DESKTOP Version - Cryptocurrency

[TiredOfCRAP]

I am completely lost. I have TurboTax Premier DESKTOP, not online, however everything I read on Cryptocurrency reporting doesn't exist in my desktop version. I don't have ANYTHING in regards to cryptocurrency, no links, nothing. I am reading support articles stating that Coinbase imports directly into TurboTax and that I can import a CSV file....WHERE?? I can not find anything in this version of TurboTax. Can anyone help?
P.S. I don't need help with investment taxes or math, etc. It is almost like there is a huge piece of my software missing.
Signed, Tired and now lost.....

[HelenC12]

You can use the cryptocurrency import and other features with the TurboTax Online Premier and Self-employed versions only.  

One option is to 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 cryptocurrency 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.

• How do I save my TurboTax Online return as a tax data file? This FAQ will also have instructions on how to continue your return in the TurboTax CD\Download version.
• How do I import from the .txf file?

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

Related information: 

• Your Cryptocurrency Tax Guide
• How do I report earnings or losses from Bitcoin and other cryptocurrency?
• I didn't receive a 1099-MISC, 1099-B, or 1099-K for my Bitcoin or other cryptocurrency earnings, do ...
• How is cryptocurrency like Bitcoin taxed?
• I'm mining Bitcoin, what does that mean for my taxes?

Source: DawnC

[TiredOfCRAP]

So, Intuit sold me a product that is missing features required for me to properly and conveniently do my taxes? I ALWAYS buy the download product because I simply don't want handing my info over to some third party server if not necessary....the desktop version is supposed to make it unnecessary.

Additionally, at what point in time did the rules change on software? Generally, you install it, there's no returning....and a download? You will need to elaborate on that a bit. Consider paying 58 dollars to Sam's Club for TurboTax download and you find out it WON'T do what you need it to. I'll take advice on just how to return the crap.

I find all this a bit unreal as crypto has been around for quite a while now.

AND I find a real issue with a company selling a product that will NOT perform the functions the company advertises. I believe the FTC has distinct rules on misadvertisement and just plain ol' lying to reap a profit. I believe I shall file a complaint with them. Now you know why my screen name here is what it is...different year, diffrent crap, same company. 

[TiredOfCRAP]

And BTW, I neglected to thank you for your answer....Thank you

I am obviously forced into using that procedure by no fault of my own. I hope it works for me but I am thinking I have been ripped for 58 dollars by a bunch of folks hiding behind curtains...sign of the times. 

[TiredOfCRAP]

OK. I was able to import crypto online and then download a .tax2021 file which opens fine on the desktop. The procedure stated above needs work.... it was not as "cut and dry" as stated but after playing around a bit, there is a way to download the &%^%$## thing. What a crap way to do something...talk about cumbersome and prone to problems!

HEY INTUIT....If you are NOT going to provide everything on a downloaded live-alone application, STOP IT. If taxes aren't a PITA enough, just use this thing! They would have a great product if it did everything as advertised. Feels like I'm back in 1990 again. Good luck folks and Goodbye.

[Not happy w false advertisement]

Well, mark another one up there for the rug pull. Saw everywhere advertised TT premier will handle Crypto, made sure I bought the premier version. I have been purchasing the download version for years, just got into Crypto the current filing year..........and would you look at that, advertisements were not clear you can only report Crypto in the online version. I am now finding out the hard way after purchasing a download and not able to report my Crypto.  This is really deceptive. After using TT since 2007 I am about done using this company for my returns!

[TiredOfCRAP]

Right there with you Not Happy! Here's how I did it though!!

1. Do your taxes on the website but DO NOT file them.
2. When you are done and have imported ALL your crypto (which works fine on the website). SAVE your file to YOUR computer. It is a .tax2021 file (native TurboTax file).

3. Once saved on YOUR computer, open the saved file in YOUR PAID FOR copy of TurboTax Premier and VOILA! You have everything you need from the connected crypto exchange (mine is Coinbase and everything imported just like it came from a real brokerage like TD.

