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.
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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.
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:
Your transactions are not taxable if you:
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 Premier, TurboTax Self-Employed, TurboTax Live Premier and TurboTax Live Self-Employed.
But your advertising says you can import trades from cryptocurrency markets.
Where is this feature in Home and Business?
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.
More help and assistance using cryptocurrency has been posted for you in a Turbo Tax FAQ below.
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?
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.
Link How do I report Bitcoin or other Cryptocurrency in TurboTax.
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.
You may enter the crytocurrency by these steps:
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.
To request a refund for your TurboTax product please use the link provided below:
How do I request a refund for my TurboTax product
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