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.
I need to speak to someone. Please send me a phone number to call regarding cryptocurrency
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?
Please verify what version of TurboTax you’re using.
With TurboTax Online open, you can generally navigate to the Cryptocurrency section following this path:
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!
@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?