cryptocurrency

Forum|Forum|4 years ago
February 21, 2022
2 replies
28 views

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?

TurboTax Home & Biz Windows

ThomasM125

Level 15

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

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ggliveretteAuthor

Level 3

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

ErnieS0

Level 15

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

Tap File in the top left corner
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?

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JinweiR

Level 2

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

Level 15

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.

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