Using Turbotax Premier, Intuit says: 1. Open your return. 2. Search Crytocurrency. 3. Hit "Jump to Cryptocurrency". This link doesn't exist. How to enter Crypto Losses?

[SantinoD · Accepted solution]

Check your spelling on "cryptocurrency" when you search. If it is not spelled exactly how it's spelled in the steps, the link won't come up. I just tested the search on it and the link came up. Please try again using these steps:

1. Sign in to TurboTax, and open or continue your return
2. Select Search then search for cryptocurrency
3. Select jump to cryptocurrency
4. On the Did you sell any of these investments in 2022? screen select either Yes
   1. Select +Add investments if you've already added some crypto info
5. On the Get ready to be impressed screen, select Continue
6. On the Let’s import your tax info screen, search for and select your crypto exchange
7. Once selected, your crypto transactions are pulled into TurboTax
   • Note: Imports can take up to 3 minutes to complete
8. Review your cryptocurrency transaction info on the Your investments and savings (or Your investment sales summary) screen
   1. Depending on the exchange you import from, your transactions may be labeled with Needs review. To review, open your exchange and compare the info listed with the info imported into TurboTax. When you’re done reviewing, select Continue to complete the import process

[1967 R50-2]

SantinoD-

Thanks for the answer, but this method definitely DOES NOT WORK. Tried it many times. Spelling is correct. In fact Turbotax pre-populates answers for you.  There is no JUMP TO CRYPTOCURRENCY link.

Can you show where you are Searching? I am using the search hourglass in the upper right. Links that come up are:

Cryptocurrency Info Center

How do I determine the deductible value of a charitabl…

How do I report Bitcoin or other cryptocurrency as a capital gain?

How do I import my cryptocurrency transactions int…

None of these are "JUMP TO CRYPTOCURRENCY"

To be clear, I am using Turbo Tax Premier DESKTOP, not online.

[MarilynG1 · Accepted solution]

Under Wages & Income, go to Stocks, Mutual Funds, Bonds, Other.  Click Start or Update.

TurboTax asks if you received a 1099-B, say No.

Enter 'one sale at a time'.

On the next screen, you can enter your crypto sale details (you can summarize).

Here's more info on Reporting Crypto Transactions. 

[pbs2bz]

I also do not see the Cryptocurrency option in Turbotax.  Where do I enter my cryptocurrency losses?

[JamesG1]

In TurboTax Online, follow these steps to access cryptocurrency reporting on IRS form 8949 / Schedule D Capital Gains and Losses:

1. Open or continue your return.
2. Select Federal down the left side of the screen.
3. Select Wages & Income down the left side of the screen.
4. Select Show more to the right of Investments and Savings.
5. Select Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
6. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
   • If you land on Your investments and savings, select Add investments.

• At the screen Relax. We got it, click Continue.
• 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.  Click Continue.
• At the screen Select your crypto experience, select a cryptocurrency option.  Click Continue.

@pbs2bz 

[pbs2bz]

Turbotax 2022 does not work as described above.   There is no Cryptocurrency option as you describe.

"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.  Click Continue. At the screen Select your crypto experience, select a cryptocurrency option."

I ended up selecting "Add More Sales" on the Wages and Income Investments page and answering NO to the "Did you get a 1099-B or a brokerage statement for these sales?" question. 

  After that I entered in the individual purchases and sales individually as prompted.

I have no idea if this is correct.

Please Update Your Instructions for Crypto Transactions!

Thank you

[CarissaM]

Which version of Turbo Tax are you using, and on which type of device? @pbs2bz 

[pbs2bz]

Turbotax  Premier 2022

ver.  WinPerRelease  [phone number removed] not a ph. number

   ver. 022 then 000 then 0502

TurboTax.exe   2022.47.23.49

OS:  Windows 11 (desktop P.C.)

Phil

[pbs2bz]

  You are correct R50-2. Same here - no reference to Crypto in Turbotax in the Wages and Income, Investment Income section.

  I had to enter in the sales of my Crypto (ETH from Coinbase) manually like an individual stock with no 1099.

[pbs2bz]

Yes, the search comes up with Crypto info. but Turbotax does not address Crypto as a type of investment Gain/Loss in the in Step by Step section of Investment Income.    There are no links to Crypto for the app in the Search window as some have suggested.

[pbs2bz]

This is the way I did it also. (figured it out myself after beating my head against the wall trying

to do it as others have suggested using the Cyptocurrency link that doesn't exist.)

"Under Wages & Income, go to Stocks, Mutual Funds, Bonds, Other.  Click Start or Update.

TurboTax asks if you received a 1099-B, say No.

Enter 'one sale at a time'.

On the next screen, you can enter your crypto sale details (you can summarize)."

[pbs2bz]

So 2 problems here TurboTax:

1) Ambiguous out-of datae or incorrect responses regarding entering Crypto into Turbotax.

2)  The Search window in Turbotax was not showing all of the links for information on my screen.  It was cut off (not visible) and I found later a slight scroll to the left produced the slider on the right of the Search screen which then showed more information and links.

Things like this can make you crazy trying to figure out what's going on in Turbotax.

mic. drop!

[pbs2bz]

re: Search for "Cryptocurrency"

There are links to enter in Crypto manually but my search window was not showing the slider on the right side of the search menu.   After I noticed a slider on the bottom (2 days later), I scrolled slightly left and the found the vertical slider which allowed me to slide down the search and find additional info on how to enter Crypto into Turbotax.

Phew!  What a pain in the azz this was!

[BillM223 · Accepted solution]

With apologies to all, but this is one of the very few cases where the Search in the Online product does not work the same as in the CD/Download product. That is, Searching for cryptocurrency brings you to the jump-to link in the Online product, while it does not in the CD/download product.

As you can see in Marilyn's image above, in the CD/download product, you currently need to report each crypto transaction as a stock sale without a 1099-B.