Resources/guides/How to submit your cryptocurrency report using TurboTax

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

home page login
home page login

2. Choose your package

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

choose package
choose package
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”

financial picture crypto
financial picture crypto
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.

turbotax sidebar options
turbotax sidebar options

5. Select Cryptocurrency in the income section

cryptocurrency as income
cryptocurrency as income
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.
choose which services
choose which services

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)”

export to turbotax csv
export to turbotax 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.

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

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.

The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Cryptotaxcalculator disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.

Shane Brunette

CEO

Shane Brunette founded CTC back in 2018 after dealing with his own crypto tax nightmare. He has worked closely with accountants and tax lawyers to make it easy for fellow cryptocurrency users to be tax compliant.

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