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Level 3

Solved

Does the Turbo Tax Deluxe Desktop 2021 version support direct cryptocurrency CSV importing?

Forum|Forum|4 years ago
February 1, 2022
7 replies
0 views

Does the Turbo Tax Deluxe Desktop 2021 version support direct import of cryptocurrency gain/loss csv files from CoinTracker or Kionly? Or do you need the Premier desktop version. Hoping the deluxe version will do this.

TurboTax Online

Best answer by harbinger910

So, maybe answer the question please quite beating around bush, So, what your saying is, even the Desktop version cannot import a Crypto Currency .txf file format /w Crypto gains, is that correct? I realize it can't do .csv formats, but can it do .txf formats for Crypto gain reporting?

Just so others know since we never truly get the right answers from these TT support people. I've researched this further and found out that it is possible to import .txf files into the Desktop/CD TT version, but just not .csv files. Also, currently Coinbase users can use CoinTracker to generate the capital_gains tax and download an accounting .txf file that will import directly into TT using the following instructions below and it works 😃 I guess Coinbase has an agreement w/ CoinTracker that is freeeeeeee for up to 3000 transactions. So, this is nice for Crypto traders. Anyway, hope this helps someone else using the TT Desktop version since I refuse to the use the online versions. Also don't waste your money on the premier version and just get the deluxe version since it works there as well. Cheers.

How to import your transactions into TurboTax:

In your TokenTax Documents screen, create and download a Form 8949 TXF.
On TurboTax, select File -> Import -> From Accounting Software (Windows) or File -> Import -> From TXF Files (Mac)
Select Other Financial Software (TXF file) and click Continue
Select the TXF file you saved from TokenTax and click Import Now
Click Done on the next screen
To review the added information, go to Personal -> Personal Income and scroll down to Investment Income

SForrestLO

Level 11

Yes, please see this Turbo Tax FAQ on how to import.

How do I upload a CSV file of my crypto transactions?

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johst16

Level 2

I believe this must be for the online version because the desktop version does not have any tabs or information on cryptocurrency.

onetechy68

Level 2

No, TurboTax Desktop does not support direct cryptocurrency CVS importing.

@harbinger910

Why not !!???

teamind2000

Level 2

I really hope TT gets it's act together re: crypto. The desktop version should make crypto filing as easy to do as taxes, and make it clear (upfront) about the file formats required. We used CrytoTrader.tax - which generated the .txf file format for us. Here are their instructions (with pictures...which helps me greatly) on how to upload ANY .txf file to TT's desktop version: https://help.cryptotrader.tax/en/articles/2657181-upload-your-tax-report-turbotax-desktop-cd-version

mgbeecher

Level 2

Trend Micro flags cryptotrader.tax as being a source of malware.

kelsybass

Level 2

I am a Product Expert and just went through this with a GREAT customer and it dose work for TTD

How to import your transactions into TurboTax:

In your TokenTax Documents screen, create and download a Form 8949 TXF.
On TurboTax, select File -> Import -> From Accounting Software (Windows) or File -> Import -> From TXF Files (Mac)
Select Other Financial Software (TXF file) and click Continue
Select the TXF file you saved from TokenTax and click Import Now
Click Done on the next screen
To review the added information, go to Personal -> Personal Income and scroll down to Investment Income

jli8

Level 2

i have an acount in coinbase pro, since coinbase only generate a transaction file., and need to translate the transaction file into tax form via cointracker or similiar software.

when i upload the transaction file to cointracker, it show the following error message:

File import failed. Invalid header, header columns should be as follow: ['Timestamp', 'Transaction Type', 'Asset', 'Quantity Transacted', 'Spot Price Currency', 'Spot Price at Transaction', 'Subtotal', 'Total (inclusive of fees)', 'Fees', 'Notes']

i wonder if anyone has a successful story to handle this situation and manage to get a required tax form output from cointracker? if yes, what is the trick ?

thanks

jason

swh1950

Level 2

I used the tax section of CoinTracker to generate a Form 8949 from Coinbase and then hand jammed it into my TT Desktop. You could consolidate all the trades from the Coinbase product to hand jam into TT - painful.

eyedit

Level 2

Extremely disappointed in TT this year apparently the online version has been enabled for crypto reporting but not the CD/Download version... What I ended up doing is completing the online version and at the end at least they give you the option to download the file ".tax2021" to your computer and the CD/Download version can then open and complete the process once all crypto importing has been completed online.

Also was not happy with Cointracker either... I will do better research next year on whom has the most seamless process for reporting. Wasted 200 dollars on that mess.

JimLouise

Level 2

Koinly only downloads the CSV file for you. It doesn't format it fI or TurboTax. I had a number to Dividends to report and put the total into Form Dividends. The Capital Gains I reformed my CSV file and added Form 8949 next to it so I knew what to enter into TT. Go to the place to download from a Brokerage and say you will type your in yourself. Then, type each transaction & be sure to "Tick' the place that says your Exchange didn't give you a 1099. This will put the entries into the Correct 8949, separate from the Brokerage section. It would be very helpful if TurboTax enabled us to download from an Exchange directly into TurboTax.

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