My Coinbase docs won’t upload for the crypto section

[KK7]

I downloaded the all-time transaction report provided by Coinbase, and my transactions are below the limit of something like 2,400 transactions.. I am getting an *invaid download error message.

[DawnC]

You may need to download the transaction report from Coinbase as a CSV value or convert it to a CSV file before uploading/importing it to TurboTax.  Transaction history (all-time summaries) files won't import, see these instructions below.  

1. Go to www.coinbase.com/tax-center (you may be prompted to sign in first).
2. Select 2019 next to the Gain/Loss Calculator.
3. Download each individual CSV file from the list of cryptocurrencies (2,251 is the max amount of transactions you can do in TurboTax).

After you're done, sign in to TurboTax to upload your files (you'll need them to report any gains or losses).

Don’t download any transaction history files as they won't work. If you experience issues downloading, please contact Coinbase directly. 

[R1952]

This would be helpful, but how about for 2020? 

Cannot find a GAIN/LOSS CALCULATOR at Coinbase.com 

Hopefully that was not replaced with the link to a third party web site that asks for all my coinbase account info to calculate my taxes. 

[CarissaM]

Coinbase has information to calculate your gains/losses here. 

For more information on their tools, you will need to reach out to Coinbase directly. 

[R1952]

Unfortunately this link goes to a coinbase 'general information' page which I already read.  Coinbase does not appear to calculate gains and losses.   

Other TT experts and TT Forum discussions referred to having coinbase generate a CSV file.  FYI, the only coinbase CSV file it will generate is a "history file".  That's good for getting transaction history, but then it is a "manual" process of sorting the transaction information to determine dates/cost basis, dates/taxable events and related proceeds.   

Even after the laborious process of figuring cost basis, there is nothing I've found about where the einput is made in the TurboTax program. 

[Cynthiad66]

How to enter cryptocurrency on the downloaded version???

1. In TurboTax, open your tax return.
2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen.
3. Scroll down to All Income, locate the section Investment Income and click on Show more.
4. Click Start next to Stocks, Mutual Funds, Bonds, Other.

It depends on what product being used and what the issue is for the transaction log. 

• For TurboTax Online: How do I enter cryptocurrency transactions?
  • How do How do I enter more than 2,251 taxable cryptocurrecny transactions?
• For TurboTax CD/Download: How do I enter cryptocurrency transactions in the CD/Download?

When it comes to cryptocurrency taxes, keep things as honest and transparent as possible. The IRS views cryptocurrency as property, and so any capital gains acquired from the sale or transfer of said property must be reported as income, the same as the sale or transfer of any other asset.

[R1952]

This is a very bad statement for TurboTax.    I've been a loyal user of TurboTax desktop for more than 30 years.  Normally I go with the flow when there is a glitch between IRS and TurboTax.  Unfortunately, for 2020 taxes TurboTax Premier has been a waste of money.  (State did an audit on my 2017 TurboTax submission and there was an error that TurboTax said was apparently self inflicted.   So I paid in arrears plus the penalty and let that pass.) 

Year by year as taxes become more simplified and documentation gets further reduced, TurboTax has become far more user 'unfriendly'.  For 2020 taxes I've needed to ask for too much guidance from the TurboTax Forum (...the blind leading the blind; too many guesses or band-aid offers) and from TurboTax Experts who have essentially been apologetic about lacking performance of TurboTax desktop.   

Following a rejection by the IRS for my eFile I now need to file hardcopy, so I do not even get that value from my payment for this software. 

I just want a refund.

[Anonymous]

Taxes more simplified over the years?  You're kidding, right?  nothing could be further from true... 

[TerukoL]

@R1952 Please click How do I request a refund for my TurboTax product?

We take your concern very seriously and wish to help address this.  Unfortunately, in this public forum, we do not have direct access to your account, so we invite you to please contact our TurboTax customer support. team to assist your further. 

[R1952]

simpler relative to 'my' evolved tax situation, yes

[R1952]

Thanks, I've already contacted a TurboTax Expert human by phone to request the refund. 

[Raph]

Unfortunately, Coinbase no longer supports the direct upload of your CSV file to TurboTax. The good news is, you can access your CSV file through CoinTracker instead, and get the same benefit. Take a look at "How do I get a CSV file from Coinbase?"