How to submit your cryptocurrency report using TurboTax

TurboTax is a very popular tax reporting tool in the US and Canada. CryptoTaxCalculator supports both the Desktop and online version of the TurboTax app. Below are the instructions for reporting your cryptocurrency taxes using TurboTax.

1. Visit the TurboTax Website

Create an account below the sign in option, or simply sign in if you already have an account

2. Choose your package

TurboTax features four different packages, however only two of these – Premier and Self Employed, include reporting for cryptocurrency.

Once you have chosen one of the two packages, click “Start for free” to get started.

3. Provide your details

You will be required some personal information which helps with your filing status. When prompted about your ‘financial picture,’ choose “I sold or traded cryptocurrency”

Once you have proceeded and provided your details, you will then be taken to the TurboTax home page.

4. Navigate to the “Wages & Income” section

You can do this by clicking on the “Federal” Tab on the side, once you have completed the “My info” section. Once again, you may be required to answer some questions about your income for the year.

5. Select Cryptocurrency in the income section

You will be prompted to choose which cryptocurrency service to import your information. Select any one of the below services to proceed to the next step. You can select any service (except for Coinbase), they all use the same generic format which we support.

6. Import your crypto trading reports

After logging in on CryptoTaxCalculator, and generating your report, you can choose the option to “Export to TurboTax Online (CSV)”

Once you have downloaded the file from CryptoTaxCalculator, you can then import it directly on TurboTax

7. Select Taxable Transactions

Only taxable transactions are imported from your CTC file, so you can simply press the “select all” button.

You can then continue to review a summary of your transactions, and press “Done” if everything is is correct.

All content in this article is general information only and does not constitute financial, tax or legal advice. It is not intended to be used by anyone for the purpose of financial advice, legal advice, tax advice, tax avoidance, promoting, marketing or recommending to any other party any matter addressed herein. For tax, financial or legal advice please consult your own professional.