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Does the desktop version of turbo tax let me upload å cryptocurrency CSV files and computes the gains/losses for you?

 
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2 Replies

Does the desktop version of turbo tax let me upload å cryptocurrency CSV files and computes the gains/losses for you?

No, not directly.  If you can't import the txf or csv file into the Desktop program there might be another way.  EXCEPT Online is now closed to new returns.  

 

You can only import crypto into the Online version.  For Desktop program you can start a free online Premier return to import it then download the .tax2021 file for free and open it in the Desktop program.  But that would mean starting over with the new file and losing all the Desktop entries you already made.

Does the desktop version of turbo tax let me upload å cryptocurrency CSV files and computes the gains/losses for you?

@vincentghu 

 

If TurboTax won't accept your CSV file, proceed as follows.

Adjust your csv files so the columns are in the same order as on Form 8949.
Put a header with your name tax year and SS Number.

 

Use the summary option and then you can mail in the printout of the CSV files.
See the TurboTax instructions that will pop up.
Note: only SELL transactions are reported.

You would use Category C and/or F since you don't have a 1099-B.

 

At tax time, you will subtotal your SELL transactions by Sales Category.

IRS requires Box C/F details to be listed on your own Form 8949,
or on your other forms (e.g. spreadsheets) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize (not itemize) and e-File, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.

If you put the printout in PDF format, TurboTax Online may ask you for it.

Then you would avoid mailing.
Since e-File is now closed, you will be filing a  paper tax return.
Attach the csv printout you just assembled to your paper tax return.

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