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Returning Member
posted Feb 6, 2022 10:38:46 AM

How do I report Cryptocurrenty on Premier disc version

I am trying to input my cryptocurrency into turbotax. I entered one as gains/losses on a 1099-B. I am having trouble figuring out how to report crypto rewards though. In the disc version, there is no cryptocurrency section that I can find. And while a lot of the posts here list it being able to import from Coinbase, again, the disc version will not even show Coinbase as an option for import. I can get the raw transactions report from Coinbase as a csv file but I can't do anything with it. I have seen a lot of answers, but they all seem to apply to the online version which is apparently different than the disc version. Would I just list it as an other taxable income?

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2 Replies
Expert Alumni
Feb 7, 2022 6:16:22 AM

No, don't report it as "other taxable income". For tax purposes, it’s either considered earned income or treated as property sales.

 

You can use the cryptocurrency import and other features with the TurboTax Online Premier and Self-employed versions, only.

 

One option is to start a free tax return in TurboTax Premier Online. You don't pay for the return until you file it, so you won't have to pay the Online fee.  Enter (import) your cryptocurrency information in the Crypto section, and then save the .tax file (not PDF).  You can then open the tax file in TurboTax desktop, add the rest of your tax data and file.

 

The other option would be to file using the Online software and get a refund for the desktop program.

 

Related information: 

Source: DawnC

New Member
Feb 13, 2022 9:26:36 AM

This worked for me.  I'm using TurboTax Deluxe. I was able to download my Coinbase transactions and import them into TurboTax Deluxe.

 

Create a CoinTracker account.  It is free.  Go to the Tax Center in CoinTracker.  Go to Tax Reports.  Select Tax Filing Software.

Select TurboTax CD/Download File and download your transactions.

 

Using TurboTax (software version).

 

  • On TurboTax, select File -> Import -> From Accounting Software (Windows) or File -> Import -> From TXF Files (Mac)
  • Select Other Financial Software (TXF file) and click Continue
  • Select the TXF file you saved  and click Import Now
  • Click Done on the next screen
  • To review the added information in TurboTax, go to Federal Taxes / Wages and Income / Investment Income / Stocks, Mutual Funds, Bonds, Other.
  • Your Coinbase transactions will appear here!!

I'm told CoinTracker has a deal with TurboTax which allows for 3000 free transactions to be downloaded/imported.  I successfully did 39 transactions even though a message on CoinTracker says it's limited to 25. 

 

Very disappointed with Turbo Tax this year.  CSV download/import was promised.  Hope this is fixed next year.