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Level 2

Solved

How to enter cryptocurrency on the downloaded version???

Forum|Forum|6 years ago
February 14, 2020
8 replies
0 views

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!

TurboTax Home & Biz Windows

Best answer by JoeFM

I was able to get the Robinhood crypto transactions to import into the desktop version but Coinbase and other did not work.

Note: to import the Robinhood information you will see 2 import brokerage names with "Robinhood" names so you will need to login and import both one is for stocks other one is for crypto.

Alright. I was able to trick Turbotax Desktop (download) version into importing lots of crypto Capital gains/loses transactions without using the Online version.

I did this for Crypto.com transactions, but it works for any institution. Excel or any spreadsheet software will be needed to prepare the data. This is how I did it:

1) Created a .csv file with all transactions using the format shown at http://www.easytxf.com/upload#create

2) Once the .csv file is ready (in my case with dozens of buy/sell transactions for 2021), used http://www.easytxf.com/upload#create to convert the .csv file into .txf file

3) Imported .txf file into Turbotax Desktop: File --> Import --> From Accounting Software --> Select Other Financial Software (TXF) file --> Browse .txf file and Import now

4) Done. A 1099-B with all Crypto transactions is now created. This entry can now be edited to include the account details (In my case I named it Crypto.com) . Each transaction can be edited as well.

Although this is not a one click method, It saved me from having to enter 80 or so transactions one at the time. Also I did not need to create a parallel filing into the online version, which kind of defeats the purpose of using the desktop version if one does not want personal tax information flying through the internet.

To report crypto Income (rewards, interest, etc) I just used the total amount for the year and entered into Miscellaneous Income as "Other Reportable Income" as recommended in this forum in a previous post. This was quick as it is just one entry.

MinhT1

Level 15

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

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

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

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kodiak1120Author

Level 2

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

KathrynG3

Level 14

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]

C-Meinert

Level 2

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

Level 14

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?

beotto

Level 4

You refer to using "self-employed income & expenses" if you are crypto mining.

This is NOT correct unless you are mining as a business and not a hobby.

As a hobby it is reported as ordinary income.

The IRS has a set of specifics on what is & is not hobby mining.

The question is where in TurboTax is this entered?

dtroccola

Level 2

I used the Cd for Turbo Tax 2020 and when I came to the question about cryptocurrency I answered yes. There is nowhere after that to enter any info about my sale. Where do I put that? Is it an investment, income, capital gain? I listed it where it says stocks, etc, is that ok?

ErnieS0

Level 15

@dtroccola To enter cryptocurrency in TurboTax CD\Download:

Manual Entries. You can type in the transactions yourself the screens which are set up for stock transactions.
Summaries. You can enter summaries and send copies of your exchange reports to the IRS.
Import TXF file. You can import your transactions if they are in a TXF file format.
1. Choose File in the upper-left corner of CD\Download
2. Select Import > From Accounting Software (Windows) or Import > From TXF Files (Mac)
3. Browse Files and Import Now

Our Community Tax Experts have come up with two workarounds.

Workaround 1 from awesome Tax Expert @KathrynG3:

Click on Forms in the upper right to switch to Forms mode.
Click Open Form in the left column.
You’ll see a pop up titled Search or Browse the list of available forms.
Type cryptocurrency.
Select Cryptocurrency Wks and click Open Form.
Enter your transactions in “Part II: Manually Entered Cryptocurrency Transaction Information.”

Workaround 2 from awesome Tax Expert @DawnC:

Start a free tax return in TurboTax Premier Online. It’s free because you will not finish and pay online. You’ll just use this to prepare your crypto.
Enter (import) your crypto currency information in the Crypto section.
Save the tax data file to your computer. See: How do I switch from TurboTax Online to the TurboTax software?
Open the tax file in TurboTax CD\download and complete your return

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beotto

Level 4

Opening Search in the Forms section and typing "cryptocurrency" or "cryptocurrency wks" DOES NOT WORK!q I get absolutely NO response when Open Form is selected. Did you actually try this out?

maximus2

Level 2

I was able to convert Robinhood CSV file to TXF file using free online converter. Then I was able to import the TXF file into Turbotax for Mac Desktop via File>Import.

