- How do I import my transaction using the CSV file provided?
- Do I have to enter all my transactions manually?
If you have ever had any of these questions, then this article is for you. We will, therefore, walk you through filing your crypto taxes using TurboTax. You will learn how to add your crypto transactions, both manually and automatically.
Getting Started Filing Your Crypto Taxes With TurboTax
First, when asked if you have traded any crypto, select “Yes”. For instance, the image below shows what this question might look like.
Example of the question asked about crypto trading in TurboTax
But, if they did not ask you that question, you can go directly to it by going to “Wages & Income” on the “Federal” tab. By doing so, you’ll see crypto listed under the “Investment Income” section. For example, the image below shows where it is located.
Example of where to find the “Cryptocurrency” section in Investment Income
Once you click “Start”, it’ll then ask if you’ve invested in crypto. Click “Yes” to continue on to adding your transactions into TurboTax.
(Note: The free version of TurboTax does not include Investment Income. That means you need to upgrade to TurboTax Premier if you want to add your crypto transactions.)
By selecting “Yes”, they will present you with a screen that looks like the following.
Example of the page TurboTax presents when filing your crypto taxes
On this screen, you can either add your crypto transactions manually or automatically. So in the following sections, we will go over each method.
Manually Importing Your Crypto Transactions Into TurboTax
First, we’ll show you how to go over manual transactions. You can add transactions manually by clicking on the button labeled “I’ll type it in myself”. By doing so, you’re presented with a page that looks like the following.
On this page you can:
- Fill out the fields provided to add a transaction
- Add another transaction by clicking on “Add another transaction”.
- See a preview of all the transactions by clicking on “Continue”.
(Note: By following this process, you can add up to 75 transactions manually. If you need more transactions, you must use the automatic method described in the next section.)
Once you finished adding your transactions, they present you with a summary. This page gives you the options to either finish, add more transactions, or edit the transactions you made. So if you would like to add some automatic transactions as well, you can do so by pressing “Add More” and continuing on to the next section. If not, then you can skip the next section and conclude your transactions.
Automatically Importing Your Crypto Transactions Into TurboTax
Now we’ll go over how to import your crypto transactions into TurboTax automatically. The video below will show a basic overview of this process.
If this video answered your questions, great. However, if it has not, please continue reading to get a better idea of the process.
You may notice from earlier that ACCOINTING.com is not present on the list of supported tax providers. Because of this, you must select one of those providers before you can import your transactions. This is because TurboTax doesn’t provide support for importing crypto transactions unless it’s through one of the listed crypto tax providers. However, you can import your transactions by selecting a random provider and using your TurboTax Online CSV file provided by ACCOINTING.com instead. To get that file, you need to first create and download your tax report using ACCOINTING.com. That file should be in the “Accointing_Report_Files” folder displayed below.
(Note: Do not open your TurboTax Online CSV file in Microsoft Excel, or it will convert the numbers into a format unreadable to TurboTax.)
I will show you what this looks like by choosing CoinTracker. To clarify, any of them should work, but I will use that one for the following example. For instance, when you select an option above, they present you with a screen like the one below.
Example of page TurboTax presents to upload your crypto transactions
This is the screen that lets you upload your TurboTax Online CSV file mentioned above.
(Note: TurboTax limits you to 2251 maximum transactions. There is currently no way around this. As a result, if this affects you, you must either aggregate your transactions or use a separate service entirely.)
Once imported, TurboTax might ask you to fix some errors in the data. Therefore, they might present you with a page similar to the following.
Example of crypto transactions needing review on TurboTax
If they presented you with this screen, then once you correct the errors, you can continue on. Once you have no errors, then you will see a screen similar to the following, asking you about which transactions are taxable.
Certainly, you’ll want to press “Select all” as shown in the screenshot above. By doing so, you will include all the transactions that you just uploaded. After that, you can then continue on to the summary page and complete your transactions.
Finish And File Your Crypto Taxes Using TurboTax
In conclusion, you have successfully completed the crypto section of your taxes. Therefore, all that’s left is to finish filling out the rest of your taxes and file.