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kodiak1120
Level 1

How to enter cryptocurrency on the downloaded version???

I'm using the downloadable version of TT for 2019.  Where do I enter cryptocurrency sales?  It asked me at one point if I had sold and I said yes, but it never asked anything else.  I've gone through all of the income topics and none of them cover crypto.  I've seen reference online to the online version and you go under Federal and the Wages and Income, but those menu items are not within the downloaded version, which looks totally different.  HELP!

79 Replies
MinhT1
Employee Tax Expert

How to enter cryptocurrency on the downloaded version???

Your should have received form 1099-B if you sold cryptocurrencies.

 

You can enter your form 1099-B by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Investment Income and click on Show more
  4. Click Start next to Stocks, Mutual Funds, Bonds, Other
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kodiak1120
Level 1

How to enter cryptocurrency on the downloaded version???

There is no left hand column on the downloaded version.  It looks completely different than the online version... VERY ANNOYING! 

KathrynG3
Expert Alumni

How to enter cryptocurrency on the downloaded version???

In TurboTax Desktop, to enter cryptocurrency that must be reported as an investment:

 

Option 1: Step By Step

  • From the Personal Tab>Personal Income
  • Select I'll choose what I work on
  • Scroll to Investment income and click Stocks, Mutual Funds, Bonds, Other click Start
  • Click Add an account
  • Did you get a 1099-B or a brokerage statement from these sales? Click No
  • Choose the type of investment you sold Select Everything Else and click Continue
  • Enter the details of your transactions

Option 2: From Forms Mode

  • Click on the Forms toggle in the upper corner>
  • Click Open Forms>in the search box, type cryptocurrency>
  • Click on Cryptocurrency Worksheet> click Open Form
  • Enter the details of your transactions

For a large number of transactions, enter it in summary form on Form 8949, one total for short-term and one total for long-term. Mail in the pages along with Form 8453 with the Form 8949 box checked.

 

For short-term transactions, Box C checked on Form 8949 for not being reported to you on Form 1099-B

For long-term transactions, Box F will be checked on Form 8949 for not being reported to you on Form 1099-B

 

Form 8453 can be found in Open Forms and printed to include with the hard copy details of your transactions.

 

[Edited 2/14/2020 | 5:46 PM PST]

 

fanfare
Level 15

How to enter cryptocurrency on the downloaded version???

For some reason, TurboTax Online offers this feature, but CD/Download does not.

AllDespacito
Level 2

How to enter cryptocurrency on the downloaded version???

@KathrynG3 Thank you for this information. This is the ONLY place that I've been able to find how to do this for 2019. 

 

It's much, much worse process than 2018 but at least it works. No idea why TT would make this functionality hidden in TT Deluxe.

KathrynG3
Expert Alumni

How to enter cryptocurrency on the downloaded version???

You're welcome~we are happy to help. 

SK71
New Member

How to enter cryptocurrency on the downloaded version???

This is terrible - can TurboTax please make it EXTREMELY clear that this feature is not available on Premier Desktop but Online? Why is this available for Online and not Premier Desktop?

sibbsnb
Level 1

How to enter cryptocurrency on the downloaded version???

First option is better

ssmas
New Member

How to enter cryptocurrency on the downloaded version???

Why is the desktop version complete garbage compared to the online version?

sibbsnb
Level 1

How to enter cryptocurrency on the downloaded version???

It’s time to stop using the desktop version 

C-Meinert
Returning Member

How to enter cryptocurrency on the downloaded version???

Decided to give TurboTax one last chance for 2020 taxes and I already regret it. How hard is it to make a page available to enter this information. Next year its time to move to another solution.

KathrynG3
Expert Alumni

How to enter cryptocurrency on the downloaded version???

It is still possible to enter cryptocurrency in the CD/Download version. Unless you are mining cryptocurrency and should report it as self-employed income & expenses, you  have two options. 

 

  • Enter cryptocurrency transactions under Investment Income as Stocks, Mutual Funds, Bonds, Other.
  • Enter cryptocurrency directly on the designated worksheet, toggle to Forms mode and follow these steps:
    • Click Open Forms and enter Cryptocurrency and Open Form.
    • On the Crypto Wks, enter your details.

In TurboTax Online:

For up to 50 transactions, they can be manually entered.

If you have a large volume of transactions, TurboTax Online allows for importing up to 2,000 transactions automatically for cryptocurrency. For more transactions, use a transaction aggregator. TurboTax will walk you through that process.

 

For more information, see: How do I report Bitcoin or other cryptocurrency as a capital gain?

 

JN_123
Level 2

How to enter cryptocurrency on the downloaded version???

So, if I sold cryptos and purchased the download version of TT, I must mail in my return/forms and I can't file electronically?

AshleyLO
Employee TurboTax Specialist

How to enter cryptocurrency on the downloaded version???

@JN_123 You should be able to e-file your return even if you are including crypto. Why do you think that you cannot e-file?

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