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

[JEllis1905]

Hey Michelle its 2022, do you have that answer yet? I need to import my crypto transactions.

[DawnC]

You can only import .TXF files or 1099-Bs  from TurboTax partners if you are using the desktop software.  This year, TurboTax Online added the feature of importing CSV files from some crypto exchanges.   You can also upload your own CSV file to TurboTax Online.   

Since CSV files can't be uploaded to the desktop program, the transactions have to be manually entered, either individually or summarized by short-term and long-term holding periods.   If you do not want to enter each transaction individually or summarize the data, you have 2 options:

1. You can switch to the Online software and complete your tax return using that.   
2. If you want to use the desktop software, you can start a return in TurboTax Online to get your crypto entered and then finish that tax return using the desktop software.   

You would need to get a refund for the desktop software for option 1 and you won't have to pay for TurboTax Online for option 2.   Instructions for Option 2 are below:
 

1. Start a return in the Online software in the Self-Employed (any individual tax return will work with SE) product.  Use the ''Start for Free'' option as you will not be paying for or filing the return using TurboTax Online.  
2. If you have a saved copy of your 2020 return as a tax file (*.tax2020), import that previous year tax file using the linked instructions (choose 'I used the CD/Download version last year').   This will populate your personal information, previously used Schedules, AGI, carryover amounts, and other important details from your previous year's return.   A PDF file won't work; you need the 2020 tax file.    If you do not have a 2020 tax return to transfer in, you can skip this step, but your 2021 return won't have your 2020 data if you do skip this step.   ***
3. Import or upload your crypto data.   You can connect directly to your exchange or upload your own CSV file.    Use one header row with only the 5 key column labels (description, purchase date, sold date, proceeds, and cost basis) at the top.   If you are using the file from the crypto exchange or aggregator, it may have something hidden or embedded in the header row that prevents it from importing correctly.
4. Once you have all your crypto in TurboTax Online, you can use the Tax Tools >> Tools menu on the left side panel and click on Save your 2021 return to your computer link.   The 2021 tax file will download to your computer.
5. Open that tax file using your desktop software and finish your return.   All of your previous year's information (including 2020 carryovers), as well as your crypto transactions, will be included in the tax file (*.tax2021).
6. Finish your return and file from the desktop software.

***Keep in mind, a *.tax file from a previous year won't transfer if the file is password protected.

@JEllis1905

[franky1_]

i could not see the crytocurrency filling in 2021 turbo primier

[Walk_the_walk]

Got your Q while working on my own taxes.  I  had Premier open and using the Search feature from inside TT Premier, I searched on " cryptocurrency"...

In the Premier Help, there's now a "Cryptocurrency Information Center" with lots of FAQs in it.  Hopefully, that will help you.

If you use Coinbase, they offer tax reports now, showing your trades on their website. It looks to be vastly improved from years past.  There may even be a 1099 form in your CB account.

If you have other crypto exchange accounts besides Coinbase, such as Bittrex or whatever, first look to see if they have a downloadable taxes report of your transactions.  Usually, each exchange offers some sort of downloadable Excel-compatible .CSV  file (Comma Seperated Values file).  But, you do need Microsoft Excel or the Google equivalent (Sheets?) to open those.  

Unfortunately, there's no standardization on these different CSV files.

Good News: We stumbled onto TaxBit, which is an online crypto tax calculator service.  Wow.  Made our tax prep a breeze.

It supports direct importing from many different exchanges from Coinbase to Robinhood to you-name-it, importing and exporting of CSV files, and manual entries, too.  So, you can import from all the major crypto exchanges, as well as from sources like Paypal.  Best of all, the interface is very intuitive and easy to use.  You know, the opposite of TurboTax!

We imported over 650 transactions from Coinbase Pro in 3 minutes, and were able to do reports of buys, or sells, as well as seeing withdrawals and deposits.  Having done years of software QC testing, I was very impressed.

So, if you just have a few transactions, try to use TT Premier if it works.  I'll be doing it myself tomorrow!

We have several dozen this year, so we'll be either using TT Premier, or importing a CSV file from TaxBit.

The other nice thing about TaxBit was this.  As we've maintained our own crypto spreadsheet for years, we were able to use the reports generated by TaxBit to double check our own 2021 entries for errors and omissions.  We found everything was perfect, which really helps.

It's a good thing we know how to use CSV files in Excel, though.  That's a necessity.  For those who dont, check out some online tutorials.

