How To Report Your Crypto Taxes with TurboTax
Filing crypto with TurboTax? Learn how to make a crypto Form 8949 for TurboTax. TokenTax is integrated with TurboTax for easily getting your cryptocurrency in TurboTax
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This article is part of our tax guide. Get help with cryptocurrency tax.
TurboTax has partnered with TokenTax for crypto tax filing. You can now automatically import your crypto taxes into TurboTax.
If you still need to get your crypto tax forms, you can use our cryptocurrency tax software to calculate your taxes and create your tax forms.
Here’s the step by step for importing your cryptocurrency Form 8949 into the web edition of TokenTax. If you’re looking for instructions for the CD / Download / Desktop version of TurboTax, scroll down past the web instructions.
- First, complete your crypto taxes on TokenTax.
- Next, go to your TokenTax Documents page and create a TurboTax CSV.
- Start your tax return in TurboTax. In the TurboTax introduction process, select “I sold or traded Cryptocurrency” on the page titled “Let’s get an idea of your financial picture.”
- Once you get to your Wages & Income screen, click Start next to Cryptocurrency. If you didn’t already select that you sold or traded cryptocurrency, add it by clicking “Add more income” on this screen and selecting cryptocurrency.
- You’ll be asked if you sold or traded cryptocurrency in the last tax year. Click Yes.
- Click the TokenTax logo on this next screen.
- You will now see a page where you can upload your crypto tax file. If TurboTax rejects your file for being above the 2251 transaction limit, see instructions below.
If your number of transactions for the year is greater than 2251, TurboTax will reject your e-file. You will instead need to submit your summary totals to TurboTax.
TurboTax is not able to e-file returns reporting more than 2251 transactions. If you are in this situation, you will need to submit summary totals to TurboTax.
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
For your TurboTax tax return, you can upload a summary of your capital gains / losses. To get 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.
Note that TurboTax's CD / Desktop edition does not officially support 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 higher than the their web version, at 3,000 transactions.
If you are still above 3,000 transactions, refer to the instructions above for sending in your 8949 separately.
How to import your transactions into TurboTax:
- In your TokenTax Documents screen, create and download a Form 8949 TXF.
- On TurboTax, select File -> Import -> From Accounting Software (Windows) or File -> Import -> From TXF Files (Mac)
- Select Other Financial Software (TXF file) and click Continue
- Select the TXF file you saved from TokenTax and click Import Now
- Click Done on the next screen
- To review the added information, go to Personal -> Personal Income and scroll down to Investment Income