DESKTOP Version - Cryptocurrency

[Sdean009]

Wow.... I really am starting over.   Is there a way to transfer my info from last year's return into this form that just has the crypto info so far?

[VolvoGirl]

Sorry no to that also.  But you could transfer 2020 into an online return and then import the crypto again and download a new .tax2021 file to the Desktop.  Do you want to go though that hassle again?

[TiredOfCRAP]

Once more....the easiest way I found was to go online and start from the beginning a NEW return. Put in your name and all that bs and then tell it to import 2020 tax info from your machine (.tax2020 file) and then go do the crypto thing and then save the file as a .tax2021 file and then open on your desktop....ALL your 2020 crap will be there and your crypto and then just go finish the rest of it and file it. IF you screw the pooch on your desktop, worry not, everything you did online is still there! AND TT will bug the **bleep** out of you because they want you to finish and file online because IT COSTS MORE. Look man, like eveything else in this country, IT IS A RACKET! YOU have to figure out how to beat it.

[TiredOfCRAP]

Look Volvo Girl telling you the same thing.....do as much as possible online then save file and finish on desktop.

[3s1k]

@Sdean009 I'm so sorry lol. I accidentally wrote Quickbooks when I meant to say TurboTax.

Someone below answered. You can download the TT online file as a .tax201 file to your computer. When you launch the desktop version you can chose to open up that file to continue doing your return.

I read the comments and realized I need to start filing with Online version. Then save it, open with Desktop version to complete. Like everyone said, if you start on the Desktop version first there's no way to merge the Online and the Desktop version.

[Jeratwo]

So here is a super easy fix for everyone rather than starting all over.  And it's uber simple.  

1. Not sure why everyone thinks you NEED to import all your transactions into Turbo Tax Desktop.  You don't.  You just need to enter the summary total values.  However, since the IRS will want to see some details of where these numbers are coming from, you'll want to follow up with a letter to them, including the official forms such as Schedule D & Form 8949 so show more legitimacy.
2. Go to Koinly (or whichever crypto tax tracker you use) and download the "complete tax report". This will include all the totals resolved from form 8949 & Schedule D, as well as all of your interest income and expenses.  
3. Now, open that file, and it will show you all the summary details (totals) you need to enter into turbotax manually to do the calculations. Typically just 4 or 5 entries in total. 
4. So, just enter the key item totals in the correct fields in TurboTax including Short Term Cap Gains, Long Term Cap Gains, Income & Expenses, and any other gains or losses you might have shown on the form and wallah!  You are finished.  
5. However, when using this method, even if you file online, the IRS will want you to send them a letter stuffed with the full forms and schedules that they normally require, including schedule D and form 8949, and any other forms you think will support the legitimacy of your entries.  If your taxes are anything like mine (1 to 2 weeks to complete @ 8 hours a day, this is MUCH easier than re-entering everything. Hope that helps.

[3s1k]

I'm circling back to this great info again. I did my taxes last year but for the life me couldn't figure out if I did them online or used the desktop version from Costco. 

I'm glad I saved this post because now it's all coming back to me. The Online version is about $140 and the desktop premier version from Costco is like $50. 

Thanks for the info on starting my taxes online to import my crypto and then downloading the .tax form and opening it up on Desktop Premier. You're an Orange Flavored Life Saver🤣

[tcselling11]

That is so stupid!  You make the desktop version inferior to the online version!