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!
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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.
Your should have received form 1099-B if you sold cryptocurrencies.
You can enter your form 1099-B by following these steps:
There is no left hand column on the downloaded version. It looks completely different than the online version... VERY ANNOYING!
In TurboTax Desktop, to enter cryptocurrency that must be reported as an investment:
Option 1: Step By Step
Option 2: From Forms Mode
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]
For some reason, TurboTax Online offers this feature, but CD/Download does not.
@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.
You're welcome~we are happy to help.
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?
First option is better
Why is the desktop version complete garbage compared to the online version?
It’s time to stop using the desktop 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.
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.
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?
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?
@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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