How To Report Crypto on TurboTax

Tynisa (Ty) Gaines
ByTynisa (Ty) Gaines, EAUpdated on January 27, 2023 · minute read

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TokenTax users can easily import their crypto tax documents to TurboTax. Below, you'll find step-by-step instructions for importing your crypto Form 8949 from TokenTax into the web edition of TurboTax.

If you’re looking for instructions for the CD / Download / Desktop version of TurboTax, scroll down past the web instructions.

1. Generate your tax documents.

Go to the Documents tab of your TokenTax dashboard. Click the "Create Report" button on the right side of the screen. You will then see a list of the reports you can create. Find "Form 8949 TurboTax CSV" and click "Generate Report." Your report will appear in your Downloads folder.

2. Start your tax return in TurboTax.

Create a TurboTax account or log in to your existing account. Next, you will begin the TurboTax introduction process. Select “I sold or traded Cryptocurrency” on the page titled “Let’s get an idea of your financial picture.”

TurboTax intro screen

3. Find the Wages & Income screen

After entering your personal information, click "Federal" on the black navigation pane on the left side of your screen. Then, on the page it displays, click "Wages & Income."

TurboTax Federal screen

4. Answer questions about your crypto trades.

Once you get to your Wages & Income screen, scroll down the page to find the line for "Investments and savings." Select "Show more" and then select "Stocks, cryptocurrency, mutual funds, bonds other (1099)."

You’ll be asked if had crypto income in the last tax year. Click "Yes." It will then ask if your crypto trades were between exchanges or wallets. Answer yes or no. Repeat the same process when TurboTax asks you about NFT sales.

TurboTax will now ask if you've used a crypto tax service. Click "Yes." Click "Continue."

5. Select TokenTax as your crypto tax software.

When you get to the screen that says "Let's import your tax info," select "Enter a different way" on the bottom right of the screen.

TurboTax crypto tax info import page

On the next page, click "Cryptocurrency." Click "Continue."

TurboTax Investment type selection

Next, TurboTax will ask you to "select your crypto experience." Click "Upload it from my computer." Click "Continue."

Turbotax select your crypto experience

On the following screen, select "Other (Gain/Loss)" as your crypto service using the dropdown menu.

Turbotax other gain loss selection

Drag and drop the crypto CSV file you downloaded from TokenTax.

TurboTax upload CSV file

You have now uploaded your crypto 8949!

If TurboTax rejects your file for being above the 4,000 transaction limit, see instructions below.

How to report mining, staking, or airdrops on TurboTax

If you've earned crypto from bitcoin mining, DeFi staking or rewards, airdrops, or hard forks it will not be reported on your crypto Form 8949. This is because it is taxed as ordinary income, not capital gains. The process for reporting crypto income depends on your personal filing situation, so we recommend contacting a crypto tax accountant.

However, if you received a Form 1099-MISC for staking and rewards from an exchange like Coinbase, you can use the following instructions:

1. Navigate to your "Wages and Income" screen in TurboTax.

2. Scroll down the page until you find "Other common income." Click "Show more" and then find "Form 1099-MISC." Click "Start." Follow the instructions to transfer the data from your 1099 into TurboTax.

Help! TurboTax says I have too many transactions on my Form 8949.

If you've conducted more than 4,000 transactions in the last tax year, TurboTax will reject your e-file. You will need to submit your summary totals to TurboTax instead. If you're a TokenTax user and you need a summary capital gains file for TurboTax, contact our live chat support and ask for an aggregated TurboTax CSV.

This will allow you to import just your summarized short and long term gain / loss to TurboTax. Only use this option if you are mailing in the complete 8949 separately with the Form 8453.

Then, within three days of your e-file being accepted by the IRS, you will need to physically mail your full Form(s) 8949 and the IRS Form 8453 generated by TurboTax to the following address:

Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254

How to import crypto data into TurboTax CD/Download/Desktop

Note: TurboTax's CD / Desktop edition does not officially support cryptocurrency. We recommend you use the web version for the best cryptocurrency tax support.

However, it is possible to include your crypto with your tax return via the TurboTax Desktop/ CD/ downloaded edition. In this case, the transaction limit is 3,000.

If you are above 3,000 transactions, refer to the instructions above for sending in your 8949 separately.

How to import your transactions into TurboTax CD/ Desktop/Download:

  1. In your TokenTax Documents screen, create and download a Form 8949 TXF.

  2. On TurboTax, select File -> Import -> From Accounting Software (Windows) or File -> Import -> From TXF Files (Mac)

  3. Select Other Financial Software (TXF file) and click Continue

  4. Select the TXF file you saved from TokenTax and click Import Now

  5. Click Done on the next screen

  6. To review the added information, go to Personal -> Personal Income and scroll down to Investment Income

For more info on crypto tax basics, visit our Crypto Tax Guide.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

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Tynisa (Ty) Gaines
Tynisa (Ty) GainesProject Manager at TokenTax
Tynisa (Ty) Gaines, EA has more than 20 years of experience as a tax professional. Ty has published numerous tax articles, two tax e-books, and an academic publication on cryptocurrency for the National Income Tax Workbook.

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