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February 17, 2022
Question

Unable to enter Cryptocurrency with Turbo Tax Premier 2021

  • February 17, 2022
  • 1 reply
  • 0 views

I received a 1099 Composite form from Robinhood Crypto LLC for 2021 and when I go to enter it in my Windows copy of Turbo Tax Premier 2021, I am unable to find the Cryptocurrency section under Wages and Income > Investment Income. When I search for "cryptocurrency", there is no option to jump to cryptocurrency, only a link to the Cryptocurrency Info Center (website).

    1 reply

    AmyC
    Employee
    February 17, 2022

    Easy solution, follow these steps:

    First, go through your transactions and remove all personal property losses. The IRS expects each transaction looked at in case of any of the transactions were loss due to personal use, such as lunch at Starbucks or payments towards bills, etc. Loss on use of personal property should not be included on your return. The gains are included along with any (gain or loss) transactions that were investment related.

     

    Second, you need to enter only two lines.

    In the 1099-B section, enter whatever is left after step 1 personal losses are removed:

    • the total short term and 
    • total long term transactions 

     

    If you do the summary, you can just mail a copy of your  Robinhood forms to the IRS. The program will give you instructions.

     

    Not all versions support the import but I don't like the import based on IRS rules anyway. Each transaction must be reviewed either way.

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