Entering Cryptocurrency into TurboTax

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Thank you for your answer, I do want to confirm because there are a few inconsistent responses out here.

I purchased the Turbo Tax Deluxe Desktop -- if I upgrade to Premier Desktop - will this work?

I have a csv which I pulled all of my exchanges into  (via a crypto tax software) -- so I'd rather import via csv than manually enter.  

If Turbo Tax Online is required for the CSV import, please let me know.

[JamesG1]

In TurboTax Desktop Premier version, you may elect to report summary information.  If your brokerage statements include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered, you will enter the summary info instead of each individual transaction.  Follow these steps:

• Go to Federal Taxes / Wages & Income / I'll choose what I work on / Investment Income / Stocks, Mutual Funds, Bonds, Other.
• Click Start / Update to the right.
• Click on Add More Sales.
• At the screen Did you get a 1099-B or a brokerage statement for these sales?, click Yes.
• At the screen Let us enter your investment sale info, select I'll type it in myself.
• At the screen Which bank or brokerage sent you this form?, select My bank/brokerage isn't here.
• At the screen Tell us about your 1099-B, select I'll enter a summary for each sales category.

You may be able to convert your .csv file to a .txt file and upload it into TurboTax Desktop Premier version.  Follow these steps:

• Create 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.

@jadelu4200

[mike_e_ryan]

I'm using Turbotax Premier Desktop version and when I open Forms and type in cryptocurrency NO form is returned just blank. 

I was able to enter my crypto sale under Investments, but I can't figure out where to enter the Crypto "Rewards" received. 

Please advise. Thanks

[DaveF1006]

You will actually enter this reward as ordinary income and when you dispose of it then it is a capital gains transaction. Here are the steps to do report this as ordinary income.

1. Go to federal>income and expenses>
2. Less Common Income> Start
3. Miscellaneous Income,>start
4. Other reportable income>start
5. Next screen asks Any Other Taxable Income>yes
6. Here you will enter "Crypto Reward" as a description and then the amount of the reward. 

@mike_e_ryan

[Oakland_baby]

On the desktop version of premier, there is no place to type "cryptocurrency" when I switch to Forms

[JohnB5677]

In Step by Step on the Desktop version

1. Go to federal
2. Income and expenses
3. Less Common Income
4. Miscellaneous Income
   1. Other income not already reported on W-2 
5. Other wages received 
6. Wages earned as a Household Employee > Leave Blank
7. Sick or Disability pay > Leave Blank
8. Any Other Earned Income > Yes
9. Enter Source of Other Income > Other
10. Enter the description and amount

[iscotty123]

This solution does not work for the desktop versions. It is as others have said not available if you do not enter information when the intial enteries are made. I wanted to go back after completing the known enteries but because I didn't enter anything for cryptocurrency there was no longer an ability to find anythjing related to crypto.

[AmyC]

Crypto sales go on sch D and are entered in the stocks, mutual funds, bonds, other section.

The desktop version does not have crypto in the wording and requires different handling. It is still under Investment Income. Select Start next to Stocks, Mutual Funds, Bonds, other. 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,

Select an entry option:

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 and the program gives you the instructions.

2. You may be able to convert your .csv file to a .txf file and upload it into TurboTax Desktop version.

Follow these steps outlined by JoeFM here. 

• Create 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.

3 .You can make your own csv file. Manually change your columns to 5 columns in this order:

1. Purchase date
2. Date sold
3. Proceeds
4. Cost basis
5. Currency name

Then you can upload the document and select 1099-B as the type. 

To upload:

Desktop: 

In the black bar at the top, go to FILE, select Import. Choose broker or another software.

If you choose another software, you can choose the .txf file to import.

@iscotty123

[kmenace450]

Good answer, thanks.

I did get a 1099B from Etoro but I can't get my account to import into the desktop version of TurboTax, though it is listed as an import partner.  I see it does not work for a desktop version.  

Since I got a 1099B form from Etoro I would think I would not have to send in the 8453 form but could just report the summary totals (all short term capital gain (net) ).   Guess I'm wrong, the TT instructions say to send in the entire statement with 8453 as the basis is not reported and considered codes B or E per Etoro statment. 

Grrrrrr..... 

[nahammond]

You say crypto info mssing for cost basis.  My coinbase form shows capital/loss for every sale.

I can't find anything missing!

Where do I find missing info.

THis is a real pain

[JohnB5677]

You may be fortunate enough to have all of the required information.  On a form 1099-B it would show as Box 1e labeled Cost or other basis.  Your reporting form may be different.  You can simply post it as AmyC outlined above.

@nahammond