How to enter cryptocurrency on the downloaded version???

[JohnB5677]

You forwarded this message to me.

You said, "The interest (even in crypto) is taxable to you in the year you receive it, just like bank interest."
It is opposite what Basement_Buzzard said above about the IRS losing its case to double tax crypto. The IRS has declared crypto Property not currency. 

Who is right?

If Basement_Buzzard is right, we do not need to report interest earned in crypto at all.

If you are right, then the question remains. What is the best way to report my 120 transactions (10 coins got interest each month) using the TT desktop version? 

• I stand by my statement "The interest (even in crypto) is taxable to you in the year you receive it, just like bank interest."
• This does not negate Basement Buzzard's statement that it will not be taxed twice.
• You will pay tax on the interest.  This becomes your basis.
• If you sell the crypto it will be taxed on the sale price less the bases.  There is no double taxation.
• If you can upload the 120 transactions it would be easiest.
• If you enter them manually, you can use this format.

1. With your return open, go to 
2. Federal 
3.  Wages & Income
4.  Less Common Income
5. next to Miscellaneous Income, 1099-A, 1099-C
6. Select Other Reportable Income
7. Answer Yes on Any Other Taxable Income? Screen
8. Continue through the interview

[rongbingham]

There is NO  Start or Revisit next to Crypto (1099-B) because there is no Crypto (1099-B) there. 

It does not Investments and Savings (or Investment Income) either!!! It says Investment Income 1099-B and broker statements.

There is no Start or Revisit next to anything in TurboTax Premier.

TRY HARDER TO PROVIDE THE NEEDED SUPPORT, PLEASE.

I am not the only one writing to TurboTax telling you it's NOT THERE -- and should be.

These instructions are not correct for TurboTax Premier 2021.

[MarilynG1]

In TurboTax Premier, click 'Start' or 'Update' next to 'Stocks, Mutual Funds, Bonds, Other'.

Say NO to the question 'Did you get a 1099-B or a brokerage statement for these sales?'

The next screen gives you the option to 'enter one sale at a time' or 'enter a summary for each sales category'. 

This link has instructions on How to Enter a Summary in Lieu of Individual Transactions.

Click this link for info on How to Report Crypto Transactions in the event you need to report your transactions into different areas of TurboTax.

[big al3]

Does NOT work in TT Home & Business 2021 CD verson.

[big al3]

 JoeFM,

Thanks for your info!

I followed your steps after getting a referral to give your procedure a try and it worked for me.

Took a while and after a few screw ups, my 100 transactions were auto loaded, and the net earnings is what Coinbase site shows.

[woolcottap]

The 2nd option doesn't work.  I tried typing "cryptocurrency" in the search box after selecting "Open Form" and nothing happens.  Search is working because I typed other phrases/forms.  If I choose the 1st option do I have to enter each transaction or can I have one entry for long-term capital gains and another for short-term gains.  I only used 1 exchange--Coinbase.

I'm really surprised that with Crypto basically going mainstream in 2021 that TurboTax Premier Desktop doesn't have a better option built-in.

Thanks, Tony

[ErnieS0]

You can upload a cryptocurrency TXF files into TurboTax CD/Download @woolcottap.

1. Tap File in the top right
2. Select Import > From Accounting Software
3. Select Other Financial Software (TXF file)

[surfairman]

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.

[surfairman]

So lame they don't make this clear.

export the form 8949 from the exchange or a data aggregator like TaxBit’s (Binance.US preferred method)

then go to the file menu and import the file - it should give the option to import as a 1099-B

i.e. just bypass the stupid graphic interface!

[kostopst]

JoeFM,

thank you so much! That worked very well. EasyTXF.com is free and you don't even need a login. You just take your .CSV cryptocurrency file, and use only the six columns as they show, and then select: Convert to TXF.

Then you just import the TXF into TurboTax Desktop under: Other software.

[mdoretti]

I've read the instructions and FAQs.  I'm in the downloadable Home and Business version of TT.   When I go to Forms and select Open Forms and I search for "cryptocurrency" there is no option.  It is unrecognized.  No where can I find anything in the app regarding cryptocurrency.   I'd prefer to enter my purchases and sales in the crypto worksheet I've read about.  Where is it or how do I pull it up?

[mdoretti]

Can you download your crypto transactions yet from Coinbase?

[JamesG1]

You may want to try this technique using a .csv file from Coinbase.

Here's how to get your CSV file from Coinbase.

• Sign in to your Coinbase account.
• In the Taxes section, select the Documents tab.
• Generate and download the TurboTax gain/loss report (CSV) for 2021.

Follow these steps oulined by JoeFM here.

• Created 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 --> Select Other Financial Software (TXF) file --> Browse .txf file and 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.

[robmorg1]

Thanks a lot for coming up with this.  It worked like a charm.  I had a CSV file with about 80 buy/sell transactions on it - most of them were gas fees that I spent.    They all came through with Block A checked which I had to edit to Block C.   But all-in-all I saved many hours by following your instructions.👍

[robmorg1]

George,

 I know you meant to include in your post, for the sake of clarity, that the method you described ONLY applies to TT online, and not the desktop versions.   😉

I use TT Home & Business Desktop. I ended up converting a CSV that I got from CoinTracker to TXF format and then importing that into TT.  Worked great.   This was suggested by JoeFM in this post.