Entering or importing Crypto from Coinbase in Turbo Tax Premier Desktop (2024)
You can use the cryptocurrency import and other features with the TurboTaxOnlinePremier and Self-employed versions, only.
One optionis 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.
Theother optionwould be to file using the Online software and get a refund forthe desktop program.
According to IRS Notice 2014-21, the IRS considers cryptocurrency to be property, andcapital gains and lossesneed to be reported onSchedule Dand 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 tolong-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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You can e-file your Coinbase.com cryptocurrency gain/loss history with the rest of your taxes through TurboTax. For information on how to import your cryptocurrency transactions, please visit Turbo Tax.
On TurboTax, select File -> Import -> From Accounting Software (Windows) or File -> Import -> From TXF Files (Mac) Select Other Financial Software (TXF file) and click Continue. Select the TXF file you saved from TokenTax and click Import Now. Click Done on the next screen.
Whether you have stock, bonds, ETFs, cryptocurrency, rental property income or other investments, TurboTax Premier has you covered. Filers can easily import up to 10,000 stock transactions from hundreds of Financial Institutions and up to 20,000 crypto transactions from the top crypto wallets and exchanges.
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