Crypto currency

Forum|Forum|3 years ago
March 31, 2023
2 replies
22 views

I don't see any screen to add or upload crypto currency transactions after selecting "Yes" to "Did you have any financial interest in digital asset in 2022. After "Yes", it jumps to K1 check screen. Where to enter it? Is this a bug?

TurboTax Home & Biz Windows

Best answer by GeorgeM777

Thank you! The TXF format has only few fields compares to CSV format. Is that ok to import lesser fields for crypto airdrop/stake transactions?

Yes, it should not matter provided your txf file has information that will populate the following fields all of which appear in TurboTax online: Description, Date sold or disposed, Sales section, Proceeds, Cost basis, and Gain/loss. If your txf does not contain at least the aforementioned fields, the import should still take place; however, you will likely have to add the missing information. TurboTax CD/download has comparable fields and therefore, to the extent any such information is missing, you will have to manually enter such information.

@kgraghu

HelenC12

Level 15

If you buy, sell or exchange crypto in a non-retirement account, you'll face capital gains or losses. Like other investments taxed by the IRS, your gain or loss may be short-term or long-term, depending on how long you held the cryptocurrency before selling or exchanging it.

If you owned the cryptocurrency for one year or less before spending or selling it, any profits are typically short-term capital gains, which are taxed at your ordinary income rate.
If you held the cryptocurrency for more than one year, any profits are typically long-term capital gains, subject to long-term capital gains tax rates.

There are three ways to enter your crypto in TurboTax:

Import your info directly from your crypto source (this is what we recommend, though it's not available for TurboTax CD/Download)
Upload a CSV file of your crypto transactions
Enter your transactions manually

How to import your crypto

How to upload a CSV

How to enter your crypto manually in TurboTax Online

How to enter your crypto manually in TurboTax CD/Download

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kgraghuAuthor

Level 4

When there is no screen pop ups for import or upload or manual enter, how to do any of these actions? It goes to Schedule K1 section, when I select "Yes" for Crypto Currency.

ErnieS0

Level 15

The IRS treats cryptocurrency sales as sales of property, almost identical to the sale of stocks.

Here’s how to enter your crypto transactions in TurboTax Home & Business:

Tab the Personal tab, then Personal Income
Go to Stocks, Mutual Funds, Bonds, Other in Investment Income
On “Did you sell any investments in 2022?” say YES
On “Did you get a 1099-B or a brokerage statement for these sales?” answer YES or NO. If you received a Form 1099-B you can try importing your data. Otherwise, type it in yourself.
You’ll come to the option to enter a summary of your sales or enter each individual transaction. If you enter a summary, you’ll have to send the IRS a brokerage statement or spreadsheet listing your transactions.

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kgraghuAuthor

Level 4

Thank you. Please see the second screenshot after I click Continue with Yes button selected.

This is what I am getting after clicking Yes for Crypto Currency. I don't see “Did you get a 1099-B or a brokerage statement for these sales?”. I am using Home & Business download version. I am looking for option to upload CSV file