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.
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”
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
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)”
7. Select Taxable Transactions
Only taxable transactions are imported from your CTC file, so you can simply press the “select all” button.
What If You Have More Than 2251 Transactions?
TurboTax is limited to 2251 transactions. If you have more than this, we will consolidate your transaction history so it fits into the TurboTax software. You will also need to mail your complete 8949 form to the IRS.
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