Filed with TurboTax DESKTOP Premier. Need to amend because I left out 'Coinbase Pro' Crypto. How do I do that without buying the ONLINE version as well?

[bluedeb · Accepted solution]

You can amend a return in the Desktop software.  See the following:

Amend a 2021 return for the Desktop software:

1. Open your TurboTax 2021 software (you must amend your 2021 return in the 2021 version of TurboTax)
2. Select Amend a filed return, located near the bottom of the homepage
3. Select the return you wish to amend, then Continue
4. On the Did you already file your return? screen, select Yes, I've already filed my return and then select I need to amend my 2021 return
5. Select Continue. Don't worry if your refund changes to $0. This is normal for amended returns.
6. On the next screen, select Update next to the info you need to change, then follow the onscreen instructions until you reach the screen Do you need to change anything else?
   • If you need to make more changes, repeat Step 6. When you’re done making changes, select Done 
7. Carefully answer the remaining questions to finish amending your return
8. Don’t forget to select Save As (Mac: select Duplicate) from the File menu when you save a copy of your amended return. This will preserve the tax return you originally filed
   • Name the copy you're saving so that you can distinguish it from the original, for example as 2021_amended_tax_return_Smith
9. You can e-file your amended federal return in TurboTax, but only some states allow you to e-file your amended state return. We’ll walk you through the filing options for your state at the end of the amendment process.

Note:  Any changes you make to amend your federal return will automatically be transferred over to your state return. If you’re already amending your federal, you don’t have to make any changes to your state, unless you’re making state-specific changes.

If you want to track the status of your amended return, use the IRS Where's My Amended Return? tracking tool. Allow at least 16 weeks for the IRS to process your amended return.

Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you filed your amended state return and you haven't heard anything, we suggest you contact your state tax agency.

[BelowMe]

Wrong..."TurboTax Premier DESKTOP", DOES NOT allow for Crypto to be entered. You MUST use  "TurboTax Premier ONLINE" for Crypto gains and losses. (Who Knew) I have already purchased and filed with the desktop version. I now need to amend the return but cannot find a way to amend the desktop file with the online version.

[Anonymous_]

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@BelowMe wrote:

You MUST use  "TurboTax Premier ONLINE" for Crypto gains and losses. (Who Knew)

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Not true. The desktop versions of TurboTax can do anything and everything the online versions can do, and more.

[GoldLettuce8526]

As already stated, crypto can be entered. You can do this manually in the 1099-B section, and enter each sale/transfer/exchange/etc. This will create a Form 8949 with line-item entries for each sale transaction, and update your Sch. D, etc.

While CSV's are not importable on desktop yet, if you have many to enter you could look into Crypto Tax(free) which will create an importable .TXF file for TurboTax:

Crypto.com Tax | The Best Free Crypto Tax & Bitcoin Tax Calculator

https://tax.crypto.com

or check this post for other additional references :

There is no CRYPTO line in my Turbotax Premier (intuit.com)

[BelowMe]

Doing it MANUALLY is not the same as "The desktop can do everything and more".

There are over 200 transactions. NOT DOING IT manually.

[BelowMe]

**SOLVED** Was finally able to create a '.TFX' file with the "COIN TRACKER" tax file generator. (@ cointracker.com) They work with COINBASE PRO for free to generate a specific TurboTax .txf file you download, then import into the DESKTOP TurboTax under 'FILE', then 'IMPORT', then 'FROM ACCOUNTING SOFTWARE'.

[GoldLettuce8526]

Sounds good! I'm glad you were able to get that resolved.

For what it's worth, Tastyworks Crypto uses Hash Zero, which actually issued a 1099-B and reported to the IRS. All you'd need at that point is one 1099-B summary entry, and you're done(unless you need to make adjustments). I was surprised by this when comparing the other crypto exchanges and how they handle tax documents. For example, Kraken doesn't automatically issue documents unless you meet certain criteria($$$), although you can export ledgers and trades in CSV format for use in manual entry or converting to .TFX format with software/web apps.

It is probably a good idea to keep your own ledger and records of sales/trades/exchanges, whether for stocks or crypto. Then you have the master list to compare their information to, and will already have it formatted for import or conversion. This may seem redundant and duplicative, but it may prove more accurate and save time in the process. 

[BelowMe]

Turbotax DESKTOP will automatically import 1099's of any broker of regular equities. Including Robinhood & Robinhood Crypto. The ONLINE TurboTax version will auto-import Coinbase And Coinbase Pro as well. Works great and is very easy as a matter of fact. Hopefully, by next year, TurboTax will have caught up on each version.

[nshah400]

I didn't use CoinTracker to create my csv file, but it showed me Two ways. One was how to do it on Coinbase Pro itself. I followed those steps, and got the simplified file from which entering buy/sell directly in TurboTax wouldn't be difficult. Surprising that Coinbase Support could not give me this!! Thanks....