cryptocurrency

[ggliverette]

I have read through so many discussions on how to enter cryptocurrency and they all stay the same thing.  Go to investment income and click on crypto(1099-B). No where on my program is that even an option.  I have searched and nothing.  I have Home and Business and this does not exist anywhere.  Does anyone else have this problem?

[ThomasM125]

You may be referring to the online TurboTax program where you will see a section for Cryptocurrency as follows:

However, you will not see that option on the desktop (download) TurboTax program. On that program, you will go to the Investment Income section, and then Stocks, Mutual Funds, Bonds, Other then indicate if you have a 1099-B form or not. You will see an option to enter a description, date sold, date acquired, sale proceeds, cost basis and holding period for your cryptocurrency sale.

If you are reporting an airdrop, you enter that in the Less Common Income section, then Miscellaneous Income, 1099-A, 1099-C section. Give the income a description and enter the amount of your income from the airdrop. Cryptocurrency from an airdrop is not reportable until you can use the money, however. Here is a link with more details:

Cryptocurrency Airdrop

[ggliverette]

So purchasing the desktop version was a waist of money since you have to put everything to do with cryptocurrency in manually.

[ErnieS0]

No TurboTax CD/Desktop is not a waste of money. You can import your crypto transactions as a CSV or TXF file.

1. Tap File in the top left corner
2. Choose Import > From Financial Institution

Several apps work with TurboTax CD/Desktop. 

TurboTax supports CSV files uploaded from these cryptocurrency services. Most of those services have instructions for TurboTax.

• Bitcoin.Tax
• BitTaxer
• Coinbase
• CoinTracker
• CoinLedger
• Robinhood
• TokenTax
• ZenLedger

For more help see How do I import my cryptocurrency transactions into TurboTax?

[NobodyAtAll]

The link you posted only applies to the online version, not the desktop version.  There appears to be no way to import from, say, BitTaxer, in the desktop version.  Of the services you listed, only Robinhood appears when you try to do an import.

[VolvoGirl]

I thought I posted this before....

Do you want to import it?  There is a way.  

You can only import crypto into the Online version.  For Desktop program you can start a free online return to import it then switch and open your return in the Desktop program.  See answer here,

https://ttlc.intuit.com/community/taxes/discussion/i-have-the-turbotax-premier-but-it-s-not-supporti...

[ggliverette]

I did try that, however, when it came to selling cryptocurrency they insist I purchase the 89.00 version.  You can't go past that. 

[AmyC]

More options for the desktop:

1. Enter the total short term on one line and total long term on the next line. Mail in a copy of your 1099-B. Very easy.

2. Follow these steps outlined by JoeFM here. 

• Created a .csv file with all transactions using the format shown at Easytxf.
• Used Easytxf to convert the .csv file into .txf file.
• Import .txf file into Turbotax Desktop:  
  • File / Import / From Accounting Software / Other Financial Software (TXF) file /  Continue / Choose a File to Import / Import now.
• A 1099-B with all Crypto transactions is now created.   This entry can now be edited to include the account details.  Each transaction can be edited as well.

[VolvoGirl]

@ggliverette   Yes you have to use the Online Premier version to import investments BUT BUT you don't have to pay for it.  You can download the .tax2021 file for free to open in the Desktop program.

You can move your Online file to the Desktop program and continue without paying for Online or needing to reenter your info.

To continue in the desktop version see this…….

https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-th...

After you get the program installed the first thing to do before you open your tax return .tax file is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW).

[peacemon99]

this is not true on TurboTax Premier 2021 for Mac.  I only see option for import TXF, or to look up financial institution under the Import menu item. 😥 

[Anonymous]

BEST ANSWER.... THANK YOU!!

[rwdyer2263]

The CSV from Coinbase Pro is not in the same format as what Turbo Tax is requiring. The headings are all different and the info in the columns is not the same. Example: On the CSV the bought and sold time stamps are all in the same column. The Turbo tax wants them in separate columns and labeled differently. With thousands of transactions there is no way to split them up. 

Another issue I am having is when uploading the CSV directly from Coinbase Pro, the final result in Turbo Tax says my overall profit is over 2 million dollars! (I wish). I actually sustained a significant loss (significant to me at least) of several thousand dollars. How do I reconcile this huge discrepancy? 

[LeonardS]

As a Coinbase customer, you should look for a CSV file named TurboTax gain/loss report (CSV).  However, some Coinbase Pro users are unable to see find this file.  If you can not find this CSV file, you will need to use an Aggregator tool.  CoinTracker.io is popular and is free for the first 25 transactions, but it doesn't support the popular Solana.  Koinly.io is another aggregator option and supports Solana.   Those will organize all your crypto info and generate a file compatible for tax reporting.  This will allow you to import your 1099-B data from Coinbase Pro and reconcile the huge discrepancy you currently have. 

[JinweiR]

Can someone explain to me how I can import Robinhood Crypto to TurboTax Desktop Mac version? When I select Robinhood Crypto, it asks me for email and password. What email and password are those? Is there a detailed explaination?

[RobertB4444]

That is the email and password that you use to log in to the Robinhood site.  TurboTax will log in to your account and download your 1099-B and import it for you after you have logged in through the software.