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Level 3
posted Feb 21, 2022 1:14:09 PM

cryptocurrency

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?

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21 Replies
Expert Alumni
Feb 21, 2022 1:37:49 PM

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

Level 3
Feb 22, 2022 4:47:26 PM

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

Expert Alumni
Feb 22, 2022 6:33:40 PM

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?

New Member
Feb 24, 2022 7:40:36 PM

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.

Level 15
Feb 24, 2022 7:46:46 PM

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-supporting-cryptocurrency-there-is-no-cryptocurrency/00/2244398

Level 3
Mar 7, 2022 12:43:41 PM

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. 

Expert Alumni
Mar 7, 2022 3:34:42 PM

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.

 

 

Level 15
Mar 7, 2022 3:39:12 PM

@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-the-turbotax-software/00/26129

 

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).

 

 

New Member
Mar 18, 2022 3:06:08 PM

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. 😥 

Not applicable
Mar 19, 2022 3:04:33 PM

BEST ANSWER.... THANK YOU!!

New Member
Mar 20, 2022 11:45:28 AM

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? 

Expert Alumni
Mar 22, 2022 8:48:54 AM

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. 

 

New Member
Mar 23, 2022 11:37:41 PM

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?

Expert Alumni
Mar 28, 2022 10:02:29 AM

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.

New Member
Apr 9, 2022 11:43:53 AM

I was able to convert a CSV to a txf but the totals aren't correct.

I like the idea of one line for short term and one for long term, but I didn't get a 1099B from Coinbase.

Should I have?

 

New Member
Apr 10, 2022 2:51:11 PM

@ ErineSO, I tried to follow your advice, but coinbase and paypal are not selectable financial institutions on the desktop version of turbotax.

 

I will return the desktop product and do it online instead. 

Expert Alumni
Apr 13, 2022 9:20:57 AM

If you opted for paperless, Coinbase does not send you the paperwork. You need to log in and go to your documents section to find the form.

 

Be sure to go through your transactions and remove all personal property losses. The IRS expects each transaction looked at in case of any of the transactions were loss due to personal use, such as lunch at Starbucks or payments towards bills, etc. Loss on use of personal property should not be included on your return. The gains are included along with any (gain or loss) transactions that were investment related.

 

You can enter 4 lines and cover the entire form.

Enter the totals for each: 

  • short term covered
  • short term non-covered
  • long term covered
  • long term non-covered

 

If you decide to enter summary data only,  you are required to send a copy of your 1099B to the IRS. Once you submit your electronic copy, TurboTax prints out a cover letter and instructions on where to send a copy of your 1099B.

 

Additionally, if you have a foreign wallet, that is considered a foreign asset and may require filing Form 8938. See About Form 8938, Statement of Specified Foreign Financial Assets

 

@momdoestaxes

 

Level 15
Apr 13, 2022 9:23:57 AM

@xjtaxed   There is a way to use Online for free and then finish and file from your Desktop program.  Scroll up and read my earlier post.

Level 2
Apr 16, 2023 3:07:45 PM

Nope - doesn't work.  User testing is a good thing for a firm to do.

Level 2
Apr 16, 2023 3:09:27 PM

If one has already done 90% of their taxes for 10 hours already, this method does not work:  One has to start over from scratch.

Level 2
Apr 16, 2023 3:18:05 PM

Yes, for the first time since 1984 (when I started using Turbo Tax -- early adaptor), this software (desktop) is a giant disappointment and time waster.  Having worked with data for 9 years, the instruction herein by helpful people amounts to jumping hoops (translating data from format to other format with conversion tools) -- we did stuff like that when working with tech data full time.  Turbo Tax should not be asking users to jump hoops when they have had a few years to think about the ramifications of Crypto, tax reporting - esp since they provide this ability/functionality with the online version.  Well, there users who prefer desktop for privacy issues (ie - avoiding bad actors who seem to find ways to circumvent just about every portal/firewall/server in the U.S.).  

Very disappointing, Turbo Tax.  After researching and reading all of this here and also in Coinbase for 2 wasted hours, I typed the transaction in 1.5 hours.    (And it appears even "buying" a tax add-on tool in a platform (such as Coinbase) still seems to be incompatible with Turbo Tax from what some of these posts threads indicate.

Very disappointingafter all these years, Intuit.