Question

CoinTracker tells me I could save $524 in taxes while TurboTax shows only a $151 deduction how can I fix this?

Forum|Forum|4 years ago
February 2, 2022
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TurboTax Premier Online

CoinTracker has partnered with TurboTax in that customers of CoinTracker can upload their cryptocurrency transactions into the TurboTax application. Thereafter TurboTax can calculate your total tax liability, and or refund, after you have entered all of your relevant information.

While CoinTracker has a crypto portfolio calculator as well as tax software, we cannot determine the basis upon which they have determined that you could save $524 in taxes. If you know what assumptions they are making or definitive amounts they have relied on, post them in a follow-up so that we can review and respond. As a reminder, do not include any personal identifiable information in any follow-up post.

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A

aking23076-gmailAuthor

R

RobertB4444

At the risk of sounding flip "up to $524.21" is not the same as telling you the deduction is accurate.

That being said, cryptocurrency trader files that are uploaded to TurboTax may not have the correct basis amounts (the amounts you bought the cryptocurrency for). You should review the transactions that you have imported to make sure those amounts are accurate.

Here’s how to report earnings and losses from Cryptocurrency in TurboTax.

Here’s how to import your crypto transactions into TurboTax.

Here’s how to report Cryptocurrency as a capital gain.

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