Does TurboTax handle Cryptocurrency?

TurboTax Online is now the authority in crypto taxes with the most comprehensive import coverage, including the top 15 exchanges. Whether you are investing in crypto through Coinbase, Robinhood, or other exchanges TurboTax Online can seamlessly help you import and understand crypto taxes just like other investments.

Which version of TurboTax do I need for cryptocurrency?

We recommend you use the web version for the best cryptocurrency tax support. It is possible to include your crypto with your tax return via the TurboTax desktop / CD / downloaded edition. Note that the transaction limit in this case is 3,000.

Does Coinbase link to TurboTax?

On Thursday Coinbase and TurboTax announced a partnership to allow customers to accept their tax return and have it converted into a cryptocurrency. To get started, sign up for TurboTax and file your taxes through the Coinbase section.

Does TurboTax calculate crypto gains?

At tax time, TurboTax Premier will guide you through your cryptocurrency transactions, allow you to automatically import up to 4,000 cryptocurrency transactions at once, and figure out your gains and losses.

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How do I report crypto in TurboTax?

Open or continue your return in TurboTax Online. Select Federal, and Wages & Income. Scroll down and select Show more next to Investment Income (or Investments and Savings) Select Start or Revisit next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)

Does TurboTax work with Coinbase pro?

You can e-file your Coinbase.com cryptocurrency gain/loss history with the rest of your taxes through TurboTax.

How do I enter Coinbase on TurboTax?

Here’s how to get your CSV file from Coinbase.

  1. Sign in to your Coinbase account.
  2. In the Taxes section, select the Documents tab.
  3. Generate and download the TurboTax gain/loss report (CSV) for 2021.
  4. Upload the CSV file to TurboTax.

What is the difference between TurboTax Deluxe and TurboTax Premier?

The online Deluxe TurboTax version has some additional features associated with deductions. The online Premier TurboTax version has similar features as that of the Deluxe plus, associated with investments. The Deluxe Plus online TurboTax version includes support for self-employment income such as schedules C and SE.

How do I report cryptocurrency mining to the IRS?

If you report your crypto mining as a hobby, you’d report this income on Line 8 of Schedule 1. You won’t owe self-employment tax, but you become more limited on what you can deduct as an expense.

Do you report cryptocurrency on taxes if you don’t sell?

The IRS treats virtual currencies, like bitcoin and ether — and even NFTs — differently from other assets and investments. … If you used fiat currency — that is, US dollars — to buy crypto assets in 2021, you don’t have to report anything about it on your return.

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Do I need to report crypto on taxes if you don’t sell?

Buying crypto on its own isn’t a taxable event. You can buy and hold cryptocurrency without any taxes, even if the value increases. … Tax filers must answer a question on Form 1040 asking if they had any type of transaction related to a virtual currency during the year.

Do I need to report cryptocurrency on my taxes?

Yes, Your Crypto Is Taxable. … The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.

How does tax work on cryptocurrency?

Cryptocurrency Is Property, According to the IRS

Since 2014, the IRS has considered cryptocurrency to be property. Taxpayers are required to report transactions involving virtual currency as US dollars on their tax returns, which means they must determine its fair market value as of the transaction date.

How do I add crypto to Robinhood TurboTax?

To upload your cryptocurrency information:

  1. Log in to TurboTax and navigate to the screen for Wages & Income.
  2. Click the Start button next to Cryptocurrency.
  3. Choose Yes when asked “Did you sell or trade cryptocurrency in 2021?”
  4. Select the Robinhood icon and click Continue.
  5. Upload the CSV version of your Consolidated 1099.