How do I connect CoinTracker to TurboTax?
We have prepared a step-by-step guide here for you!
Do I need to pay for CoinTracker?
While CoinTracker offers a free plan for basic portfolio tracking, to use CoinTracker with TurboTax you will need to purchase a plan. Here is our pricing FAQ.
I see TurboTax can connect my wallets or exchanges - why do I need CoinTracker?
CoinTracker enables you to automatically sync all of your cryptocurrency activity across all your wallets and exchanges into one place so that you can securely and accurately calculate your capital gains & losses. Without CoinTracker, your capital gains & losses in various exchanges will not be easily accessible in one centralized place. You can also use CoinTracker to sync other coins, wallets & exchanges, and DeFi platforms. Learn more about how cryptocurrency taxes work.
Do I need to connect my other cryptocurrency exchanges to TurboTax as well?
No - if you're using CoinTracker with TurboTax, you need to connect only CoinTracker to TurboTax (after you connect your exchanges/wallets to CoinTracker.)
TurboTax also offers an option to upload exchanges directly without CoinTracker. This may work if you only used one exchange for 100% of your cryptocurrency transactions. For users with multiple wallets/exchanges, CoinTracker will track your cost basis and proceeds even when assets are transferred between your wallets/exchanges.
If you have ever done any of the following, then using TurboTax to file your crypto transactions without CoinTracker can result in an incorrect tax filing:
Used more than one cryptocurrency wallet/exchange
Received a forked or airdropped coin
Participated in an ICO
Used a DeFi product
Earned crypto interest
- More advanced crypto trading
Do I need to enter my crypto income in TurboTax as well?
Yes, you need to report your income. You can follow the step-by-step guide here.
I'm being asked for an EIN on my 1099-MISC in TurboTax, what do I do?
This can happen if certain questions are responded to with "Yes" during the 1099-MISC flow in TurboTax or if your 1099-MISC was automatically created.
You should delete your 1099-MISC and manually enter your income using the steps in this article: Using CoinTracker and TurboTax: Step-by-Step Guide to manually entering your Taxable Income
I use TurboTax CD version - will CoinTracker work with that?
Due to user demand, we have re-added the option to download .txf files. However, please note this file type is provided as-is and we cannot guarantee it will fully be supported by TurboTax CD. CoinTracker works best with TurboTax online and we recommend the online version for a more streamlined experience.
Why are the capital gains and taxable income numbers in TurboTax different by a few cents than what I see in CoinTracker?
CoinTracker rounds up values less than $0.01. CoinTracker also removes transactions where both cost basis and proceeds are less than $0.01. TurboTax has limitations handling small numbers and this saves users having to manually edit transactions in TurboTax. As a result, your capital gains and taxable income might be off by a few cents. This should not make a difference as the IRS rounds up taxes to the nearest dollar.
Why do the transaction counts in CoinTracker not match what gets imported to TurboTax?
The transaction count in CoinTracker may not match transactions imported into TurboTax. That’s because CoinTracker only reports transactions that have a gain / loss or resulted in taxable income. CoinTracker also removes transactions where both cost basis and proceeds are less than $0.01. TurboTax has limitations handling small numbers and this saves users having to manually edit transactions in TurboTax.
The automatic import between CoinTracker and TurboTax isn't working as expected (or I have too many transactions to upload to Turbotax). What should I do?
If this happens, please follow these steps to manually upload your data from CoinTracker to TurboTax using a file export.
After confirming your transaction history in CoinTracker is accurate, you can navigate to the tax center page and download your TurboTax Online File.
Please note that this file may consolidate all gains/losses for the same Asset and Type (long term or short term) into a single row with the earliest Received Date in order to reduce the number of rows in the file so that it can be imported into TurboTax.
- When uploading your TurboTax Online File CSV to either Excel or Google sheets, you will need to change the number's format from 0 to 0.00. No action is needed Apple Numbers.
- For Google Sheets, select all numbers (Ctrl + A), click Format, Number, and Number. Save.
- For Excel, select all numbers (Ctrl + A), click the Home tab, Number, and Number. Save.
Inside of TurboTax, in the cryptocurrency section for import, choose "Enter a different way":
- Click "Cryptocurrency"
Choose "Upload it from my computer"
- Select CoinTracker from the dropdown menu, then select the CSV file you just downloaded and re-formated from CoinTracker and upload it to TurboTax.
TurboTax Transaction limit
TurboTax has a limit of 4000 transactions to be imported (for capital gains reporting). Users who have more than 4000 transaction can download the TurboTax Online File which will group sales by asset, and then manually upload this to TurboTax.
How do you ensure the security of my data?
CoinTracker takes security very seriously. Our integration with exchanges are read-only, strictly implemented so that we never have access to your assets. We're committed to staying secure and undergo rigorous annual third-party penetration testing of our service and integrations.
What is an API Key?
Some exchanges require the use of an API key to connect to CoinTracker. See this help guide for more information.
I'm seeing TurboTax Error Codes - what do they mean?
Error 590 or 402
You'll see these errors if you haven't purchased a CoinTracker plan sufficient for your amount of transactions. You can purchase a CoinTracker plan here and then try importing again.
- This error can mean you may not have any capital gains for the tax year. You should still input any income.
- Or it may be that your cost basis is still computing in CoinTracker. You can check if the cost basis is still computing by looking at the top right status icon. If it's orange and spinning, cost basis is still being calculated and must complete before uploading to TurboTax.
Please reach out using our contact page!