If TurboTax was smart, they'd buy up TaxBit and incorporate their online platform into TurboTax, because TaxBit put a lot of effort into their website.  It's inexpensive, too.

Hope this helps you and others.

[DaveF1006]

To report your Crypto transactions in Turbo Tax:

1. Open or continue your return in TurboTax Online
2. Select Federal, and Wages & Income
3. Scroll down and select Show more next to Investment Income (or Investments and Savings)
4. Select Start or Revisit next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
5. Follow the instructions and we'll calculate the gain or loss from the sale

There's an upload limit of 4,000 cryptocurrency transactions in TurboTax. If you have more than that, you’ll need a transaction aggregator. We’ll walk you through that in the cryptocurrency section.

@franky1_

[LDSmith]

This workaround to use the online version temporarily and then import into TT Premier on desktop sounds ok.  EXCEPT, I have already completed the rest of the tax return (my son's) and apparently would have to start over with the entire process.  I agree with others, this needs to be seamless when using one of the purportedly top tax return prep software packages.

[Cass0317]

Please see the following community post here for assistance importing cryptocurrency in the TurboTax Desktop Version.

You can also find additional information on importing cryptocurrency in the TurboTax FAQ below:

How do I import my cryptocurrency transactions into TurboTax?

@LDSmith

[t-grnt03xx]

I agree with all...

[PR919]

I have TurboTax Premier 2022, and still can't do the crypto upload. Is this timeline to make it available this tax season? 

[AmyC]

You may be able to convert your .csv file to a .txf file and upload it into TurboTax Desktop version.

Follow these steps outlined by @ JoeFM - also here. 

• Created a .csv file with all transactions using the format shown at Easytxf.
• Used Easytxf to convert the .csv file into .txf file.
• Import .txf file into Turbotax Desktop:  File / Import / From Accounting Software / Other Financial Software (TXF) file /  Continue / Choose a File to Import / Import now.
• A 1099-B with all Crypto transactions is now created.   This entry can now be edited to include the account details.  Each transaction can be edited as well.

@PR919

[UHR]

Fast forward 2022 and the issue still remains! Why am I not surprised?

[ZephyrAxis]

Hello Dawn C,

You description of the process was invaluable.

I set up the free account partially filled in information.

Advanced to the to the income section of the online form1099-B

Then imported the file from Coinbase.

Saved the file to computer.

Open Desktop Turbo tax and the file import command on the top bar of the window.

All the Coinbase transaction and required forms were created by TurboTax.

I also imported (on the desktop) TDAmericaTrade information and all those forms were completed by TurboTax.

I would prefer not to include the online process to get the job done.

However, at least it works, as you described.

Hey, taxes are always work.

I hope next year, your process if needed will be described up front as to alleviate the problem.

I thank appreciate your help and assistance!

Thank you

ZephyrAxis

[mdsailor]

Thank you Amy!  This approach works!  (Just need to remove extra columns in the CSV file before converting)

[snicol]

Using TTOnline2021 to start a file and import crypto data then save a .TAX file that can be opened in the Desktop version appears to be a viable solution, but I tried it and it failed to transfer the crypto data to the desktop version.  I felt I had to pay an integrator (Crypto.Tax/Coinledger) to pull together the Nicehash mining data, Coinbase, and Algo wallet data.  This produced a .taxf file with a 1099-B form in it. I found I could import this file into TTPremierDesktop. When I attempted this using "import other tax software," it hung the application, and must have corrupted the TT file since I can only open it to a perpetual "Please wait" message. I restarted everything from scratch and was able to begin a new file, then reimport the .tax file from the integrator, and finished putting in all of my information again. I still had to input mining reward earnings manually as Hobby Income, but the crypto capital gains form 8949 and 1099-B were imported ok. All the software has cost me far more than any prior tax year, but at least I now have a file to submit.  I am hoping for a better solution in Turbotax Desktop next year, because I had already signed up for TurboTax Advantage.

#Dissatisfied with TT2021

[David Loves Deductions]

@DawnC 

Is this still the case? When I do these steps with Turbotax Free Online:

1.  Investment Income
2. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
3. Did you sell any of these investments in 2021?

. .

Cryptocurrency (sold, exchanged, or used to buy something)

. .

I get this paywall: 

"Because you sold investments, you need to upgrade to TurboTax Premier to continue"