Turbotax premiere and Crypto filing

Forum|Forum|6 years ago
February 27, 2020
3 replies
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Hey all, I purchased Turbo tax premiere via Amazon as it stated it included cryptocurrency with federal and state. I cannot find anywhere to add the csv file or the area to include cryptocurrency. I was asked if I purchased any cryptocurrency but that was it. I have looked over the federal section and explored this site extensively. Am i missing something, best I could find was a reference to Turbo tax online having the best interface.....someone HELP!!

Other

JamesG1

You will find Cryptocurrency entry here:

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Income & expenses.
Scroll down to Investment income. Click on Show more.
Click on Start / Revisit to the right of Cryptocurrency.

It this section it is possible to download certain documents.

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m8garciaAuthor

Under federal taxes I show Wages and income, deductions and credits, OTS, Fed review and Smart check. Under Investment income there is nothing pertaining to cryptocurrency.

JamesG1

This article also explains how to report cryptocurrency in Turbotax Premier.

Are you able to click on the magnifying glass / Search in the upper right hand corner of the screen and enter cryptocurrency. Click on jump to cryptocurrency.

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kristenmary

I too have been searching how to do this. Robinhood gives a CSV file. How do I do that? Using TurboTax Premier. THERE IS NO CHOICE FOR CRYPTO as all the posters have said in this version.

AmyC

Employee

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 will mail a copy of your Robinhood forms to the IRS. The program will give you instructions.

@kristenmary

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kristenmary

Is this under "Investment Income" and then "Stocks, Mutual Funds, Bonds, Other". And I enter everything you said there? If I list each transaction separately does it save me from having to mail anything in? I traded two different crypto currencies and had 6 total transactions. Only made less than $50 so this is a huge pain that I have to do this manually. It is asking for Box 1A which isn't explicitly listed in on the 1099 but I assume is the name of the Crypto? Seems like the date acquired isn't required either but I did list it.

jschmitz0921

i did the same thing and now have wasted another $30 and three hours. in addition, when you look at the turbo tax help section, it tells you to go to the investment section of wages and other income...there is no investment income. I assume this means the stocks etc section which does not have crypto currency in it.

please help TT!

HelenC12

If you're using the TurboTax CD\Download version and need to import your cryptocurrency:

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.

Related information:

Source: DawnC

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jschmitz0921

So, can I import all my data from my current TurboTax (download version) file? I have several hours of inputting data in my current return and only need crypto data.