You can do as many returns as you like for free online as long as you don't file. And LOOK GOOD for the option to SAVE TO YOUR COMPUTER.
My taxes are finished and filed, with all crypto imported, utilizing the "Free" filing that came with my downloaded TurboTax Premier. If I had filed using the online feature they wanted to charge WAY more than what my copy of TT cost me. I find that making money on confusion and chaos, by misleading claims and baffling the customer with BS, a good cause for retribution and revenge, but I guess even the hackers have to file taxes. Maybe by this time next year there will be a better solution for both QUICKEN and TurboTax, but I doubt it since both are owned by companies publicly traded. Intuit sold Quicken to an investment group (H.I.G. Capital) and we all know what those groups do to products. Intuit owns TurboTax and they are publicly traded also. I try my best to short companies that fleece me, that's MY retributive justice. Doesn't hurt them much but sure makes me feel better knowing all my future copies of TurboTax are paid for, and my children. lol. TRANE, INC. really screwed me over so I shorted them so much I got the $6000 back for this POS HVAC unit plus all the service calls and future repairs and the $1500 to have the coil removed, coated, and reinstalled on a new unit! Anyhow, best of luck! Regards, The Curmudgeon's Curmudgeon.

[GrumpyCustomer614]

Oh my god, I agree completely with others. Everywhere I read said Premier will do Cryptos. So I bought the TurboTax Premier on Amazon. Halfway filing it, I looked for import Cryptos.... where da heck is it? After 3 hrs searching and reading... I have the CD/Desktop version. WHAT?! There's an online version? WHAT DA HELL! And I have to pay again if I want to go online route? I'm a first time TurboTax customer and so confusing with the  TurboTax products. The Desktop version is slow and old looking. Feels like I've gone back to 1999 GUI. 

Thank you for the work around from others. 

[Anonymous]

Warning: if anyone else needs to do this, download from turbotax online FIRST. I prepared all my taxes on the desktop version only to need to redo it again because I can't combine the file downloaded from the online version. How hard is it for Intuit to create an csv upload reader??? UGH

[JamesG1]

Were you provided a .csv file?  You may be able to convert your .csv file to a .txt file and upload it into TurboTax Desktop Premier version.

Follow these steps: 

• Create 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.

@emak

[TiredOfCRAP]

I went online, did my MOST of my taxes INCLUDING importing all the crypto and such then I saved the file to my computer which is a .tax2021 file which opens with no issues with the desktop version of Turbo and I finished my taxes as needed on my machine, filed them and they were accepted that night and less than a week a fed refund showed up and about a week after that the state refund showed up...PITA but, worked just fine! AND ITS FREE as long as you don't file online. YES, there is an option under tools online to save your tax file to your machine. Really a pretty simple process after you get done cussing Intuit for the PITA and the Pain in the neck. LOL.

[3s1k]

Thank you so much everyone. Like everyone else, I went to Costco to purchase the Desktop Premier version of TurboTax because it is way cheaper.  I even chatted with support and explained I did crypto. All they said was Premier version was for crypto and the Costco version was fine. So I ran to Costco because its $69.99 vs the $169 for the Online Premier version.

After reading this, I chatted again with TT support and finally they told me the only differences between Premier Online vs Desktop was that Desktop does not have Crypto functionality. I asked a few questions and support basically gave the same steps as everyone here on doing everything online, saving the version to my PC and opening on the Desktop version. See the chat info below. I hope this helps someone.

 I researched for you to ensure accuracy. The major difference with the online vs CD Premier is that the desktop does not support Crypto currency. Thank you. I researched for you to ensure accuracy. The major difference with the online vs CD Premier is that the desktop does not support Crypto currency. The filing options are pretty much the same besides the crypto currency.

Go to turbotax website and log in to the account you already started a return in. In TurboTax Online, My Account, then click Tools, and then select Save your 2021 return to your computer. Browse to where you can easily find the saved file, such as your Desktop. (Optional) Change the default name to something more meaningful, for example J Doe 2021 Tax Return. Click Save. Now, open the .tax2021 file in TurboTax for Windows: Open your TurboTax 2021 program. From the File menu, select Open Tax Return. Browse to where you saved the .tax2021 file, and then click Open. (Optional) Review, edit, or delete the info that transferred over.

[lenin1991]

This solution worked, though it requires modifying the CSV to match the columns expected by txf.

[GrumpyCustomer614]

Hi, 

What kind of modification?  I imported straight from txf. 

[lenin1991]

I meant that I needed to modify the CSV from the crypto exchanges, so that the columns were in the order expected by the txf converter.