Hi, I received some CSV files from Paypal for the crypto transactions I did, however, I cannot import them in the TurboTax. Could you please help me through this?

[MichelleLO · Accepted solution]

TurboTax does not currently support importing cryptocurrency from PayPal. For more information, please see the below TurboTax help article.

How do I import my cryptocurrency transactions into TurboTax?

[CryptoMink]

I bought TurboTax 2021 Deluxe on CD.  Then I upgraded to Premier online.  TurboTax did a terrible job clarifying that Crypto imports are only available in the Online version.  However, the online version is free until you file.  So you need to build your income section using the online version, including all of you Crypto imports.  You can import directly from Coinbase and also import CSV files from Paypal.  Make sure you rename the headers as required.  Once you have your Income complete, go to tools.  Find the option to save your tax file to local computer. Once you save it you can abandon your online work.  Reopen the file from your desktop version and complete your taxes from there. File using your desktop version.  You don't need to but the online version this way.  

[Anonymous]

TurboTax ONLINE does support the import of approx 15 different data files from the various crypto exchanges including PayPal. However, the desktop version (I'm using Home & Business 2022) does NOT have this support and at this point they should be torched for the missing functionality.

After getting VERY, VERY angry I decided I would attempt a workaround. rather than keying in each transaction manually, which I have been able to accomplish and wanted to share.

In order to do it, I needed a copy of Microsoft Excel (rather than editing the file by hand) and use of the EasyTXF Website to produce a .txf file which can be imported into TurboTax via the File/Import main menu item.

Load the PayPal Gains and Losses Statement .csv file into Excel, drop the last 3 columns (Gain(or Loss), Gain/Loss & Tax Year) and re-arrange the order of the remaining six columns as follows:

Property Symbol, Property Quantity, Date Acquired, Cost Basis, Date Sold, Proceeds

and save. 

Then find the EasyTXF website (FREE donation based online tool) to translate the file into download.txf (the default) and then import into TurboxTax from the main menu as stated above (Open your return, use main menu File, option Import, Other Financial Software....) and you will be all set.

Intuit - I want my money back!! You are suppossed to be the best....things like this show me you are not across all platforms. I don't want to do my taxes online, that's why I bought the download/cd version.

[JamesG1]

You are correct. 

Your .csv file may be converted to a .txf file using a utility such as Easytxf.  

Then import the .txf file into TurboTax Premium (or Home & Business) Desktop.

• 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 Cryptocurrency transactions is now created. 

Each transaction can be edited as necessary.

@Anonymous