Importing txf file from cointracking.info

[spant002]

In 2019, I was able to import the .txf file (I used Cointracking.info to generate the txf file) to Turbo Tax using the download version. This txf import feature was not available in online version of Turbo Tax. Does anyone know that in 2021 that we can import the txf file in the download version?

Since I used multiple wallets and exchanges, I find the cheapest option is to input information in Cointracking.info free version and export the txf tax report which then can be imported to Turbo tax. Before I go ahead and purchase the download version, I would want to know if this feature is still available.

Thanks

[MeatballB]

I'd like to know this as well.  Be nice to know whether or not the 'Download' version is still needed.

[CarissaM]

AmyW provides a great answer to assist with importing this data here. 

[MeatballB]

Thanks.  I had seen that before and was just wondering if that was still accurate for the 2020 tax year/new software.  So we still need to buy the offline/desktop version of TurboTax to import from cointracking.info?

[MichelleLO]

@MeatballB Neither TurboTax Online nor TurboTax Business supports imports from the .txf file. Please see How do I import from the .txf file? for more information.

You also may find this FAQ helpful as well: How do I report Bitcoin or other cryptocurrency as a capital gain?

[MeatballB]

Thank you.  I've run into another issue as well.  I purchases the offline/download version of Turbotax Home/Business so I can import information, but I'm now finding that I cannot enter cryptocurrency in the 'Income/Wages and Salaries' section.  That section seems to only allow you to enter information if you have a W2 form.  Is there a location to enter income related to cypto currency that is not from trading?

[JohnB5677]

There are two ways that cryptocurrency can be taxed:

1. As an investment that will be handled like trading stocks.
2. As earnings, like wages being paid to you.

In either case you will have to convert the currency to US dollars.  That value will reflect the value on the day of the transaction.

If you were paid wages with cryptocurrency you would post it as follows:

1. Select BUSINESS
2. Business Income
3. General Income
4. Enter the description ( Type of cryptocurrency would work)
5. Enter the Amount (Value in US Dollars) 

        

[bugujr]

Can this feature be honestly sent to your developers. It's been many years of your users requesting this, and every year we are disappointed to find out it was yet again not added. It's 2021, we shouldn't be downloading thick clients on our desktops to file taxes. The desktop version lacks in so many ways compared to the online version, that using it is so limiting. 

Please add the feature to import .txf files in the online. And additionally work with CoinTracking.info to allow for seamless integration of reporting capital gains. They are one of the largest crypto tracking tools out there. Please listen to your users.

[bugujr]

I contacted CoinTracking support about this, and they have a way for you to upload your tax report in the TurboTax online version.

Please do the following:

1. Open your tax report generated in CoinTracking.info

2. On the capital gains report, click on the "TurboTax" Button. Then the following page will open:

3. Add now add "&tt_online" at the end of the URL in your browser. For example (don't use this link - yours will be different:( https://cointracking.info/tax/tax_details/TurboTax.php?tax=14&tt_online 

4. On this page, you will find the correct files you need for uploading them into your TurboTax online version.

They format it to fit into the Robinhood format that TurboTax allows, but as noted in the instructions don't worry, you will still be able to upload transactions from all other exchanges as well.

This is a workaround that CoinTracking.info has been able to provide thankfully. All because of TurboTax not listening to users to allow .txf uploads in the online version. Thanks CoinTracking.