How to enter cryptocurrency on the downloaded version???

[jmbrangan]

This process does work.  Make sure you have the columns exactly as outlined  Col 1 - Col 6 in the directions for the conversion process to txf.  Otherwise error. 

But as far as Intuit is concerned, they left us desktop users, a bit out in the lurch.   They should have specified in their videos that they were talking about ONLINE ONLY!!!   And fthen provided a clean way for us desktop users to get this done.

They should know better. 

[lynbou1]

is your explanation for teh downloaded version of TT for 2021 for cryptocurrency?

[jmbrangan]

I have the desktop version of TT for 2021.

I followed the instructions from JoeFM to import your crypto transactions for desktop user.  You have to get a CSV file from your crypto provider.  Then you have to change it to a txf file.  Joe gives http://www.easytxf.com/upload#create  and this page has a converter. 

First, you have to reformat your CSV file so 6  columns are in the same order described on that page from the link.  Once you have your CSV file columns in the right order, there is a button to change a csv to a tfx. Do that conversion to tfx.   Then just follow the rest of the instructions given by JoeFM to import into TT.  For me, the tfx was imported into TT ok and created the capital gains sheet with all of the transactions.  I am no expert but it seemed to calculate correctly. 

All of the above INTUIT should have been done for us desktop users but they didn't.   

[jsm9]

Smart Review is requiring a TIN for my 'Other Reportable Income'.  Any ideas what to put there for interest earned from Coinbase?

Note - Coinbase did not provide 1099 or the like.....

Thx,

Joe

[AmyC]

Without a TIN, you will need to report the income differently. Follow these steps:

1. go to the federal income section
2. scroll to the bottom
3. Miscellaneous Income, 1099-A, 1099-C, Start
4. Scroll to the bottom
5. Other reportable income, Start
6. Other taxable income?
7. Select YES
8. Description 1099-INT from Coinbase
9. Amount, enter your amount
10. continue

 If you have a foreign wallet, that is considered a foreign asset and may require filing Form 8938. See About Form 8938, Statement of Specified Foreign Financial Assets,

@jsm9

[4more]

This does work.  Although this method rounded up enough transactions that I'm off by .02 cents.  Still better than entering transactions manually.

[zenmster]

i cannot see where on tt tax yr 2021 small biz and personal tax edition - where i can upload crypto transaction csv file, NOT the online tt version… 

[zenmster]

alot do not send them

[VolvoGirl]

You can only import crypto into the Online version.  For Desktop program you can start a free online Premier return to import it then download the .tax2021 file for free and open it in the Desktop program.  But that would mean starting over with the new file and losing all the Desktop entries you already made.

See the last answer by Expert Patricia  here,

https://ttlc.intuit.com/community/taxes/discussion/i-have-the-turbotax-premier-but-it-s-not-supporti...

[MaxRLC]

EASYTXF does NOT work!

We tried and tried and tried.   Every time we tried to convert the CSV file, we get an error message from EASYTXF.  Indicates that "information in column 2 is not in correct format" or something like that. 

We have a filing requirement to report virtual currency transactions (sells, exchanges, dispositions).  The virtual currency exchanges are unable to have a direct download to Turbo Tax - why?  Who knows.  You have to download a CSV file.  And then, Turbo Tax responds (while trying to import) that the import needs to be a TXF file.  Well, good luck with that.  We tried with what appears to be the most recommended website, EASYTXF.   Did Not Work.  Again, an error message pops up indicating there is something wrong with Column 2 in the CSV file.  We look at Column 2 in the CSV file and could not determine what it is that is wrong.  But why should we?    

With the massive downturn in the virtual currency markets and the extremely frustrating issue of trying to get a TXF files, we deeply regret opening any crypto/virtual currency account.  Shame on Turbo Tax for requiring a TXF file when they know that the crypto exchanges only provide CSV files.  Communication breakdown and tech non-intuitiveness written all over this.  The entire process is a big mess.  

[VolvoGirl]

Did you see my post right above yours?  You can't import to the Desktop program but there is a work around.

[MaxRLC]

Hi - thx for your reply. 

Looking at Cointracker now as a possible solution to these conversion issues. 

To clarify, we are using the downloaded Premier version of Turbo Tax.  

I believe I read on another TT community post that as long as a tax filer has the "downloaded" and "Premier" version of Turbo Tax, the crypto files (CSV) could be imported. 

But each time an Import was attempted, Turbo Tax asked for a TXF file.   

Why, if knowing that crypto exchanges are providing CSV files only, would Turbo Tax not construct and enable the ability to accept the CSV files and/or provide a conversion themselves?

Have you or anyone you now had success with Cointracker?   

[MaxRLC]

Hi - thx for your reply. 

Looking at Cointracker now as a possible solution to these conversion issues. 

To clarify, we are using the downloaded Premier version of Turbo Tax.  

I believe I read on another TT community post that as long as a tax filer has the "downloaded" and "Premier" version of Turbo Tax, the crypto files (CSV) could be imported. 

But each time an Import was attempted, Turbo Tax asked for a TXF file.   

Why, if knowing that crypto exchanges are providing CSV files only, would Turbo Tax not construct and enable the ability to accept the CSV files and/or provide a conversion themselves?

Have you or anyone you know had success with Cointracker?   

[MaxRLC]

What directions?

[VolvoGirl]

I don't know why.  All I know is you have to use the Online Premier version to import it.  Then you can move your return to the Desktop program without paying for the Online version.  

You can call them and ask.  How to contact Turbo Tax
https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-contact-turbotax/00/26991

What is the Turbo Tax phone number
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632