Does the Turbo Tax Deluxe Desktop 2021 version support direct cryptocurrency CSV importing?

[mgbeecher]

Trend Micro flags cryptotrader.tax as being a source of malware. 

[jimmanchisi]

When I follow these instructions, I get a .pdf file, not a .txf file.  

Any further guidance would be appreciated.

[jli8]

i have an acount in coinbase pro, since coinbase only generate a transaction file., and need to translate the transaction file into tax form via cointracker or similiar software. 

when i upload the transaction file to cointracker, it show the following error message: 

File import failed. Invalid header, header columns should be as follow: ['Timestamp', 'Transaction Type', 'Asset', 'Quantity Transacted', 'Spot Price Currency', 'Spot Price at Transaction', 'Subtotal', 'Total (inclusive of fees)', 'Fees', 'Notes']

i wonder if anyone has a successful story to handle this situation and manage to get a required tax form output  from cointracker?  if yes,  what is the trick ? 

thanks

jason 

[davidt100]

Turbo Tax has been the absolutely worst software out there for years, they charge you at every turn and their product sucks!  I have been using them just because I always use them.  NO MORE, the stupid program barely imports any data from the last year and it doesn't even do it correctly half the time.  You can't trust it so why bother?!  And now I can't import my crypto currency because I bought the downloaded version?! no more!  I'm so done with TT!

[eyedit]

Extremely disappointed in TT this year apparently the online version has been enabled for crypto reporting but not the CD/Download version... What I ended up doing is completing the online version and at the end at least they give you the option to download the file ".tax2021" to your computer and the CD/Download version can then open and complete the process once all crypto importing has been completed online.

Also was not happy with Cointracker either... I will do better research next year on whom has the most seamless process for reporting. Wasted 200 dollars on that mess.

[eyedit]

I used the online version to do all importing directly form Cointracker and other CEXs and then downloaded the .tax2021 file from the online process and opened it up in the CD/download version I had purchased.

[swh1950]

I used the tax section of CoinTracker to generate a Form 8949 from Coinbase and then hand jammed it into my TT Desktop.  You could consolidate all the trades from the Coinbase product to hand jam into TT - painful.

[JimLouise]

Koinly only downloads the CSV file for you.  It doesn't format it fI or TurboTax.  I had a number to Dividends to report and put the total into Form Dividends.  The Capital Gains I reformed my CSV file and added Form 8949 next to it so I knew what to enter into TT.  Go to the place to download from a Brokerage and say you will type your in yourself.  Then, type each transaction & be sure to "Tick' the place that says your Exchange didn't give you a 1099.  This will put the entries into the Correct 8949, separate from the Brokerage section.  It would be very helpful if TurboTax enabled us to download from an Exchange directly into TurboTax.

[email address removed]

[AmyC]

Please see another post of mine for uploading crypto to the desktop, summary entry, IRS requirements and more.

[bennywall]

YES you can - went around in circle on this myself..

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-from-the-txf-file/00/25642

[Mr Mike]

While this is true, using "file=>import=>from accounting software allows you to import the Coinbase TXF file.

It saved me a lot of work.

[Mr Mike]

.TXF importing is found under "file=>importing=>from accounting software.

[Chrissy_Pope]

Importing cryptocurrency into TurboTax Desktop program

There are multiple ways to upload a CSV of your digital asset info into TurboTax, depending on your situation. Follow these steps to find out what’s best for you.

1. Identify your sources
• Know the exchanges (like Coinbase), wallets (like MetaMask), and blockchains (like Ethereum) with which you had digital asset activity (like buying, selling, holding) in 2022
2. Identify if you did any of the following in 2022:
• Bought, sold, or converted crypto
• Sent digital assets from one source (like a wallet) to another
• Bought, sold, or minted NFTs
• Invested in DeFi (Decentralized Finance) instruments (like staking or lending)
3. Check if TurboTax supports your sources
• Gain/loss CSVs (1099-B): Coinbase, CoinTracker, Robinhood, TaxBit
• Supported transaction CSVs: Binance.US, CashApp, Coinbase, Coinbase Pro, PayPal, SoFi
4. Determine your next steps
• If TurboTax doesn’t support your sources, follow these steps to create your own CSV 
• If you have Coinbase and you participated in an activity besides trading crypto, we recommend using the Coinbase transaction CSV
• If TurboTax supports your sources, continue to step 5
• If you traded digital assets on Robinhood, then use the 1099-B CSV file provided by Robinhood
5. Sign in to TurboTax, and open or continue your return

Now that you have your .csv file we will be preparing it to convert to a .txf file. Your CSV file should have ONLY the following six (6) columns in this EXACT order

(headers are optional):

Symbol	Quantity	Opening Date	Opening Net Amount	Closing Date	Closing Net Amount
AAPL	100	10/01/2018	$21895.50	11/15/2018	30125.25

Your .csv file should look like this one below before you convert it to a .txf file. I put a header on mine, but it can be done without the header. 

Once you have formatted your .csv file and have all data in correct order then go to http://www.easytxf.com/upload#create to convert the .csv file into .txf file. 

Open TurboTax Desktop and start or continue with your return. Go to the file menu and select Import > From Accounting Software

Then we will choose Other Financial Software (TXF file) and click Continue.

The program will pull up the .txf file from your computer to import, if you have more than one it is important to only select the one you just created and downloaded and click Import Now.

This popup will come up (Not sure why we only imported 22 transactions) just click OK

On this next screen you can click on View Details to see what is imported into your return. 

A popup comes up with the numbers of transactions imported and you can scroll to see details. 

Click Import Now.

Clicking the + will show you 1099-B (transaction #) 

Click Done

Transactions will come through as Untitled, but you can name them but clicking on Edit 

Check the box I need to change the name or account number. 

Choose your Financial Institution in the dropdown or choose My bank/brokerage isn’t here and fill out the name of the Financial Institution

Click Continue

The next screen allows you to Edit/Delete transactions. 

Please be sure that you walk through each one and compare them with your document for any corrections that may need to be made.

If you are happy with the transactions, then just click Done.

Then you will get the summary screen.

You have completed the import of your .txf file and can move on through your return or repeat the process if you have more from other financial institutions.