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How to File Cryptocurrency Taxes with TurboTax (Step-by-Step)

How to File Cryptocurrency Taxes with TurboTax (Step-by-Step)

In this guide, we’ll walk through a step-by-step process to report your bitcoin and cryptocurrency on TurboTax—both online and desktop versions.

Can I file cryptocurrency taxes on TurboTax? 

Yes, TurboTax allows users to report cryptocurrency taxes

While TurboTax is one of the best tax platforms on the market, it’s important to remember that it wasn’t built with cryptocurrency in mind. As a result, it doesn’t always have the integrations and functionality needed to make reporting your crypto taxes stress-free. 

This is why TurboTax has partnered with CoinLedger to help users aggregate and calculate crypto transactions across all of their wallets and exchanges. You can then import relevant tax forms directly into your TurboTax account.

How to enter crypto gains and losses into TurboTax 

Here’s how you can report your cryptocurrency within the online version of TurboTax. 

1. Navigate to TurboTax Online and select the Premier or Self-Employment package

Head to TurboTax Online and select your package. Both Premier and Self-Employment support cryptocurrency tax reporting. 

TurboTax cryptocurrency options

2. Answer initial prompts and questions

Upon first sign-in, TurboTax Online will ask you to complete some initial prompts and fill out your basic information. You are not able to move forward within the app until this step is completed. 

3. Select ‘I Sold Stock, Crypto, or Other Investments’.

TurboTax cryptocurrency tax reporting

4. Navigate to the Cryptocurrency Section

To get to the Cryptocurrency section of the app, go to the ‘Federal’ tab and then select ‘Wages & Income’. 

TurboTax cryptocurrency section

5. Add your cryptocurrency data 

Within Wages and Income, click to Start/Edit the Investments and Savings section (this is where the cryptocurrency module is).

TurboTax enter crypto data

6. Select 'Yes' to having investment income in 2022

Investment income includes that from crypto activity. Even if you had net losses in crypto, this is where you will enter those losses.

Investment income in turbotax

7. Select "Enter a different way" on tax import screen

When reporting your crypto gains and losses, it's important to aggregate your data from all of your wallets and exchanges—otherwise you may have missing cost basis data that largely over-inflates your capital gains for the year.

Enter crypto data a different way in TurboTax

8. Select cryptocurrency for the investment type

Select the cryptocurrency card and hit continue.

Cryptocurrency in turbotax

9. Select "Upload it from my computer"

Select the option to upload from your computer.

10. Select "Other (Gain/Loss)" as your platform

*Important - select the plain "Other (Gain/Loss)" option, do not select "Other (transaction csv)". Once you select "Other", add CoinLedger as the name of your platform and continue.

Other Gain/Loss TurboTax

11. Import the 'TurboTax Online' CSV file you received from CoinLedger 

From your tax report dashboard in CoinLedger, download your “TurboTax Online” file, and then import it here into TurboTax. This file consists of your aggregated cryptocurrency gains and losses from your trading activity across all wallets and exchanges.

CryptoTrader.Tax Report Dashboard

If you haven’t already built out your tax reports within CoinLedger, now is the time to do so. Simply create an account, connect your exchanges and wallets, and generate your necessary crypto tax reports with the click of a button.

12. Review your sales and hit 'Continue'

After importing, TurboTax will ask you to review the sales you imported from CoinLedger and select which transactions are taxable. CoinLedger only includes taxable transactions in your report, so you can simply scroll down and hit 'Continue'.

Review your crypto transactions in TurboTax

Congrats! You have finished.

That’s the end of the process! If you’ve completed all of the steps above, you’ll be able to see a complete record of your crypto gains and losses. 

TurboTax crypto reporting

How do I report ordinary crypto income with TurboTax (not capital gains/losses)? 

Remember, the process above is designed to help you report your capital gains and losses. If you’ve earned other cryptocurrency income, you will have to report this separately. 

At this time, TurboTax does not support the ability to directly report staking and mining income. You can report this type of income through the following process. 

