topic Re: Virtual Currency in Deductions & credits

Virtual Currency

am66 — Sun, 07 Feb 2021 19:57:06 GMT

I checked the box yes for did you acquire sold or exchanged virtual currency in 2020. The next screen nice job you are done with income. It does not come up with a page to enter any information. Please help

Re: Virtual Currency

DaveF1006 — Sun, 07 Feb 2021 20:38:40 GMT

You need to take it one step further as this is vital in reporting your cryptocurrency transactions to the IRS.

Log into Turbo Tax
Go to federal>wages and income>investment income>show more
Scroll to the bottom of this heading and select cryptocurrency
Since you already selected that you traded virtual currency, you will probably already see that heading in your income and expenses summary page when you click on wages and income.

Re: Virtual Currency

am66 — Sat, 13 Feb 2021 22:43:23 GMT

I need to speak to someone. Please send me a phone number to call regarding cryptocurrency

Re: Virtual Currency

SForrestLO — Mon, 15 Feb 2021 17:56:36 GMT

@am66

This FAQ will provide you with the steps to contact an agent.

How to contact an agent

Re: Virtual Currency

tetrisqueen — Wed, 07 Apr 2021 23:33:39 GMT

It does not show a "Show more" selection under Investment Income... where do I enter the information for the transaction for a loss on sale?

Re: Virtual Currency

JohnW152 — Thu, 08 Apr 2021 15:52:06 GMT

@tetrisqueen

Please verify what version of TurboTax you’re using.

With TurboTax Online open, you can generally navigate to the Cryptocurrency section following this path:

Click Federal in the left pane.
Click Income & Expenses in the top banner.
Scroll down and click Show more to the right of Investment Income.
At the bottom of the Investment Income list, click Start next to Cryptocurrency.

Re: Virtual Currency

tetrisqueen — Thu, 08 Apr 2021 18:36:35 GMT

Hi... I am using Turbotax Premier, the version purchased at store, so not solely downloaded. I do not see "Income and Expenses" ..... under the Federal Taxes tab, I see Wages and Income, Deductions and Credits, Other Tax Situations, Federal Review, etc... not sure if I am in the correct place. Thank you for your help!

Re: Virtual Currency

DoninGA — Thu, 08 Apr 2021 18:47:42 GMT

@tetrisqueen wrote:

Hi... I am using Turbotax Premier, the version purchased at store, so not solely downloaded. I do not see "Income and Expenses" ..... under the Federal Taxes tab, I see Wages and Income, Deductions and Credits, Other Tax Situations, Federal Review, etc... not sure if I am in the correct place. Thank you for your help!

Using the TurboTax desktop software -

Click on Federal Taxes

Click on Wages & Income

Click on I'll choose what I work on

Scroll down to the bottom of the page and click on Done with Income

Continue until you land on the screen labeled Did you acquire, sell, or exchange any virtual currency in 2020?

Re: Virtual Currency

tetrisqueen — Thu, 08 Apr 2021 19:06:19 GMT

Perfect! Found it! Thank you so much!