How do I enter my crypto in TurboTax? (2024)

FAQs

How do I enter my crypto in TurboTax? ›

Reporting your crypto activity requires using Form 1040 Schedule D as your crypto tax form to reconcile your capital gains and losses and Form 8949 if necessary. You report your total capital gains or losses on your Form 1040, line 7.

Reporting your crypto activity requires using Form 1040 Schedule D as your crypto tax form to reconcile your capital gains and losses and Form 8949 if necessary. You report your total capital gains or losses on your Form 1040, line 7.

Complete Form 8949 to document your cryptocurrency transactions. Transfer the totals from Form 8949 to Schedule D of your tax return. Report any ordinary income from cryptocurrency on Schedule 1 of Form 1040 unless you're self-employed, in which case you should use Schedule C.

Report crypto in your tax return

– if you're reporting over $10,000 in capital gains and completing the CGT schedule with your tax return, report capital gains and losses at 'Other CGT assets and any other CGT events'.

US taxpayers must report any profits or losses from trading cryptocurrency and any income earned from activities like mining or staking on tax return forms, such as Form 1040 or 8949. Not reporting can result in fines and penalties as high as $100,000 or more severe consequences, including up to five years in prison.

Provide the details of your crypto gain/loss on Form 8949

On Schedule D, you'll subtract your cost basis from the total proceeds to arrive at your total capital gain or loss. From there, Schedule D will determine how much tax you owe or what kind of deduction you receive.

Where is crypto reported on taxes? ›

Do you pay taxes on crypto? People might refer to cryptocurrency as a virtual currency, but it's not a true currency in the eyes of the IRS. According to IRS Notice 2014–21, the IRS considers cryptocurrency to be property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary.

US taxpayers do not have to pay taxes simply for holding crypto. Taxes only apply when you earn, sell, or exchange crypto.

While Coinbase One subscribers can get a pre-filled Form 8949, this form only includes transactions from Coinbase — not your other crypto wallets and exchanges. All of your disposals of cryptocurrency and other capital assets should be reported on Form 8949.

TurboTax supports the following crypto transaction types: Buy: Purchasing a digital asset like crypto or an NFT, with cash. Sale: Selling your digital asset at a gain or loss. Example: Tyler makes a profit by exchanging a crypto coin for cash.

If you earn $600 or more in a year paid by an exchange, including Coinbase, the exchange is required to report these payments to the IRS as “other income” via IRS Form 1099-MISC (you'll also receive a copy for your tax return).

Go to Federal, then Wages & Income. Under Other Common Income, select Start or Revisit next to Form 1099-MISC. Enter your 1099-MISC info on the Let's get the info from your 1099-MISC screen and Continue. If you're editing a 1099-MISC you already entered, select Edit next to your form.

Buy, hold, and breathe easy. You don't have to report crypto on your taxes if you only bought and held it without selling. If you buy some Bitcoin and just, you know, keep it (because you're "HODLing" or you forgot about it or you lost your keys or whatever), the IRS doesn't really care.

Upload your crypto trading reports

Then select 'Upload it from my computer'. Select 'Other (Gain/Loss)'. Fill the 'Crypto service' field with "Crypto Tax Calculator". If you have already downloaded the TurboTax file from Crypto Tax Calculator onto your computer, you can now upload it to TurboTax.