Why is it so difficult to find if TurboTax premiere desktop can handle cryptocurrency the same as the online version for 2021?

[Bphon2378]

Last year, the TurboTax premiere online version handled cryptocurrency and the desktop version did not. There was an option and or interview for the online version if you sold any crytpocurrency and it appeared the online version handled crypto better.   I recall several people were upset because the online version did not have this option/interview and it was exclusive to the online premier version.  Will Turbotax incorporate the cyrptocurrency interview in the desktop version for 2021?  I've researched for quite a while and cannot find the answer and it's no where to be found.   So my question is: Can Turbotax premiere desktop hand cryptocurrency the SAME was as the online version and if not what are the differences besides importing a CSV file and TXF file?  Thank you

[AmyC]

No. Currently, the desktop version does not support cryptocurrency.  You will need to use the online version again.

[this_is_the_way]

I have the same question, but I'm trying to figure out how to use TurboTax Premier to enter very simple Schedule C expenses AND I also have stock and crypto transactions to report. My Schedule C sole proprietorship is very simple and I only have a few basic business expenses. I don't need the interview section and can enter them manually. Last year I ended up having to use the Desktop/download version of TT (I got Deluxe since I didn't have stock or crypto yet) because you apparently can't use the Online TT Deluxe to enter biz expenses, only manually in the forms section of the desktop version.

Now, for my 2021 taxes, I have my same Schedule C business (with biz expenses) and also crypto and stocks to report. But you're saying that the desktop version doesn't support cryptocurrency. I really don't want to pay extra for the Home & Business TT because my Sched C is so simple. And, I'm guessing the Home & Business desktop version won't support crypto if Premier doesn't, anyway. So how am I supposed to use TurboTax in my situation?

In a help section post from about 1 year ago, one of the TT tax experts said a workaround would be to start Premier with the online version for free, finish the taxes there including crypto, then download the tax file and open it up in the (paid) download/desktop version of TT Premier, to then manually enter the Schedule C and associated biz expenses. Is it still possible to enter my taxes completely (start to finish) on TT Premier Online for free, as long as I don't file from there? And if that's possible, can I also download the completed TT tax file for free to my PC? I can't find those answers anywhere.

[RobertB4444]

You can do your tax return online all the way to the end without paying anything. 

Then, if you pay for the desktop version, you can log in to your TurboTax account from the desktop version and continue working on your tax return from there.  

[VolvoGirl]

Yes, You can move your Online file to the Desktop program and continue without paying for Online or needing to reenter your info.

To continue in the desktop version see this…….

https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-th...

After you get the program installed the first thing to do before you open your tax return .tax file is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW).

You can buy the CD/Download here,

https://turbotax.intuit.com/personal-taxes/cd-download

[Bphon2378]

I appreciate the responses everyone. I do think it's wrong on TurboTaxes end to deceive people in believing that premier does cryptocurrency. They hide the fact that it's only the Online version. You can search for an hour and there's no updated information. The workaround, as someone here suggested and I've read, is to start premier online and finish it with a premier desktop version.  Why? why not incorporate cryptocurrency in the premier desktop version ? Is it a difficult for the programmers to do this? It's sad that I I have to purchase a third party software program (which costs more than TurboTax) to give me a CSV file to import into TurboTax even though TurboTax advertised last year that I could directly get the information from my exchange and import it in. TurboTax, you need to step up your game with cryptocurrency transactions.

[fanfare]

If your crypto exchange does not give you a 1099-B, Form 8949 or CSV in the form and manner of Form 8949,

you have to assemble that information yourself,

or pay for a third-party app to do it.

[Bphon2378]

I"m not trying to reinvent the wheel here. TurboTax has stated they are compatible with certain exchanges for cyrpto, like coinbase for example, and  then back peddled and said you would have to use a third party software which costs almost twice as much as turbotax , which is b.s. Regardless, let's say I paid for the third party, why isn't   TurboTax premiere DESKTOP and i emphasize DESKTOP  not being compatible with cryptocurrency BUT the online version is. WHY?   Simple question.

[fanfare]

i have no idea of the rationale of Intuit as to which feature sets go into which version.

If you have a proper  CSV of your crypto activity you can use the mail-in option with CD/download.

[Bphon2378]

I'm going to answer my own question for those who come across this with a search.  So with crypto, it appears that Turbotax cannot go to your exchange and download your transactions. It gets very complicated since you may have transactions from different exchanges, staking, air drops or whatever. Basically, you will need a third party software to do this and must follow their instructions. Once the third party software has done the calculations, they should provide you instructions on how to import it into Turbotax premiere.   One way is the third party generates a CSV file which you can import to TurboTax ONLINE version only or the other is a TXF file which you import into the desktop version. I did it both ways to see if there's any difference.  For me, the only difference was when I did the TXF file to desktop, I had to click on each transaction to mark if it was short or long term (even though the appropriate box was checked on the import) . On the online version, I did not have to do this.  If you have a lot of transactions, this can be time consuming.  Also, I noticed the decimal amounts for the trades were rounded up on the online version but they were not on the desktop version.  In conclusion, both online and desktop TurboTax premiers allow you to file your taxes for cryptocurrency transactions, but you will likely need a third party software program to do your calculation and provide a CSV or TXF file for tax year 2021.   If your wondering, the third party software I used was cryptotrader.tax which is listed as an authorized site on TurboTax

[randmperson]

I already entered all my tax info on turbotax home and business only to find out that it does not support crypto currency. Do I have to start over?!!?!?!?!

[Bphon2378]

I know TT premiere online officially supports it and for the CD/desktop version you can import your txf file that you get from a third party that does crypto like koinly or cryptotrader.tax (both are partners with TurboTax). I believe Home and Business  is an upgrade from premiere and in the instructions below it says it supports home and business.  Are you using online or desktop?  I'd recommend using third party to do your crypto calculations and they will provide you with a CSV file (online verion) or TXF file (desktop version) to import into TurboTax .

Here's instructions if you have a desktop version (separate instructions for online version which requires a CSV file from third party crypto preparer and instructions can be found online).

Here it says "Important Note: You will need TurboTax Premiere or Home & Business version of TurboTax to be able to successfully import your gains and losses."

https://help.cryptotrader.tax/en/articles/2657181-upload-your-tax-report-turbotax-desktop-cd-version