If I'm using cointracking.info for cryptocurrency transactions and get the TurboTax import, where do I put that in TurboTax?

[mattbilotti]

I have a few dozen transactions and cointracking.info gives you a file that you can use in TurboTax after calculating everything for you but I have no idea what to actually do with that now that I have it.

[AmyW · Accepted solution]

If you want to import the file into TurboTax, you will want to use the TurboTax downloaded software. Due note, that the import is limited to the first 500 lines

Follow the steps below to import your cryptocurrency transactions:

• Click on the Personal Income Tab
• Scroll down to the Investment Income and choose Start next to Stocks, Mutual Funds. Bonds, Other
• Click Yes when asked “Did you sell Any Investments in 2017?”
• You will then have the option to Import from a TXF file.

If you would prefer to use TurboTax online, then you will want to enter the summary information from the form and mail in the statement manually. TurboTax walk you through the process to mail the correct forms. 

[knowuse41]

I actully went through this whole process today and there was no option to Import a TXF file so now i don't what to do, to do all of my transactions manually will take me forever and it would be impossible to get all the details correct because of the new laws , my cointracking portfolio has everything ready to import but no way to do it , anybody having the same issue?

[mattbilotti]

Yeah I feel you. Real bummer the upload isn't accessible on the web version.

I wound up doing them manually because you can't get the CD/download version of TurboTax if you paid for the web version (which is confusing and not great on Intuit's part). I feel like I got it pretty right. The process in TuboTaxAmyW's post becomes relatively straightforward once you try and if you go line-by-line in Cointracking.info you can figure it out.

Anyway, it took a few hours but once you get in the flow of filling them out, it kinda becomes robotic. Just put on some good music in the background and have at it.

The trickiest part is when you get to Bitcoin Cash (if you got it). This article (<a rel="nofollow" target="_blank" href="https://www.forbes.com/sites/greatspeculations/2017/08/04/how-to-report-bitcoin-cash-and-avoid-irs-t...>) explains how to report it and you can put it in the "other income" section. Cam expand on that if helpful.

[tim-darnell]

@knowuse41 you should check out the "import" option under File dropdown in CD/Download version of TT. I ran export of "TurboTax" in Cap Gains tax section of cointracking.info, renamed file extension to .TXF, and import ran fine and was applied correctly to my personal income section.

[dmb01]

The lack of online import and the annoying multiple steps to do it manually makes entering capital gains very painful.  A long time ago TurboTax online had a "quick entry" format for these type of transactions that was excel like which would be a lot better of we have to do it manually for online...but import would be a lot better.

[dedo79]

Could you please clarify the following? "If you would prefer to use TurboTax online, then you will want to enter the summary information from the form and mail in the statement manually. TurboTax walk you through the process to mail the correct forms." Thanks

[kjmacus13]

Please help,  I understand I have to use a downloadable version of TurboTax to use my coin tracking.info file. But which version do I buy? deluxe or premier? Or will both work?

[AmyW]

If you are using the TurboTax download or CD version, Premier would be the most straightforward process. However, all forms and schedules are included in all desktop versions.

[lukacsa82]

Can i import around 4000 transaction from cointracking.info, if i split it into separate files with maximum 500 lines?

The cointracking.info site told me the following: "TurboTax can only import a maximum of 3000 trades per file. We have split your export into several files with 3000 trades each.
Please download all parts and import them into TurboTax one by one."

So i do not know if it is true or i can only import maximum 500 lines..

[lukacsa82]

And would you please clarify that dedo79 asked? I need help for that too.
"If you would prefer to use TurboTax online, then you will want to enter the summary information from the form and mail in the statement manually. TurboTax walk you through the process to mail the correct forms." Many Thanks

[daveb12990]

I have a similar issue and I'm going deaf and blind trying to figure this out.. been up for 24 hours now sorting all of this out using CoinTracking.info – exported the CSV and TXF files, but I don't want to purchase TurboTax desktop software yet until we get an answer.. Same question previously asked: If we download the software, can we import these files even if we have 4000+ transactions/trades so we can accurately report Capital Gains/Losses (I need to do this for all of my trades to explain to the IRS why Coinbase/GDAX sent them a 1099-K with over $5,000,000 in total trade/transaction volume). Any help is greatly appreciated. Thanks! – DJ AFINO

[lukacsa82]

I have been sorting my transaction for 5 days. Hopefully i'm gonna finish it in days...
I have found this article (<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-schedule-d-capital-gains-and-los...>) regarding  Schedule D and 8949, but that would be better if i could import all of my transactions, even if i have to split the report into small files... hopefully we are gonna get the answer soon from the Trubotax support.

[kjmacus13]

I only had 28 transaction, so I just entered them manually. This has been a learning experience and now I know what to do next year., I think TurboTax should have an import option for their online versions for 2018. Let's see what happens

[chillihead]

Has anyone successfully imported the cointracking 8949 form into the desktop tax version? I would like to know as well. I have over 1400 GDAX trades as well as Bittrex. Thanks.