Importing Robinhood CSV for Crypto

[redkian]

You can't import anything for Crypto in the Desktop version of TurboTax. Why we still can't do this I don't know. It is like Intuit is trying to either push people to using their online service or to another tax prep software.

[ErnieS0]

@userIN There are several ways to bring crypto into TurboTax CD\Desktop:

The CD\Download version of TurboTax does not directly support cryptocurrency sales. There are several ways to enter cryptocurrency.

1. Manual Entries. You can type in the transactions yourself the screens which are set up for stock transactions.
2. Summaries. You can enter summaries and send copies of your exchange reports to the IRS.
3. Import TXF file. You can import your transactions if they are in a TXF file format.
   1. Choose File in the upper-left corner of CD\Download
   2. Select Import > From Accounting Software (Windows) or Import > From TXF Files (Mac)
   3. Browse Files and Import Now

Our Community Tax Experts have come up with two workarounds.

Workaround 1 from awesome Tax Expert @KathrynG3:

1. Click on Forms in the upper right to switch to Forms mode.
2. Click Open Form in the left column.
3. You’ll see a pop up titled Search or Browse the list of available forms.
4. Type cryptocurrency.
5. Select Cryptocurrency Wks and click Open Form.
6. Enter your transactions in “Part II: Manually Entered Cryptocurrency Transaction Information.”

Workaround 2 from awesome Tax Expert @DawnC:

1. Start a free tax return in TurboTax Premier Online. It’s free because you will not finish and pay online. You’ll just use this to prepare your crypto. 
2. Enter (import) your crypto currency information in the Crypto section.
3. Save the tax data file to your computer. See: How do I switch from TurboTax Online to the TurboTax software?
4. Open the tax file in TurboTax CD\download and complete your return

[redkian]

@ErnieS0 Option 2 is a great idea except I am not sure how viable that is for an existing TurboTax user. If I want to import my return from 2019 AND have Crypto to enter how would I go about importing two files? Also, why can't Intuit just let us CD/Download users import Crypto? Is this the beginning of the end for doing it on our local machines and we are slowly being forced to do our returns online? Shameless cash grab from Intuit as they will be able to force us to pay for each return we need to do through the website whereas right now I can do returns for my family with a single purchase of the CD??

If TurboTax starts making me use the online version and it costs me a bunch more then I no longer see the need to use their software and can start looking elsewhere. Working in IT I know that there is nothing preventing Intuit from importing Crypto into the CD/Download version other than a) being lazy and not wanting to program it in or b) trying to make the online service more enticing. I hope this choice brings you more customers than it loses you in the long run.

[ErnieS0]

Excellent points @redkian. I was not suggesting a particular solution. Just showing some of the options we've come up here at Community for CD\Desktop users.

Option 2 would be messy in your case since you would have to import your 2019 CD\Desktop to on TurboTax Online, enter crypto and then download the .tax (data file). It would not be worth it.

[YASHARAN]

I had to manually type it in- fortunately not too many entries

[rleung23]

how do i import form 1099 to turbo tax 2021?

[JamesG1]

You will need to use TurboTax Premier version or higher to upload a .csv crypto file into TurboTax Online. 

In TurboTax Premier Online, follow these directions. 

• Down the left side of the screen, click Federal.
• At the top of the screen, click Wages & income.
• Under Your income, click the Show more button to the right of Investment income.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other. 
• At the screen, Let's import your tax info, click Enter a different way.
• At the screen OK, let's start with one investment type, select Cryptocurrency.  Continue.
• At the screen Select your crypto experience, select Upload it from my computer.  Continue.