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seccam
Level 2

Is it true that if we use Turbotax desktop version of premier - we can not efile crypto currency related gains/loss?

Somewhere on this forum I read that for crypto currency transaction one must have online version of premier TT

so we can use desktop version for crypt related transactions?

and for desktop version we can have 5 federal efile included(whole family)  vs online you have only one efile (one person?)

 

If 5 efile - can we efile for a friend or he/she must be a blood relative ?

4 Replies
fanfare
Level 15

Is it true that if we use Turbotax desktop version of premier - we can not efile crypto currency related gains/loss?

Enter each SELL transaction into TurboTax by hand.

OR, use the summarize option and mail the details on paper via US Mail.

Then you can e-File.

 

@seccam 

seccam
Level 2

Is it true that if we use Turbotax desktop version of premier - we can not efile crypto currency related gains/loss?

Can u please respond to all the questions 

 

there is  no way to upload a file prepared by crypto.com tax software in to desktop premier version of TT?

 

Also it says 5 returns - can I file for a friend or he/she must be a close blood relative ?

VolvoGirl
Level 15

Is it true that if we use Turbotax desktop version of premier - we can not efile crypto currency related gains/loss?

Yes you can do a friends return.  There is a way to get crypto into the Desktop program.

 

You can only import crypto into the Online version.  For Desktop program you can start a free online Premier return to import it then download the .tax2021 file for free and open it in the Desktop program.  But that would mean starting over with the new file and losing all the Desktop entries you already made.

 

 

See the last answer by Expert Patricia  here,

https://ttlc.intuit.com/community/taxes/discussion/i-have-the-turbotax-premier-but-it-s-not-supporti...

seccam
Level 2

Is it true that if we use Turbotax desktop version of premier - we can not efile crypto currency related gains/loss?

Ok thanks ..

I also want to know for premier desktop version - when we add a SCH 1 for add other income(additional income and adjustment to income) 

 

can we add a statement to explain what that other income is ?

 

I am asking because a relative has foreign capital gains and foreign interest income where they don't give required 1099 forms either B or INT or DIV - so last year she declared as other income and give explanation as foreign capital gains ..and foreign interest income etc and it was accepted by IRS.

She wanted to add that income as regular capital gains or interest/dividend but she could not because like I said it was foreign broker/bank ..they dont issue 1099 forms so basically they neither report to IRS or even give 1099 forms so there was no way to validate if she reported as regular capital gains or interest.

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