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

[harbinger910]

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.

[SForrestLO]

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

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

[johst16]

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

[harbinger910]

Thanks, but I'm hoping someone can please offer the correct answer to this and not just assume? I need to know this information soon, I don't have the online version, but only the Desktop version. That would be dumb to only support importing gain/loss files from the online version only. So, can someone please offer the correct answer that is using the desktop version of TT maybe?

[PattiF]

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

@harbinger910

[harbinger910]

Wow, that is really bad and a dis-service to others that don't want to use the online version. Is importing the Crypto .txf file available with the desktop version or is all file importing not available?

[onetechy68]

Why not !!???

[onetechy68]

This one feature is what I need. Not having it is absolutely ridiculous. I should have never purchased this product.

[KrisD15]

@harbinger910

@onetechy68

If you are able to get a summary, or summarize them yourself, you can enter as "Stocks Bonds, Mutual Funds" 

(Long Term ((MORE THAN ONE YEAR)) Short Term ((ONE YEAR OR LESS))  Gain/Loss) 

(Date of Purchase- various)

If you are e-filing, paper-mail Mail Form 8453 with the statement you have showing the transactions, within 3 days of an acknowledgement of the acceptance of your e-filed Federal Return. 

Mail Form 8453 (and trade statement) to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254 

(If you are mailing in a paper 1040, include the statement only with the paper return)

Be sure to separate any earned income (Mining, Air Drops) from trades. 

Enter any "Earned Income" on your Schedule C. 

TurboTax (Online) does have a separate section for reporting Virtual Currency trades, but that is just a convenience for the customer. It all goes to Capital Gains/Loss. 

DESKTOP:

Personal 

Personal Income 

I'll choose what I work on

Scroll down to "Investment Income"

"Stocks, Mutual Funds, Bonds, Other" START

Did you get 1099-B?"   NO   

Select "I'll enter a summary for each sales category" 

If you have both Short Term and Long Term, you will need to enter each on a separate screen.  

FORM 8453

TT Link

[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? 

[harbinger910 · Accepted solution]

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:

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

[MarilynG1]

Reporting Crypto transactions is more than just being able to import a .csv file or a .txf file.

If you save your crypto transaction file to your desktop, you should then go through it and sort out the types of transactions you may have, including:

Cryptocurrency received as payment for goods and services

Cryptocurrency sold, exchanged, spent or converted

Cryptocurrency received as income, and then held and sold for profit

Cryptocurrency received as a gift

New cryptocurrency received from an airdrop

These may be reported in various areas of TurboTax; such as Property Sale, Other Income, etc. (or both). 

Once you have sorted your transactions, you can enter summary totals into the correct areas of TurboTax.

Here's info on How to Report Crypto Transactions,  How to Report Crypto as Capital Gain, and How to Import Crypto Transactions. 

[harbinger910]

Sorry, only interested gain/loss. The import is all I needed.

[CheeseBoard]

I have used the app Accointing.   It successful generates the TXF file for Desktop TT. It has nice features and especially good reconciliation tools. Plus you can import and enter transactions from many different sources other than Coinbase, better IMO than Cointracker.

[harbinger910]

Probably good. But I only use Coinbase and since they partner w/ Cointracker for free up to 3000 transactions to create the TT txf file, so why would you want to pay for something else you don't need? 😃