How to enter cryptocurrency on the downloaded version???

[PDtaxfilerDIY]

What do you mean by "Right now, only the online version allows importing of CVS files and images." ? Will it soon be added as one of the frequent updates to the desktop version? I have to wait for brokerage stmts so I can wait for that as well. And to be clear I am referring to the import of crypto sales which I would rather not enter manually - whats the point of a computer program when you have to do manual entry?

[DawnC]

You can import brokerage statements from most financial institutions (Form 1099-Bs) in TurboTax desktop and online.   This year, TurboTax Online has added the ability to import non-1099-B transactions data from crypto exchanges as well as CSV files and images (for crypto only).    

Crypto partners, nor image/CSV importing is available on the desktop program this year.    And unfortunately, there is no ETA on when the desktop version will have that capability.    However, you can summarize your crypto data in the same way you can summarize your stock/1099-B data (when your financial institution is not partner or you can't import)  in either version.   

@PDtaxfilerDIY

[Basement_Buzzard]

Already found it. You are the first "expert" that actually read what was being asked and didn't make assumptions about which package or what degree of mining was being done. Thanks.

All I can say about TT support is, other than using the phone service, there essentially isn't any.

 Community forums is NOT support...too much misinformation...too many assumptions...too difficult to find results.

[Basement_Buzzard]

Like I said, it looks like Intuit is in the process of abandoning the download versions.

[DawnC]

Very unlikely the desktop program is going anywhere.    The crypto importing for capital gain reporting is new in TurboTax Online, but in every other aspect of the software, the desktop program has more flexibility.   I would hope those importing features will to be added to the desktop at some future date.   I am glad you got your hobby income reported and I will leave some other contact links below that will hopefully help you find answers.   @Basement_Buzzard

What is the TurboTax number?

Contact Us

[Abidio20]

The instructions do not match what is available in the download version.  I bought premier instead of delux because it said it could handle cryptocurrency.  There is nothing in the software that mentions it under income. The software needs to be updated and this added.

[DawnC]

Premier does handle crypto, but you have to manually enter your transactions in the desktop program.   To enter crypto transactions in desktop, enter them as investment sales and answer NO to the 1099-B question.   The entry is exactly the same in the Online program as it is in the desktop program.   It is only the section descriptions that are different (Online has the word ''crypto'' in the section description, but that is the only difference).    To enter crypto in the desktop program:

1. Open or continue your return
2. In the search box, search for investment sales and select the Jump to link
3. Answer Yes on the Did you sell any investments in 2021? screen
   • If you land on the Your investment sales summary screen, select Add More Sales
4. On the Did you get a 1099-B or brokerage statement for these sales? screen, select No
5. Answer the questions and continue through the screens to finish entering your crypto sale(s)

@Abidio20

[gregorybologna]

Thanks. I see that there is really no special handling of crypto in the desktop version. Can't say for the online version bc I never saw it. IMO, Turbotax Premier desktop is misleading us. Every year Turbotax desktop has some sort of marketing bs. The only mention of virtual currency is a step "Did you acquire, sell, exchange, or dispose any virtual currency in 2021?" Clicking Yes and Continue just takes you to "my name, Here's a Picture of Your 2021 Income" What the heck is this? What a jip!

Coinbase will only issue a Form 1099-MISC if you earned $600 or more in crypto, and they are not required to issue a Form 1099-B or issue reporting to the IRS as of yet. So if even Turbotax actually did handle virtual currency reporting, it wouldn't do any good for anyone who falls into the $600 minimun.

BTW, I do suggest that your edit your instruction for #2. There is no investment sales label, and I have no idea what you're saying by select the Jump to link.

[JoeFM]

After using Premier desktop version for 15 years and trading cryptocurrency for the first time, I just found out the rude awakening that this tax software does not assist with cryptocurrency tax filings. The fact the online version of the same software does is even more puzzling. I hope I don't have to go back to using an accountant.

I understand there is Schedule D and 8949 handles cryptocurrency gains/losses from buy/sells. But how about cryptocurrency income from mining, rewards, interest, etc?

Can Intuit at least put a detailed instruction guide/video (with examples) on how to enter all the different cryptocurrency scenarios manually in the desktop version? 

[KBCPA1]

I viewed info in the Cryptocurrency Info center and step by step references were given how to report and upload from 15 Crypto firms. I spent time looking for the input screens provided in the video on the 2021 Premier download edition. As those interested know, it is not there.

