I exported the CSV file from Coinbase for 2020 year taxes, but TurboTax cannot recognize the format. I thought TTax was able to import in Coinbase CSV files..?

Forum|Forum|5 years ago
March 16, 2021
2 replies
85 views

I even tried reformatting the CSV file to match the categories that TT identified later, but even then, TT will not accept the data. How difficult is it for TT to process a basic CSV file import?

TurboTax Premier Online

Best answer by DawnC

I was able to get a CSV file imported into TurboTax. I selected BitTaxer and deleted all columns from my CSV file except for the 5 listed below. I had to delete the Service Name column. It finally worked, but not until my column labels matched the following:

Purchase Date
Date Sold
Proceeds
Cost Basis
Currency Name

All transactions imported and I was able to check off the ones that are not taxable (such as your rewards) so as to not include them on my tax return. I hope this works for you!!

JohnB5677

Level 15

From time to time the broker's format is not compatible with TurboTax.

If you only have a few trades you can post them manually.

Income & Expenses

Scroll to Stocks, Mutual Funds, Bonds, Other
Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
From here, you can import or manually enter your 1099-B.
Answer the questions about your sales. Choose to Enter sales one by one when asked.
On the Now, we'll enter one sale on your 1099-B screen, enter your info.

However, if there are more than a few you can quickly enter this manually also.

Your brokerage statements should include a summary of your transactions, grouped by sales category.

There are seven possible "Box" designations that indicate the holding period (Long/Short Term) and the reporting status. These are the only ones you have to summarize. If you want to manually enter your 1099-B as the summaries.

Tell us about your 1099-B sales for this account
Answer the questions
Since you have more than a few sales, we recommend entering sales section totals
Continue
Before entering sales section totals, take a moment to find them on your 1099-B
Continue
Now, we'll enter one sales section total on your 1099-B
Use the drop down menu to select the correct designation.

Code A. This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS.

Code B. This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS.

Box C. Report on a Part I with box C checked all short-term transactions for which you can't check box A or B because you didn't receive a Form 1099-B (or substitute statement).

Code D. This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS.

Code E. This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS.

Box F. Report on a Part II with box F checked all long-term transactions for which you can't check box D or E because you didn't receive a Form 1099-B (or substitute statement).

Code X. Use this code to report a transaction if you cannot determine whether the recipient should check box B or box E on Form 8949 because the holding period is unknown.

Open or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.

Select the Jump to link in the search results.
Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
When asked how you want to enter your 1099-B, select I'll type it in myself.
Select or enter your brokerage on the next screen and continue.
On the following screen (Tell us about...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Continue.

When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your 1099-B to the IRS. TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.

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jpawlickiAuthor

Level 2

John,

Thank you for that, but, it does not resolve the known problem that TurboTax and Coinbase are not cooperating anymore on CSV files for some reason.

I tried reformatting the columns from the Coinbase CSV file to what TT seems to ask for. I have copied in an extract of 5 rows, plus the header row, and TT still gives me an error. Does anyone have a sample CSV file that TT will accept for cryptocurrency tax filings?

My extract below shows two coins that I was given 'rewards' for by Coinbase, and I have not sold them, but, according to the IRS rules, I have gained income, hence the 'proceeds' shown. What is that TT needs to see in order to import a CSV with ~200 entries?

Service	Currency Name	Purchase Date	Cost Basis	Date Sold	Proceeds
Coinbase	MKR	11/3/2020	0		2
Coinbase	MKR	11/3/2020	0		2
Coinbase	MKR	11/3/2020	0		2
Coinbase	DAI	8/3/2020	0		0
Coinbase	DAI	8/4/2020	0		0
Coinbase	DAI	8/5/2020	0		0

DawnC

Level 15

I have also tried uploading various CSV files with no luck. I am still working on it and will report back if I find a format that works. For the 2 ''rewards'', those do not need to be reported until you sell or exchange them, but the basis will be 0 whenever you do that. You would only report that as income when received if you received them as payment for goods or services you provided. They were given to you - you did not earn any income on the transaction. See the link below regarding gifted cryptos.

How do I report earnings or losses from Bitcoin and other cryptocurrency?

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smg918

Level 2

coinbases will not issue 1099-bs. and their csv file isnt compatible with turbotax. then they recommend cryprotracker but they require money to convert to what they claim will be turbo tax format. this whole thing stinks. somebody somewhere needs to fix this.