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New Member
posted Jun 1, 2019 10:30:23 AM

Where do I find the option in TurboTax Home and Business 2018 to file cryptocurrency taxes?

I have paper version of f8949 and the f1040sd filled out but I can't find a place within the TurboTax software to enter the necessary information. I know that it is available through TurboTax online but I have already completed all of my other taxes through TurboTax Home and Business and don't see a way to upload that information to the online version of TurboTax.

0 20 8040
20 Replies
Level 5
Jun 1, 2019 10:30:23 AM

Ben-

You can enter the information in the "sale of stock" section of TurboTax.  If you have a summary of the transactions you can walk thru entering a summary and attach a PDF to the return.

New Member
Jun 1, 2019 10:30:25 AM

Whether you got into cryptocurrency trading last year, have been a holder since 2011, or your employer pays you in Bitcoin or Ethereum, you need to know what all of these transactions mean for your taxes. While the IRS released its initial guidance in 2014, you still might wonder what is considered a taxable event and how you should report it in order to be in compliance.

Well, we have the answers.

TurboTax is taking steps to streamline the crypto community’s experience this tax season. We’ve built a solution that allows you to import transactions from Coinbase to TurboTax, with plenty of help and resources along the way.

Before, you were required to manually enter each taxable transaction, which could take hours. Now, you can upload up to 100 Coinbase transactions from Coinbase at once, through compatible .csv files to TurboTax Premier. And the uploaded .csv files will include the cost basis of your Coinbase transactions (if available) so TurboTax Premier can easily help you file your cryptocurrency transactions.

The .csv you download from Coinbase won’t have information about crypto transactions outside of Coinbase (including on Coinbase Pro), so it’s important to review and verify the information for accuracy depending on how you transacted on Coinbase.

One thing to keep in mind, not every cryptocurrency transaction constitutes a taxable event, which is why we have tons of guidance to assist you in understanding and selecting which transactions are taxable while you are in TurboTax Premier. If you still have any burning crypto tax questions, with TurboTax Live Premier, you can connect live via one-way video to TurboTax Live CPAs and Enrolled Agents with over 15 years average experience to get your tax questions answered right from the comfort your living room. A TurboTax Live Premier CPA or Enrolled Agent can also review, sign, and file your tax return.

Taxes and Crypto 101: What you need to know

You’ll need to report cryptocurrency as income if you did any of the following:

  • Converted cryptocurrency to a regular currency like US dollars
  • Sold cryptocurrency
  • Spent cryptocurrency to pay for goods or services
  • Received free coins through a fork or an airdrop

Your transactions are not taxable if you:

  • Bought cryptocurrency but have not sold it
  • Gifted cryptocurrency to a friend or family member and the gift was under $15,000 per person receiving the gift
  • Purchased cryptocurrency with a Self-Directed IRA or Solo 401(k)

Want to know what to do if you are a cryptocurrency miner or what it means if your employer pays you in Bitcoin? Check out our article covering IRS Guidance on the Taxation of Bitcoins and Virtual Currency. Also check back with the TurboTax blog for more articles on cryptocurrency topics.

The Coinbase integration is available in several products, including TurboTax PremierTurboTax Self-EmployedTurboTax Live Premier and TurboTax Live Self-Employed.

Level 2
Jun 1, 2019 10:30:28 AM

Can you do crypto with Turbotax Home and Business CD 2018?

Level 15
Jun 1, 2019 10:30:29 AM

the cd/download version does not have the crypto feature offered in TurboTax Online.
just treat it as transactions without receipt of a 1099-B,

Level 2
Jun 1, 2019 10:30:33 AM

Thank you Fanfare.

New Member
Feb 3, 2020 7:02:03 PM

But your advertising says you can import trades from cryptocurrency markets.

https://blog.turbotax.intuit.com/turbotax-news/turbotax-makes-it-easier-for-coinbase-customers-to-re[product key removed]ocurrency-transactions-42740/

Where is this feature in Home and Business? 

New Member
Feb 3, 2020 7:06:48 PM

Your website says that Home and Business has all the features of Premier and premier has cryptocurrency import features.

I am confused. How do I get the cryptocurrency features? I purchased my copy at Costco.