  1. Go to the Federal Tab, then click Wages & Income. 
  2. Find the row labeled ‘Less Common Income’, then click ‘Show More’. 
Other income in TurboTax
  1. Navigate to the section labeled ‘Miscellaneous Income’ and click the ‘Start’ button. 
Miscellaneous income in TurboTax
  1. Navigate to the last section labeled ‘Other reportable income’ and click the ‘Start’ button. 
Other reportable income in TurboTax
  1. Here you can enter the details for your cryptocurrency income from staking, interest, etc. during the tax year. You can easily find all of your ‘crypto income’ within your CoinLedger income report. 

Does TurboTax import from Coinbase? 

At this time, TurboTax allows users to import transactions from Coinbase and other exchanges. 

However, it’s important to remember that your reported capital gains from Coinbase may be largely overstated if you’ve ever transferred cryptocurrency outside of Coinbase, or between different wallets and exchanges.

Consider the example below.

Wallet transfer example

In this case, TurboTax will have trouble calculating your capital gains and losses as it lacks the ability to track transfers between wallets and exchanges.

 If you have ever transferred crypto between wallets, you should aggregate all of your transactions in CoinLedger rather than connecting your exchanges directly to TurboTax.

What’s the best crypto tax software to use with TurboTax? 

Looking for the best crypto tax software to use with TurboTax? Here’s why you should choose CoinLedger. 

Highly capable: CoinLedger integrates with hundreds of exchanges and wallets such as Coinbase, Kraken, and Gemini and blockchains such as Ethereum and Solana

Get the support you need: We know that trying to report your taxes on your own can be difficult. If you need assistance at any point while using CoinLedger, our support team is ready and available for all of our customers via email and live chat. 

Import your gains and losses with a click: Once you’ve imported your crypto transaction history and generated your crypto tax reports within CoinLedger, you’ll be able to import them directly into TurboTax and other tax platforms with the click of a button! 

Learn more about how CoinLedger works.

Cryptocurrency taxes with TurboTax desktop edition

The above steps outlined the process for reporting your cryptocurrency taxes within the online version of TurboTax. The desktop version of TurboTax doesn’t officially support crypto. For this reason, it's recommended you use the online version for your crypto tax reporting.

However, there still is a way to get your cryptocurrency tax information into the Desktop version of TurboTax. To learn more, check out this article that outlines the step-by-step process

What if I have more than 4,000 transactions?

Currently, TurboTax Online can only import up to 4,000 crypto transactions from select exchanges. 

If you have more than 4,000 transactions, CoinLedger will automatically consolidate your TurboTax Online file by asset type so that you can still import your transactions and still file your taxes with TurboTax.

When e-filing a consolidated Form 8949, you need to take one additional step and mail in your complete 8949 to the IRS. For more detailed instructions, check out our guide to mailing your IRS 8949.

Get started today! 

Want to file your cryptocurrency taxes before the deadline? Try CoinLedger, the crypto tax software that more than 300,000 investors use to take the stress out of tax season. 

Get started with a free preview report today

Frequently asked questions 

Does TurboTax calculate crypto gains? 

While TurboTax can help you calculate your crypto gains manually, the platform does not have the same level of functionality as a native crypto tax calculator like CoinLedger. 

How do I report cryptocurrency on my taxes?

Cryptocurrency gains and losses should be reported on Form 8949 while cryptocurrency income should be reported on Schedule 1, Schedule B, or Schedule C depending on the nature of your earnings. 

How do I report staking and mining income on TurboTax? 

Cryptocurrency income can be entered as ‘Miscellaneous Income’ in the TurboTax platform. 

How do I format my cryptocurrency transactions into csv format for TurboTax?   

With CoinLedger, you can download a csv file of all of your cryptocurrency gains, losses, and transactions during the year which can be automatically uploaded into TurboTax.

Where is the crypto tax question on TurboTax? 

If you earned cryptocurrency or disposed of cryptocurrency during the tax year, you’re required to answer ‘Yes’ to the crypto tax question on Form 1040.


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