you through that in the cryptocurrency section.

Re: Entering Cryptocurrency into TurboTax

dherting — Fri, 28 Feb 2020 21:29:37 GMT

I am in TurboTax Premier and do not see the "show more" button in Investment Income. I see "Get extra help", but the drop down says nothing about cryptocurrency.

Re: Entering Cryptocurrency into TurboTax

fanfare — Fri, 28 Feb 2020 21:37:33 GMT

Only TurboTax Online supports import with a few brokers.

To see if your broker is one of those, go to their website, it should give you instructions on how to do it.

Otherwise you'll need a transaction detail list using or similar to Form 8949 that you can mail in.

Re: Entering Cryptocurrency into TurboTax

dherting — Fri, 28 Feb 2020 21:43:17 GMT

If I get crypto tokens for free (airdrop, staking) or as payment such that it is "income", I think is is like miscellaneous income, but I don't get a 1099-misc. I can't find a way to enter this "income" if I don't have a 1099. Where, or how, do I enter this type of crypto income?

Re: Entering Cryptocurrency into TurboTax

AllDespacito — Thu, 12 Mar 2020 23:04:46 GMT

@ColeenD3 Responding to this as this is not a solution in TurboTax Deluxe or Premier. There is NO "Show More" Button.

In 2018, I was able to import my list of cryptocurrency transactions directly into TT; where is that functionality in 2019?

Re: Entering Cryptocurrency into TurboTax

JohnB5677 — Thu, 12 Mar 2020 23:48:08 GMT

Like stocks or bonds, any gain or loss from the sale or exchange of the asset is taxed as a capital gain or loss.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

Federal Taxes
Wages and Income
Click on I'll choose what I work on
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button
Continue through the questions

Re: Entering Cryptocurrency into TurboTax

marling — Mon, 11 May 2020 20:25:52 GMT

Once you go through the process and answer the question about Cryptocurrency it seems that you have to enter the data right then. If you skip an go on to enter other non-Crypto data you can't get back. I have spent hours trying to find a solution. There just doesn't seem to be a link back to the cryptocurrency page.

Re: Entering Cryptocurrency into TurboTax

Anonymous — Fri, 03 Jul 2020 19:32:11 GMT

See https://ttlc.intuit.com/community/taxes/discussion/should-we-report-robinhood-s-cryptocurrency-info-as-just-another-1099-b-or-in-the-turbotax-s/01/1655650#M586996

Re: Entering Cryptocurrency into TurboTax

Tom_II — Mon, 18 Jan 2021 21:49:11 GMT

I have Turbotax Premier 2020, How do I enter the cryptocurrency. It asks the question at the end of wages and income. I answer yes, but nothing happens. How do you enter it?

Re: Entering Cryptocurrency into TurboTax

Irene2805 — Mon, 18 Jan 2021 22:31:26 GMT

Please see the following TurboTax articles for information on entering cryptocurrency:

Re: Entering Cryptocurrency into TurboTax

Tom_II — Mon, 25 Jan 2021 11:51:07 GMT

At this point, I don't need to know how to enter my data. In the Turbo Tax program, your instructions tell me how to get to INVESTMENT INCOME. When I get to that level, your directions say to SELECT SEEMORE. Your program does not have that selection and I can NOT proceed to the CRYPTO......... selection. My copy on TURBOTAX Premier does NOT have the option to select CRYPTO............... Is there a fix for this or do I need a different program? Your directions do NOT work because there is no "SEE MORE" selection.

Re: Entering Cryptocurrency into TurboTax

PattiF — Mon, 25 Jan 2021 22:08:52 GMT

If you are using TurboTax Online, go to the section marked Investment Income.

Click on Investment Income
Click on Cryptocurrency button to enter information.

If you are in TurboTax Desk Top, open Forms.

Type in cryptocurrency
Click button for Cryptocurrency Worksheet
Open form
Enter details

Re: Entering Cryptocurrency into TurboTax

lieiti — Sun, 06 Jun 2021 22:27:42 GMT

Hi, where exactly can I find out how to use a "transaction aggregator"? Step by step instructions? I have over 2500 transactions.

I tried already to figure it out but it didn't work properly. Please link to step by step instructions, or please inform if there are none.

Thanks.

Re: Entering Cryptocurrency into TurboTax

tereasiamaynor — Thu, 17 Feb 2022 02:11:04 GMT

need to enter cryptocurrency

Re: Entering Cryptocurrency into TurboTax

MarilynG1 — Thu, 17 Feb 2022 02:42:11 GMT

It depends on whether your cryptocurrency was considered earned income or treated as a property sale.

To help you determine which of these two possibilities applies to your situation, click on this link.

Click this link for details on How is Crypto Taxed?

Re: Entering Cryptocurrency into TurboTax

kcrocks74 — Tue, 22 Feb 2022 15:50:05 GMT

I have turbo tax Deluxe, it ask me if I traded crypto in 2021 and I did, but no where can I find where to import my Coinbase file into turbo tax. I have looked under wage/income - investment income, no where does it say Crypto?

Re: Entering Cryptocurrency into TurboTax

PatriciaV — Tue, 22 Feb 2022 16:05:49 GMT

@kcrocks74

Only the TurboTax Online Premier and Self-employed versions allow you to import cryptocurrency. If you are using the CD/Download version, you have two options:

One option is to start a free tax return in TurboTax Premier Online. You don't pay for the return until you file it, so you won't have to pay the Online fee. Enter (import) your cryptocurrency information in the Crypto section, and then save the .tax file (not PDF). You can then open the tax file in TurboTax desktop, add the rest of your tax data and file.

How do I save my TurboTax Online return as a tax data file? This FAQ will also have instructions on how to continue your return in the TurboTax CD\Download version.
How do I import from the .txf file?

The other option would be to file using the Online software and get a refund for the desktop program using this link: How do I request a refund for my TurboTax product?

Related information:

Re: Entering Cryptocurrency into TurboTax

kcrocks74 — Tue, 22 Feb 2022 16:12:51 GMT

This makes no sense of why TT would do this, but yet on the desktop version it ask if you bought/sold crypto. Now I have to do my taxes all over again online and now try to request a refund from TT for my deluxe edition. What could go wrong with this scenio?

Re: Entering Cryptocurrency into TurboTax

tlclark46 — Fri, 25 Feb 2022 17:48:44 GMT

where do I enter crypto trades on turbotax premier 2021