How can Intuit release this product without the ability to upload crypto non-1099B sales and exchanges ? Yet that can be done in the online version? 

Very disappointed, not uploading my info to the Intuit servers. I will manually input and look for another product next year when the smoke clears. 

[liliasergey]

Looks like Intuit does not know about cryptocurrency income from rewards, interest, etc.

They said rewards, interest is taxable as original income. Agreed. But there is no "Original Income" section in TurboTax! How to enter those transactions?

Also, the online version allows you to import your data from 15 CryptoExchanges. Only 15! What about Voyager? What about BlockFi?

 When the majority of people will start doing their taxes later this month or two, then Intuit will see real reaction to their product.

[RaifH]

TurboTax does have a cryptocurrency hub that does contain answers to many questions about the different ways it is taxed.  

Cryptocurrency from mining is considered self-employment income as the fair market value in USD when you get the currency. To get to self-employment in TurboTax Desktop Home & Business:

1. Go to the Business section and Business Income and Expenses.
2. Enter the General Business Information then click Start next to Business Income.
3. Report your cryptocurrency mining income as General Income.

Earnings through interest and rewards are considered Other Income and would be reported in TurboTax Desktop using the following steps:

1. With your return open, go to Personal > Personal Income
2. Open the Less Common Income section and start or revisit the last entry, Miscellaneous Income, 1099-A, 1099-C.
3. On the next screen, start/revisit the very last entry, Other Reportable Income, and answer Yes on the following screen.
4. On the next screen, enter a description (for example, "crypto interest") and then enter the total USD amount.
5. You may repeat this for every currency for which you received interest or a reward or combine them on a single line.
6. Select Continue when finished.

Thank you for your suggestion that cryptocurrency importing continues to be supported in TurboTax Desktop. We will pass it along to our Content Department. 

@JoeFM

[liliasergey]

We need to enter every transaction, not just a total USD amount. It is Form 8949.

One simple example. Assume, I'm stacking 10 different coins. Every month I've got interest in them. Every month the price of coins was different. So I need to report 10*12=120 transactions, not just 10 different total USD amounts. How to do it in TT?

I would easily calculate it using special software like cryptotrader.tax. They can create a file for importing to TurboTax.  But this year Intuit removed this option from the online version (never had it in the desktop version). The CryptoTrader is not an Intuit partner any more?

[GeorgeM777]

We assume when you "staked" your crypto coins you received interest in the form of new coins as a result of staking.  And yes, you would report these transactions separately in TurboTax.   We feel it is appropriate to mention (and we cannot give legal advice) that the issue of whether staking is a taxable event arguably remains unclear.  However, we also feel that it is appropriate, at least for now, to report what you received, and its value on your return.   

TurboTax supports CSV files uploaded from these cryptocurrency services.

• Bitcoin.Tax
• BitTaxer
• Coinbase
• CoinTracker
• CoinLedger
• Robinhood
• TokenTax
• ZenLedger

While CSV files are limited to the ones listed above, importing cryptocurrency transactions can be effected from more than 15 different cryptocurrency services directly into TurboTax. Here’s how.

1. Sign in to TurboTax, and open or continue your return
2. In the Wages and Income section under Investments and Savings (or Investment Income), select Start or Revisit next to Crypto (1099-B)
3. On the next screen, you may see Did you sell any of these investments in 2021? or Time to kick off your investments!, select either Yes or Okay!
4. Select Let’s import! on the We can make this faster screen
   1. If, instead, you see the Get ready to be impressed screen, select Continue
5. Select your crypto exchange from the list on the Let’s import your tax info screen or use the search bar to search for your crypto exchange
   1. Note: Imports can take up to 3 minutes to complete
6. Once selected, your crypto transactions are pulled into TurboTax
7. Review your cryptocurrency transaction info on the Your investments and savings (or Your investment sales summary) screen
   1. Note: Depending on the exchange you import from, your transactions may be labeled with Needs review. To review, open your exchange and compare the info listed with the info imported into TurboTax. When you’re done reviewing, select Continue to complete the import process

[KBCPA1]

@GeorgeM777 

Again employee tax expert is missing the point. Agree you can upload directly into TT from 15 different crypto services BUT only through the online version. Why don’t you state that ? 

It is not available on the software version of TT that one can download for a set fee. The one where we can efile 5 Federal returns. And that’s probably the rationale. Anyway, state that fact and be honest with your readers.