Turbo Tax won't accept CSV file upload for Crypto Transactions

Forum|Forum|3 years ago
February 18, 2023
2 replies
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Greetings, I am trying to upload the transactions from two of my Crypto Exchanges ( Binance.US & Kraken) to TurboTax. I have read the instructions and I am pretty sure I have followed them to a T. From what I see both exchanges are supported by TurboTax. In the case of Binance.US you have to upload a CSV file. Turbo Tax does not connect via API keys. I followed the instructions on how to obtain the CSV file from Binance.US. There are over 4000 transactions that I have with Binance and I see that TurboTax will only except 2200 transactions at a time and it asks you to split up the CSV file to the required number of transactions so it will accept them.

I was able to split the file into two parts. When I tried to upload the first smaller file into Turbotax, it accepted it initially and it ran for about 10 minutes, then I get a message saying" Could not import 1099B". I don't know why it says "1099B" because I clicked on all the right buttons to upload a CSV file. In any case, I tried this several times with different browsers and had the same result.

Now on to the Kraken exchange. I thought I would have better luck here because TurboTax will connect directly to the exchange via API. I followed the instructions on acquiring the API keys from Kraken and plugged them into the appropriate fields on TurboTax and had the very same results as before, getting the same message. There are about 6000 transactions in Kraken, however, I did not see any limitations this time because you could link directly using the API keys.

Nothing seems to work here and I don't know what I am doing wrong. I am wondering If I first have to use other software programs such as Taxbit or CoinTracking in order to calculate the gain/loss from those transactions. I thought TurboTax would be able to do that.

Can anyone help?

Thanks Much

Best answer by JamesG1

Are you using TurboTax Premier Online? You may be able to upload a .csv file by following these steps:

Go to Federal / Wages & Income / Your income / Investments and Savings.
Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click Add investments.
At the screen Get ready to be impressed, click Continue.
At the screen Let’s import your tax info, click Enter a different way.
At the screen OK, let’s start with one investment type, select Cryptocurrency. Click Continue.
At the screen Select your crypto experience, select Upload. Click Continue.
At the screen What’s the name of the crypto service, select Other and enter the name of the service.
Click Continue.
At the screen Go ahead and upload your crypto CSV file, upload the file.

The .csv should follow this format.

All the columns from the .csv file were deleted except for the five columns listed below.
All other lines other than the headings and the five columns of data were deleted.

Purchase Date
Date Sold
Proceeds
Cost Basis
Currency Name

.csv file format.

A B C D E

purchase date date sold proceeds cost basis currency name

11/24/2021 2/1/2022 1,779.96 1,916.52 ABFOA

12/7/2021 4/1/2022 1,111.46 1,225.45 ABFOA

11/24/2021 3/1/2022 1,638.54 1,638.54 ABFOA

@5185506

SantinoD

Some exchanges that produce the CSV files are not fully compatible with TurboTax software. There could also be some areas of the CSV file that is not formatted correctly or has an entry that TurboTax doesn't recognize.

Try using these steps: How do I create a CSV file for an unsupported source?

Anonymous

Thank you for your reply.

The TurboTax website says that Binance.US is supported so I take that to mean their CSV format would work with TurboTax.

Also, I was able to connect TurboTax directly with Kraken via API keys with no CSV file involved and that didn't work either.

JamesG1Answer