DESKTOP Version - Cryptocurrency

[TiredOfCRAP]

FYI....I tried all that csv file and txf file and converters, etc. NEVER did get to where I wanted to be AND taxes these days should NOT take forever and be as frustrating as it was back in the day when we had to everything by paper! I asure you, under TOOLS online is a place to save your tax file to your machine and then open in TurboTax on your machine....everything is fine! everything is in its proper place, all you have to do is go thru and finish everything else. Crypto records import just fine ONLINE. The ONLY problem I found after importing online, saving the tax file and finishing on my machine was the name of the crypto exchange. I had to manually add COINBASE and COINBASE PRO as the exchange/brokerage names....everything else was fine. Make an account with TurboTax online, start your return and then hop straight to importing crypto part, import your crypto, go to Tools and save the file (.tax2021) to your machine and then simply open the file with the desktop version making sure that your desktop version is the same as what you used online (if used Home & Business online you will need Home & Business on your machine. Seriously got my taxes finished in less than an hour, state and fed.

[TatTBTX]

@HelenC12 unfortunately this does not work for those of us who entered crypto details online and then got locked out of our accounts due to the "oops your connection dropped" issue that seems to be plaguing those of us entering crypto data.

With the other workaround mentioned in the thread, I'm curious if this can handle a larger batch of 8949 transactions without issues, and if it handles large dollar values in the 1099-B, where my last entry online errored and left me locked out.

[3s1k]

For simplicity you could use a crypto tax software. I used Koinly to do all the crypto tax stuff then it exports as a TurboTax file I can import into the Online or desktop version. Yea its an additional cost but worth it. I mined crypto and had 3000 transactions and 160 Form 8949 pages. Just another option.

[TiredOfCRAP]

I don't have over 4000 transactions and one thing I didn't reveal before is this: when I import online turbotax I get a lower profit number than I get simply logging into CoinTracker and downloading their file, additionally I get an even different number when I use Koinly. Yes, I have all the cost basis set the same but yes, all 3 methods give a different profit amount. Of course, I used the lowest which was TurboTax online import (which oddly enough they say comes from CoinTracker) Who knows? Exchanges aren't required to report 1099's to the IRS for 2021 anyhow but since every transaction is on an immutable block chain, then every transaction is traceable no matter how long ago it was so better to report things but no sense in giving more than needed. IRS always says to "enter the lesser of these numbers", so that's what I do. LOL!  

[3s1k]

Lol there you go. I didn't know the IRS says "enter the lesser of these numbers" that's very good information. I had the same issue using the 3 different crypto tax calculators. Different numbers but Koinly was the only one that was almost spot on with with my Annual Mining report so I went with them.

I wasn't using the Import/Sync Crypto feature in TT since I had paid for my own reports before even knowing that was an option in TT. Next year, I will give it a try in comparison with Koinly. The amount of transactions I will have for next years taxes, it will cost me about $250 for a koinly report.

[Sdean009]

I used Koinly for all my crypto transactions.   Had the same problem as others on here with not being able to import it in TT Desktop (Premier).   So I hopped on TT Online (Premier) and was able to load the csv file from Koinly.   Now trying to import the file from TT Online to Desktop.   When I save it on my computer, it saves as a .tax2021 file.   When I try to import, TT Online is looking for a TXF file and I can't seem to get it to import the file.   Any ideas what's wrong or what I'm doing wrong?

[3s1k]

Koinly has two TurboTax options. A Desktop and an Online version. Make sure you select the correct format to export from Koinly.

Also, if you already imported into TT from koinly you just need to export TTonline as the .tax2021 file and open it up in quickbooks.

[Sdean009]

3s1k, thanks for the response.   But I'm not following you on the last part of your suggestion.   How and why do I want to open the TTOnline file in Quick Books?   I'm trying to get it into the Desktop version of Turbo tax.

[TiredOfCRAP]

A .tax2021 file is the native format for turbotax. Do not import. Simply double click the .tax2021 file and your copy of Turbo should open it right up to allow you to do all the rest of the fun stuff. If wondering, open you Turbo file location after saving a turbo file and you will see it is saved as a .tax2021 file. Import is only for other (csv, txf, whatever) file formats. Clear as mud? If you have a .tax2021 file then that is a TurboTax file and double clicking it will open TurboTax 2021.....a .tax2020 file will open TurboTax 2020....see?

[VolvoGirl]

@Sdean009  You downloaded the .tax2021 file from Online?  You don't import it.   You just OPEN it in the the Desktop program.  Go up to FILE - OPEN. 

BUT After you get the program installed the first thing y ou might need to do before you open your tax return .tax2021 file is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW).

[Sdean009]

TiredofCrap, thanks for the response.   I was able to do just what you said.   So now I have that file in a new tax file.   Is there a way (or not) to get that into the tax form that I have all my other info in?    Or do I have to start over and re-enter everything?

[VolvoGirl]

Sorry you have to enter everything else again in the new file.  Be sure to save each file with a different name so you can tell them apart.  Or delete the previous one.

[Sdean009]

@VolvoGirl, thanks for the help.   I didn't see your first response right away.   But when I did, I thought maybe there was still a way to get the crypto info for TTOnline into my existing tax file (that I had already worked a lot of hours on).    But you're saying that I have to start over.... correct?

[VolvoGirl]

Yes start over, sorry.

[TiredOfCRAP]

YEP! Gotta enter everything again! NOW you see why I'm TIRED OF CRAP? Lol. You know how many times I had to do the same thing over and over until I got it right? LOL. About 3 shots of bourbon and 16 bong hits! lol. Maybe next year will be better.....BWAHAHAHAHAHAHA HAHAHAHAHAHAHAHAHA