Intuit Alumni
Feb 3, 2020 7:56:33 PM

More help and assistance using cryptocurrency has been posted for you in a Turbo Tax FAQ below.

https://ttlc.intuit.com/community/cryptocurrency/help/how-do-i-report-bitcoin-or-other-cryptocurrency-as-a-capital-gain/01/27338

 

New Member
Feb 4, 2020 3:13:16 AM

I do not see those options. I have the desktop version of TurboTax.

Other people say these cryptocurrency features are not in the desktop version. 

Can I exchange the desktop version for the online version?

Expert Alumni
Feb 4, 2020 5:54:01 AM

To exchange the desktop version for the online version you would need to return the program to the seller that you purchased it from and then purchase the online version.  Both the desktop and the online version have the same options except in the desktop version you can look at the forms and enter information directly on the forms if you need or like to.

 

To report Cryptocurrency transactions your report them in the same way you report stock transactions. 

  • In the  Federal section of TurboTax under Income & Expenses
  • Investment Income
  • Open that section and the bottom option is Cryptocurrency.

 

Link How do I report Bitcoin or other Cryptocurrency in TurboTax.

 

@commanderb

New Member
Feb 12, 2020 7:23:13 PM

I have purchased Premier version of CD from Costco, however I don't see Crypto Currency option at all under investment income. The 1099-B* I got from Robinhood has no Document ID. So, I'm not able to import as other 1099-B of stocks.  How do i report 1099-B* i got from Robinhood with no option of Crypto Currency Desktop in version. 

Expert Alumni
Feb 12, 2020 7:36:22 PM

You may enter the crytocurrency by these steps:

  1. Select the Federal tab
  2. Select Wages and Income 
  3. Select Investment Income
  4. You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview 
  5. When asked Did you get a 1099-B or a brokerage statement for these sales? select No 
  6. When asked to Choose the type of investment you sold select Everything else
  7. Translate proceeds of each transfer into US dollars at the time of the transfer
  8. Repeat for each

Not applicable
Feb 15, 2020 5:41:01 AM

So just to make sure I understand this, I upgraded to Premier because it said it had automatic import of crypto, and now I have to manually insert everything? Who do I speak to to get a refund of my upgrade? Your marketing all says they should do it automatically and now you’re saying I have to do it manually.

Intuit Alumni
Feb 15, 2020 8:37:40 AM

To request a refund for your TurboTax product please use the link provided below:

 

How do I request a refund for my TurboTax product

New Member
Mar 10, 2020 7:01:22 PM

Looks like there is no solution for this in Home & Business?

Intuit Alumni
Mar 10, 2020 7:50:38 PM

@jmulligan13 No,  Home & Business does not provide the capability only capable in the online versions of TurboTax. Please see this article for more information: https://blog.turbotax.intuit.com/turbotax-news/turbotax-makes-it-easier-for-coinbase-customers-to-report-their-cryptocurrency-transactions-42740/

New Member
Apr 1, 2020 7:23:18 PM

How do you treat it as a 1099B when that is not offered in TT premier?

Expert Alumni
Apr 2, 2020 11:44:22 AM

According to this Turbo Tax reference, this is the precise method for entering Crypto currency transactions into your turbo Tax.:

 

1.     Select the Federal tab

2.     Select Wages and Income 

3.     Select Investment Income

4.     You'll list each trade/sale in the Stocks, Mutual funds, Bonds, Other interview 

5.     When asked Did you get a 1099-B or a brokerage statement for these sales? select No 

6.     When asked to Choose the type of investment you sold select Everything else for held for investment, if held for personal       goods choose Personal Items.

7.     Translate proceeds of each sale into US dollars at the time of the sale or movement.

8.     Repeat for each transaction or report summarily.

 

Please select the hyperlink above for more additional information about how to report crypto currency transactions in your return.

Returning Member
Mar 30, 2021 6:34:15 PM

There is no "cryptocurrency" section on my 2020 Home & Business version under "investment income".

Intuit Alumni
Mar 31, 2021 9:02:39 AM

@blueskypeak Please call in to our live representatives for assistance with this matter: Contact TurboTax