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HelenC12
Expert Alumni

How to enter cryptocurrency on the downloaded version???

@KBCA1 is correct. 

 

For tax year 2021, you can use the cryptocurrency import and other features with the TurboTax Online Premier and Self-employed versions, only.  

 

One option is to start a free tax return in TurboTax Premier Online. You don't pay for the return until you file it, so you won't have to pay the Online fee.  Enter (import) your cryptocurrency information in the Crypto section, and then save the .tax file (not PDF).  You can then open the tax file in TurboTax desktop, add the rest of your tax data and file.

 

The other option would be to file using the Online software and get a refund for the desktop program.

 

Related information: 

Source: DawnC

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How to enter cryptocurrency on the downloaded version???

This is happening on most every "expert" post. That tells me that they are planning on eliminating the download/CD versions.  Next year???

KrisD15
Expert Alumni

How to enter cryptocurrency on the downloaded version???

Are you still looking for a way to enter cryptocurrency into the TurboTax Desktop program?

 

If so, and they are trades and/or sales AND if you are able to summarize them (number of transactions, Short Term/ Long Term, Gain/Loss) you may enter them in the "Stocks, Bonds, Mutual Funds" section as a summary. 

 

Any Cryptocurrency EARNED, by mining or "AIR DROPS" would be Self-Employment income and reported on your Schedule C as income. 

 

For the Desktop programs, find "Stocks, Bonds, Mutual Funds" under Personal Income or Wages & Income, depending on your program, and select "I'll enter a summary for each sales category" 

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How to enter cryptocurrency on the downloaded version???

@KrisD 

I understand Kris that it can be done manually   What’s not acceptable is that the upload from Coinbase is available on the online version but not the desktop. That’s like saying Schwab, Merrill etc is not available on desktop but it is online for active stock traders. 

This needs to be escalated. Wait until March/April when more users find they can’t upload transactions from crypto service providers unless they use online version. What’s the rationale ? 

KrisD15
Expert Alumni

How to enter cryptocurrency on the downloaded version???

I am not in charge of rationale or making those kinds of decisions. 

 

I am here to answer tax questions and assist customers with the TurboTax products. 

 

You may understand how it can be done manually, but some people need direction. 

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How to enter cryptocurrency on the downloaded version???

It's funny when you say start your tax online to report crypto forms then save the .tax file and uploade it to the desktop TT while your website clearly state "We'll automatically save your online return in both .tax and PDF formats once you file your return or when TurboTax Online shuts down in late October, whichever comes first."

So. there's NO WAY to get this file unless you file online.!!

How to enter cryptocurrency on the downloaded version???

@Alpha20 

 

You are 1/2 wrong ... you can always save the .taxfile (that can only be read by the TT downloaded program) at anytime  so starting in the online version and switching to the download is a valid work around.  Folks who have paid for the download and mistakenly have completed the return in the online have been making this switch for years.   Only the PDF is restricted before you pay for the online program. 

How to enter cryptocurrency on the downloaded version???

The suggestion was to file online on premier and save the .tax file and complete by uploading on the desktop TT.I just did exactly that and there is no way for me to save the online half done .tax file to upload it to the desktop TT.!

What I don't get is why all these issues between the desktop and online filling.?

How to enter cryptocurrency on the downloaded version???

Is turbotax going to refund my desktop version if I finish online? Never.

How to enter cryptocurrency on the downloaded version???

You can go here TurboTax CD/Download Refund Request Form to request a refund of the downloaded program  within 60 days of purchase. 

How to enter cryptocurrency on the downloaded version???

Thanks all for the input. I filed my taxes using the download version. My crypto transactions were reported in the investments sections for capital gains on sales. I paid taxes on crypto rewards & mining received as ordinary income. However, after filing, I found that the IRS lost it's case in court regarding the latter. I will probably have to file an amended return whenever the IRS gets the forms ready. In my case, I paid $500 more than I needed to. Hopefully the court case is made official soon.

normL_FL
New Member

How to enter cryptocurrency on the downloaded version???

Amen.  This is so stupid that the cd/downloaded version doesn't look the same or have the same functionality . 

How to enter cryptocurrency on the downloaded version???

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. 

How to enter cryptocurrency on the downloaded version???

This is useless. I have so many transactions and want to upload CSV file in DESKTOP VERSION for home and business. Do not see that option. 

How to enter cryptocurrency on the downloaded version???

I downloaded mine (2500 transactions) as CSV into Excel. Parsed it to extract the applicable transactions and entered the data manually. A bit painful but doable.

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