Crypto Tax Calculator (CTC) supports both the Desktop and online versions of the TurboTax app. Below are the instructions for reporting your cryptocurrency taxes using TurboTax.
TL;DR
CTC Report | Tax Type | Import Method |
TurboTax - Capital Gains Report | Capital gains | Upload the downloaded file |
TurboTax TXF - Capital Gains Report | Capital gains | Upload the downloaded file |
Income Report | Income | Manually enter the figures |
How to Import Your Capital Gains Report into TurboTax
1. Set up your account on TurboTax
Go to the TurboTax website and create an account or sign in if you already have one. Follow the prompts to set up your account. Make sure to check the box for "I sold stock or crypto" or a similar option if it’s available.
Note: TurboTax has two different main page layouts upon login. If the sidebar shown below is not visible on your screen, please follow the instructions in this section instead.
2. Navigate to Federal > Wages & Income
Click on the “Federal” Tab on the sidebar once you have completed the “My info” section to start filing your wages and income. Follow the prompts and check crypto investment-related boxes.
3. Add 'Investments and Savings Income'
TurboTax updates its website from time to time and provides different workflows tailored to its users' individual situations. After prompts, you will be led to a page that looks similar to the image below. Click 'Start' on 'Investments and Savings' and answer the questions accordingly.
If you don’t see this option, scroll down and look for Investments and Savings to get started.
When asked how to handle it, click 'skip'.
4. Upload your TurboTax Capital Gains Report
You will be prompted to choose which cryptocurrency service to import your information. Select 'Enter a different way'.
Then select 'Cryptocurrency'.
Then select 'Upload it from my computer'.
Select 'CryptoTaxCalculator' in the 'Crypto service' dropdown menu, and select "Gain/Loss Report or Form 1099-B" as your CSV Type, and click 'continue'.
If you have already downloaded the TurboTax file from Crypto Tax Calculator onto your computer, you can now upload it to TurboTax.
If you have not downloaded this form yet, follow the below steps to download the TurboTax Online report from your CTC account and import it directly into TurboTax.
Download 'TurboTax - Capital Gains Report' from your 'Reports' page
Download 'TurboTax - Capital Gains Report' from your 'Reports' page
Go to the Reports page, confirm the report period and tax settings are correct, and proceed to download the report.
With TurboTax Online:
Click 'Turbotax Online' to download the TurboTax - Capital Gains Report.
With TurboTax CD/DVD:
Click 'Download reports'.
Download TurboTax TXF - Capital Gains Report in the report menu.
5. Review Taxable Transactions in TurboTax
Once the file is uploaded, you can review the imported transactions. A few things to be noted:
Only capital gain transactions are imported from the TurboTax - Capital Gains Report file. To report your income, check the following section.
Short-term and long-term gains are listed separately, even with the same token.
Edit or add transactions if necessary.
Importing Your Capital Gains Report (Alternate TurboTax Layout)
Note: TurboTax has two different main page layouts. If your screen looks different from the one shown below, please follow the instructions in this section instead.
After setting up your account and logging in, you should see the following page.
Click the edit icon next to Investments and Savings and answer the questions based on your situation.
If you don’t see this option in the dropdown menu, click Add income, then select the Investments and Savings category that includes cryptocurrency.
Select Yes to proceed.
Return to Step 4 and continue with the instructions.
How to Report Other Crypto Income in TurboTax
1. Download your CTC Income Report
Go to the Reports page and select Download Reports. From the tax report menu, download the Income Report PDF.
2. Navigate to Federal > Wages & Income In TurboTax
As explained above.
3. Fill out your other crypto income
Click Add More Income.
Choose Less Common Income.
Select Miscellaneous Income, 1099-A, 1099-C.
Select Other Reportable Income.
Expand to see the screenshots:
Expand to see the screenshots:
4. Fill out your income items.
Enter the amount and income type (e.g., Crypto staking income, Crypto airdrop income) from your CTC Income Report. For multiple income items, add a new entry for each one.
5. Upload your CTC Income Report
Click on Documents in the left-side menu bar.
Upload your CTC Income Report.
In the Tax Form dropdown menu, select Other for the CTC Income Report you just uploaded.
FAQ
Q: Does the CTC Income Report I uploaded to TurboTax get sent to the IRS automatically?
No, TurboTax does not automatically send the CTC Income Report to the IRS because the IRS e-file system cannot accept additional files. If the IRS needs it, they will request it from you directly.
If you want to include the report voluntarily, you can print your tax return, attach the income report to the back, and mail it to the IRS.
Q: Why won’t my CTC report upload into TurboTax?
If your report fails to upload, ensure you are importing it under the Federal section, not the Documents section. These sections serve different purposes, and uploading to the wrong one can cause errors.
Still need help?
If you have any questions about how to use TurboTax, please contact TurboTax support via its in-app chat in the bottom-right corner.
If you have any questions about using CTC, we're here for you! Feel free to reach out to us via the in-app chat in the bottom-right corner or send your inquiries to [email protected].