This guide covers commonly asked questions about our integration with TurboTax.
For information about how to connect TurboTax to CoinTracker to file taxes, please use this guide instead: How to File Crypto Taxes with CoinTracker and TurboTax
Getting Started
Do I need to pay for CoinTracker?
CoinTracker offers a free plan for basic portfolio tracking, but a paid plan is required for integration with TurboTax. For pricing details: Pricing for CoinTracker Plans
Why do I need CoinTracker if TurboTax can connect to my wallets or exchanges?
CoinTracker syncs all your cryptocurrency activities across multiple wallets and exchanges into one place, enabling accurate calculation of your capital gains and losses. This centralized view is not possible directly through TurboTax, especially if you use multiple platforms or engage in advanced crypto activities.
TurboTax also offers an option to upload exchanges directly without using 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:
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Used more than one cryptocurrency wallet/exchange
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Mined crypto
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Staked crypto
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Received a forked or airdropped coin
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Participated in an ICO
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Used a DeFi product
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Earned crypto interest
- More advanced crypto trading
Learn more about how cryptocurrency taxes work: Guide to Crypto & Bitcoin taxes (2024)
Do I need to connect my other cryptocurrency exchanges to TurboTax as well?
No, if you use CoinTracker with TurboTax, you only need to connect CoinTracker to TurboTax after linking your exchanges and wallets to CoinTracker.
Will CoinTracker work with the TurboTax CD version?
We offer .txf files as-is for the CD version as a courtesy, but compatibility may vary and we do not offer support for this file. CoinTracker is compatible with the TurboTax online version, and we recommend using it for a more efficient experience.
You can find the .txf file in the 'Tax Reports' section of the Tax page, labeled TurboTax CD/Download File.
How does CoinTracker ensure the security of my data?
CoinTracker prioritizes security with read-only exchange integrations and undergoes rigorous annual security audits. We ensure your data remains secure and inaccessible to unauthorized parties.
For more details on obtaining and using an API key, refer to this help guide: How Wallet Syncing Works: Understanding and Using API Keys
Entering Your Crypto Data
Do I need to enter my crypto income in TurboTax?
Yes, all cryptocurrency income must be reported in TurboTax, but will need to be entered manually instead of through the integration. Follow our step-by-step guide for entering your crypto income: How to Enter Taxable Income into TurboTax
What should I do if I'm asked for an EIN on my 1099-MISC in TurboTax?
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 the 1099-MISC form and manually enter your income as outlined in our CoinTracker and TurboTax income entry guide.
Why are the capital gains and taxable income numbers slightly different in TurboTax compared to CoinTracker?
CoinTracker rounds up amounts less than $0.01 and excludes transactions where both cost basis and proceeds are less than $0.01. TurboTax may display slightly different values due to how it handles small numbers, but this discrepancy should not affect your tax return, as IRS rounding rules apply.
Why don't the transaction counts in CoinTracker match what gets imported to TurboTax?
CoinTracker only reports transactions that result in a gain, loss, or taxable income, and excludes transactions under $0.01. TurboTax may show fewer transactions due to its handling limitations for small amounts.
Turbotax Integration Errors
What if I have over 4000 transactions or the automatic import to TurboTax isn't working?
For large transaction volumes exceeding 4000, or if automatic import issues arise, refer to our guide on manually uploading transactions from CoinTracker to TurboTax: How to Manually Upload More Than 4000 Transactions to TurboTax
What do TurboTax error codes 590, 402, or 907 mean?
Error 590 or 402
You'll see these errors if you haven't purchased a CoinTracker plan or the plan you have is not sufficient for your amount of transactions and you need to upgrade. You can purchase a CoinTracker plan here and then try importing again.
Error 907
This error can have two causes:
- You may not have any capital gains for the tax year. You can see if you have taxable gains in your Tax Summary. You should still input any crypto income: How to Enter Taxable Income into TurboTax
- 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. The indicator will be a green check when your cost basis is complete: