I have the downloaded desktop version of TurboTax Premier 2020. How do I import my cryptocurrency transactions?

[BDholla89]

I just received my cryptocurrency tax form from Robinhood. I am having trouble finding where to upload my file into TurboTax. I have the downloaded desktop version of TurboTax Premier 2020. I can find where to upload stock documents but not the cryptocurrency. Any help/advice?

Thanks! 

[RayW7]

We've built a solution that allows you to import transactions from Coinbase to TurboTax, with plenty of help and resources along the way. ... csv files will include the cost basis of your Coinbase transactions (if available) so TurboTax Premier can easily help you file your cryptocurrency transactions.

see link(s) below-

How to file crypto taxes with TurboTax?

TurboTax Makes it Easier for Coinbase Customers to Report

[BDholla89]

Correct me if I’m wrong, but that solution is only for TurboTax Online and not the downloaded desktop version?

[advcards]

Also for the 2019 year

[TiffanyL]

For some reason TurboTax has not yet updated their desktop Premier version for cryptocurrencies as they have with the online Premier version. The online version has a separate section for cryptocurrencies and walks you through the transaction. 

Follow these steps in the Premier Edition: (for online version but it will assist you)

1. Open (continue) your return in TurboTax.
2. In the search box, search for investment sales and then select the "Jump to" link in the search results.
3. Answer Yes to the question Did you sell any investments?  (If you land on the Here's the investment sales we have so far screen, select Add More Sales.)
4. Continue following the onscreen instructions and we'll calculate the gain or loss from the sale. Note: There isn't a specific section for digital currency, but if you answer the questions related to sales, we'll be able to do the proper calculation.

OR if the jump-to link is not working

1. Select the Federal tab
2. Select Wages and Income 
3. Select Investment Income
4. You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview 
5. When asked Did you get a 1099-B or a brokerage statement for these sales? select No 
6. When asked to Choose the type of investment you sold select Everything else
7. Translate proceeds of each transfer into US dollars at the time of the transfer
8. Repeat for each

Please let us know if this helps.

[AnyNameWillDo]

Is there timeline when TurboTax Premier Desktop will be updated with crypto section; similar to the online version? Thank you.

[MichelleLO]

This issue is still under investigation and therefore we do not have an estimated date at this time.

@AnyNameWillDo

[Walk_the_walk]

This makes no sense.  What could be so different about the desktop version than the online one?  I have traded crypto for years, and this is the first I have heard of this inherent deficiency.

Lucky for me, we use our own spreadsheet, finely tuned year after year.  But even so, I would have bought the online version this year, WHICH WAS CHEAPER by $10, if I had known this.

So, to be clear, you pay more for the CD version, likely due to packaging and shipping, but they fail to let you know that it does not import crypto transactions from Coinbase??!

Yet, TT regularly updates both versions multiple times through the tax season.  This really makes no sense.  HAVE THE VP of DEV explain this to me like I'm not a software tester. 

And, while we are at it, have him explain to me why after all these many years, TT Business still has no import module to import transactions from TD Ameritrade, eTrade, Schwab, Fidelity.  This same module exists in TT Premier.

NEXT YEAR I WILL NOT BE BUYING TT Business.  I had to enter 80 stock transactions for a trust using TT Premier.  It was beyond tedious.  And yet you have a flawless import module in TT Business.  It was grueling.  If I am going to be doing that, and it appears that I will, year after year, I might as well buy Tax Act and save some $$.  Because TT Business is a ripoff anyway, and I only need it to generate a single page K-1.  That's it.  I need to import data from my TD Ameritrade trust account, and print out a K-1.  And you make that as hard as possible.

Is the TT Business group a bunch of B grade programmers who can't code a simple import module?  Are they asleep at the wheel?

INFURIATING.

[marshallmc1]

Since the desktop version doesn't assist with Cryptocurrencies, is there an option to switch to the online version?  I got Premier because of the Crypto functionality but didn't know there was a difference in the online and desktop versions.  One would assume the functionality would be the same...

Thanks.

[Walk_the_walk]

The desktop version of TT Premier allows you to download the software from the webpage InstallTurboTax. com, OR install from the CD.  This info is found on the insert inside the CD case above the license code. 

Not sure if you installed and activated it, if you can uninstall and try again.

Moreover, their crypto import feature is limited to Coinbase's proprietary CVS file.  If you trade on another exchange, you'll have to manually enter the data anyway.

As we did.  Luckily only 4 trades this year.

But, we had to enter 80 stock trades into TT Business, one at a friggin time.  All because that software has no import module whatsoever.

[mh01884]

I spent 70.00 for the desktop TurboTax Premier version at Costco and just found out I can't import my 384 cryptocurrency transactions automatically unless I have the online version.  Can I exchange versions for free and then import all the work I completed from the desktop version into the online version?

Michael Hetland

[DawnC]

Here is an option - 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 crypto currency 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.   

You can import your own CSV file into TurboTax Online.   It can be downloaded from any exchange or aggregator (or you can create your own) to your own PC.  Then modify the spreadsheet file to contain these 5 columns.  

1. Purchase Date
2. Date Sold
3. Proceeds
4. Cost Basis
5. Currency Name

The other option would be to file using the Online software and get a refund from Costco for the desktop program.   @mh01884

[UHR]

This is the last year I am going to use Turbotax. Why can you not merge the online and desktop versions together? Its been 3 years and the ability to add Crypto trades  is still not there. Complete bs!

[sssohal]

You need to use the online one. Use the 60 day money back guarantee, ask for a refund for the desktop version.
That's my plan because I'm in the same situation.

[UHR]

The software keeps bouncing me back and forth between versions. “ This is better on online version” that is better on desktop version. Utter annoyance. If I am paying for the dumb software every year i expect it to work. There is too much fragmentation at the company i suspect, different teams managing each version or something. Also the online version constantly crashes “Snag messages”