Mauricio6277

Level 2

So there is no way to do this on the desktop version. What a waste of money..

Alpha20

Level 2

Alright here is what I did:

1-Go online to TurboTax and choose premier TurboTax .

2-fill in all your info.

3-Add your forms"W-2's etc".

4-On income section add your stocks or Crypto info "if you can't see your exchange you can add your CSV file"

5-After you finish everything DO NOT E-FILE ONLINE.

Instead head to the TaxTools on the left side of the page. click Tools then

"Save your 2021 return to your computer".

6-After you saved your .Tax file from the web head to Tubotax desktop and click on the File=Open Tax Return.

7-Locate your .Tax file you downloaded from TurboTax online.

8-just double check all the info you entered online.

9-E-file your taxes through the Desktop program.

That's it. you are done.

Few notes:

A-My only issue was some CSV files are not supported due to the way it was written I guess.

B-On the desktop turbotax you can choose your 2019 income if it's higher than your 2021 income for higher return. I could NOT locate that on the online turbotax .

SO..

If you want to do this on the desktop follow all steps above BUT before you E-file click on the Federal Taxes then Wages&Income and Revisit all steps there till you enter 2019 income then the program will let you choose between 2021 and 2019 income whichever is greater to claim.

The form to claim 2019 income is Form1040 lines 25-33.I hope this helps someone because it was so confusing for me.

JoeFM

Level 2

~~Still much struggle to file taxable crypto transactions on Desktop Turbotax Premier.~~

~~Questions for support team:~~

~~1) Crypto.com is not supported for data import. However they sent me form 8049 and schedule D. How do I manually enter this?~~

~~2) Which 1099 (INT, B, MISC, G, etc) must be used to report crypto rewards (i.e. interest earnings)~~

Solved. See my other post

cityaz

Level 2

How do i enter crypto currency transactions in turbo tax premier download. I am in stock sales but don't see any mention of crypto sales. Do I enter individual transactions as regular stock sales or is there a special section for crypto sales.

beotto

Level 4

That is how I did it. Entered crypto sold for capital gains taxes...same as stocks.

Be aware that the latest TT upgrade has altered (eliminated) the tax on ordinary crypto income per the outcome the ITS had with the US tax court. It is no longer taxable. The IRS tried taxing crypto as both currency and property. It is now taxed only as property.

JimBobJu

Level 2

but I'm reading you have to mail in a copy of your transactions if you enter it the same way as stocks (and no form 1099B)

surfairman

Level 2

This is absurd. (absurd that TT does not make this clear to the end user)

For Mac: (Wdws might be similar)

1. Export a FORM 8949directly from your exchange OR Use a data aggregator like TaxBit to export a .txf (mac) or .csv file of FORM 8949

(NOTE: each exchange should have help on how to do this)

2. Bypass all the dumb menus in the TT user interface and go to the "FILE" menu of TT and select "IMPORT" import and import the .txf file

3. The option should be shown to import the data as a 1099-B. Select that.

Boom Done. You're welcome. It took me a week and a half to figure this out.

sanjay-acharya

Level 3

Ok I had a hard time entering crypto currency transactions this time in TT desktop. If your crypto account transactions can be imported directly into TT desktop (e.g Coinbase) then it’s great. Else the only option I found is to use CryptoTrader.tax that you can use to import your transactions and then export it to TurboTax desktop.

https://cryptotrader.tax

JamesG1

Level 15

Here are two possibilities.

If you are provided a tax reporting statement, you may be able to enter a summary for each sales category such as box A Short term covered or box D Long term covered.

You may be able to convert your .csv file to a .txt file and upload it into TurboTax Desktop Premier version. Follow these steps:

Create a .csv file with all transactions using the format shown at Easytxf.
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 Crypto transactions is now created. This entry can now be edited to include the account details. Each transaction can be edited as well.

@sanjay-acharya

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sanjay-acharya

Level 3

Thanks so much James. Will try this next time. But considering how complex crypto transaction csv files are, I would prefer if TT Desktop integrates and imports directly from crypto tax websites (Similar to Gainskeeper that I use) .