Entering or importing Crypto from Coinbase in Turbo Tax Premier Desktop

Forum|Forum|4 years ago
February 13, 2022
3 replies
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I am using Turbo Tax Premier Desktop version and I cannot figure out how to enter or import the CSV data from Coinbase into my return.. I found a link that claims you can import it, but that seems specific to the online version of turbo tax.. When I click to add the 1099b and I cannot locate either Crypto or Coinbase in the list of institutions..

How do I get this data into my return for desktop turbo tax version?

H

HelenC12

You can use the cryptocurrency import and other features with the TurboTax Online Premier and Self-employed versions, only.

One option is to start a free tax return in TurboTax Premier Online. You don't pay for the return until you file it, so you won't have to pay the Online fee. Enter (import) your cryptocurrency information in the Crypto section, and then save the .tax file (not PDF). You can then open the tax file in TurboTax desktop, add the rest of your tax data and file.

How do I save my TurboTax Online return as a tax data file? This FAQ will also have instructions on how to continue your return in the TurboTax CD\Download version.
How do I import from the .txf file?

The other option would be to file using the Online software and get a refund for the desktop program.

According to IRS Notice 2014-21, the IRS considers cryptocurrency to be property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary.

Like other capital gains and losses, your gain may be short-term or long-term, depending on how long you held the cryptocurrency before selling or exchanging it.

If you owned the cryptocurrency for one year or less before spending or selling it, any profits are typically short-term capital gains, which are taxed at your ordinary income rate.
If you held the cryptocurrency for more than one year, any profits are typically long-term capital gains, subject to long-term capital gains tax rates.

How you report cryptocurrency on your tax return depends on how you got it and how you used it. To read more, click here.

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A

Anonymous

I did that but I am unable to open the saved tax file... I get error 190

R

RobertB4444

Here is the fix for error 190.

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1

1Scotto1

I had the same problem in Premier Desktop. I used CoinTracker (there's a link to it in Coinbase) to consolidate my Coinbase and Coinbase Pro accounts and then in the tax area it had a button to generate a downloadable .txf file for TurboTax Desktop/Download versions. Once I downloaded that file I went back into my return on TurboTax and in the menu bar clicked File>Import>.txf files and then selected it from the downloads folder (or wherever you put it.) and it went right in. I did have to rename it in the summary screen.

I think this would work for other exchanges if you can either bring them into CoinTracker or if they can generate a file in .txf format. Good Luck.

S

sjskuo

I used CoinTracker and it worked fine as mentioned by 1Scotto1. I also find that I like CoinTracker which consolidates all my transactions from all my wallets. It's free if you only use Coinbase and Coinbase Pro.

Y

yankeehankee

Yeah, this was stupid and a complete waste of time. Why, in 2021 and the proliferation of crypto, there isn't a simple dropdown in the Import menu for Coinbase is beyond me! Intuit, I'm sorry, you totally missed the boat on this one! I hope you are smart enough to fix it for 2022!