Small Cryptocurrency Gains

Forum|Forum|4 years ago
March 25, 2022
1 reply
19 views

In 2021, I made one small gain of approximately $100 from selling cryptocurrency. I am trying to report this within TurboTax, but I see that I need to have a TurboTax Premier subscription (costing $90) just to report this gain. Is there some way I can continue to file my taxes with the free version of TurboTax and then manually report my small cryptocurrency sales directly to the IRS later on with no cost? Or will I just have to pay the $90 if I want to continue filing with TurboTax? I have never reported a sale of cryptocurrency before so I am unsure if there is some way I can get around the large cost.

TurboTax Free Edition Online

Best answer by GeorgeM777

No, there is no way to do that within TurboTax. The upgrade is necessary because to report your cryptocurrency transaction requires Form 8949 Sales and Other Dispositions of Capital Assets and Schedule D Capital Gains and Losses. Even if you were to file using the free edition of TurboTax without including the cryptocurrency transaction, and then later, after your return had been accepted by the IRS, elected to amend your original return to include the cryptocurrency transaction, the amended tax return would still require an upgrade to Premier and the additional fee you are trying to avoid.

TurboTax CD/Download Basic version may be a cheaper option for you and it includes Forms 8949 and Schedule D. You can review the various TurboTax CD/Download versions here: TurboTax CD/Download

@GrantMaclachlan

GeorgeM777Answer

Level 11

TurboTax CD/Download Basic version may be a cheaper option for you and it includes Forms 8949 and Schedule D. You can review the various TurboTax CD/Download versions here: TurboTax CD/Download

@GrantMaclachlan

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