How to import cryptocurrency transactions in Home and Business 2021?

[harrys2]

I do not see any mention of 'cryptocurrency' in the download version of Home and Business 2021. There is also no import csv function for transactions.  Can someone point me to how this can be done in the software? Thanks.

[HelenC12 · Accepted solution]

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.

• How do I save my TurboTax Online return as a tax data file? This FAQ will also have instructions on how to continue your return in the TurboTax CD\Download version.
• How do I import from the .txf file?

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

• According to IRS Notice 2014-21, the IRS considers cryptocurrency to be property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary.
• Like other capital gains and losses, your gain may be short-term or long-term, depending on how long you held the cryptocurrency before selling or exchanging it.
• How you report cryptocurrency on your tax return depends on how you got it and how you used it. To read more, click here.

 Source: DawnC

[harrys2]

The option to start free tax return in Premier and then import it to the desktop version works. Is there any plan to support cryptocurrency transactions in the desktop version of Home & Business? 

Regarding the other option to file using the Online software, are you suggesting that the online version of Home & Business supports cryptocurrency transactions? Premier and Self-Employed do not support LLC which is why I need Home & Business for.

Thanks.

[JulieS]

There is no Home and Business online, the equivalent product is TurboTax Self-employed. You can import stock and crypto transactions into TurboTax Online Premier or Self-employed. 

"Premier and Self-Employed do not support LLC which is why I need Home & Business for." I am not sure what you mean by that because an LLC is a disregarded entity, that means that not all LLCs file their taxes the same way.

A single member LLC can be filed on Schedule C, which is in both Home and Business and Self-employed. 

An LLC with more than one member defaults to Form 1065, Partnership return. If you need to file that form, you need TurboTax Business. 

In addition, an LLC can elect to be treated as a corporation and file Form 1120 of 1120-S.  If you need to file either of those forms, you need TurboTax Business. 

Click here to learn more about filing as an LLC.

[fanfare]

Since TurboTax won't accept your CSV file, proceed as follows.

Adjust your csv files so the columns are in the same order as on Form 8949.

Put a header with your name tax year and SS Number.

Use the summary option and then you can mail in the printout of the CSV files.
See the TurboTax instructions that will pop up.

You would use Category C and/or F since you don't have a 1099-B.

--

If you have a tax file from TurboTax Online that you can open in Home and Business, you're done already.

I don't know if this works or not.

You can let us know.

[harrys2]

Self-employed version would be what I need in that case. Can the online version be used to file amendments for prior year's return?

I can see the confusion of product lines, desktop vs online, that TurboTax is offering. If Self-employed is truly equivalent to Home & Business, then Home & Business should have all the capabilities of Self-employed but it's currently not the case and there is no desktop version of Self-employed.

Thanks.

[DaveF1006]

@harrys2 Yes, if you have used Turbo Tax Online in the past, you may amend prior year's returns using Turbo Tax online.

[First Tracks]

To import crypto transactions into Home and Business 2021, follow these steps:

1.  Using your crypto accounting software, generate a .txf file.

2.  Import this file by clicking on File -> Import -> From TXF Files

3.  Select the file you generated in step 1.

This should automatically pull in the data.  It will show up under the Investment Income section under "Stocks, Mutual Funds, Bonds, Other"

Good luck!

[Nesbit2001]

THIS WHOLE PROCESS IS A BAD JOKE!!! Purchased the Deluxe desktop version and upgraded to the premier desktop version to enter my crypto only to discover I have to go online!!! Documentation and instructions suck!!! As an IT admin, I will be emailing all in my company to NEVER use TurboTax!!! After 15 years of using your software, I have had enough!!! THIS WAS BY FAR THE WORST EXPERIENCE I HAVE HAD IN A LONG TIME WITH SOFTWARE AND I'M A MICROSOFT ENGINEER!!!

STAY AWAY FROM TURBOTAX!!!!!!!!

SAVE YOUR TIME, MONEY & SANITY AND CHOOSE A BETTER OPTION!!!

[Nesbit2001]

BUT HEY, I just got a bunch of cool badges for wasting my time looking for answers and submitting the previous post! 

Recap:

Purchased TurboTax Deluxe 2021 Desktop Digital Download (too expensive)

Purchased upgrade to Premier desktop version for Crypto reporting (multiple places listed the need for this)

Realized I have to do this online and pay even more money!!!

Hours of trying to figure out this process and get clear SIMPLE answers!!!

NEVER AGAIN!!!

[Coffeeguy1]

This works for 2022 as well.

Specifically for Coinbase. Download the CSV transaction file in Documents.

This next part use at your own risk, I do not warrant or in anyway guarantee any outcomes positive negative or otherwise.

Goto https://easytxf.com/ follow the instructions for formatting the CSV file into a .TXF file.

In TurboTax Home and Business GoTot File-->Import-->From Accounting Software-->Other Financial Software(TXF File)-->Continue-->Browse Files-->Select File-->Import Now

Transactions will appear in the Investment Income Section under Stocks, Mutual Funds, Bonds, Other.

You will need to rename the account. Also for each transaction double check the Sale Category "Box B" to make sure Short Term or Long Term is assigned correctly along with Covered, Not Covered, and Not Reported.

Hope this helps someone.

[Coffeeguy1]

You can import the transactions through a .TXF file. See other responses to this question for instructions.

[Coffeeguy1]

You can import your transactions as a .TXF file, see instructions in reply to this post.