Please note: This is a walkthrough for new CoinTracker users. If you already have a CoinTracker account, please see this guide.
Here is a video of the flow. For more details, please check out the step-by-step guide under the video.
This guide below will outline how to file taxes using CoinTracker and TurboTax in four steps.
1) Create CoinTracker account and confirm settings
Create your account at https://www.cointracker.io/turbotax and select your country.
You can sign in with your Google account, your Coinbase account, or with an email and password combination. You can always change this in your settings later.
2) Connect wallets and exchanges to import your complete transaction history
CoinTracker will automatically calculate your capital gains based on the transactions uploaded, so it’s important to upload your complete transaction history. Even a small transaction from a few years ago can have an impact on your current taxes.
When you select your wallet or exchange from the menu, the right side will display instructions on how to connect that particular wallet or exchange with CoinTracker. Depending on the exchange or wallet selected, transactions can be imported through an API or imported by a CSV file.
- If your exchange or wallet isn’t appearing on the dropdown, this means CoinTracker doesn’t have an integration yet. In these cases, please use the .csv upload feature instead.
3) Check your transaction history:
Before sending tax data back to TurboTax, it’s best to double-check that everything is as accurate as possible. CoinTracker will flag any transactions that need extra review with a reason why. Transactions can be edited manually or recategorized using the arrow on the right.
This help doc is a useful resource for guidance on this.
Once all transactions needing review have been addressed, click “File with TurboTax” to see your tax year overview in CoinTracker.
4) Upload cryptocurrency taxes to TurboTax
Navigate to the cryptocurrency section of TurboTax. Depending on where you are in the TurboTax flow, there may be multiple ways to do this. In general, it will be under the Federal > Investment Income section.
Follow the prompts until you are asked to connect an exchange:
Choose CoinTracker as the exchange:
Authorize TurboTax to import your capital gains data from CoinTracker.
Upon a successful import you’ll see a screen like the one below.
That's it, you've added your capital gains data to TurboTax! Please note: if you have connected your exchanges to CoinTracker, there is no need to also connect them to TurboTax. Doing so will result in incorrect tax reporting.
Taxable Income needs to be entered manually.
If you have Taxable income from staking/mining/interest/etc., that will need to be manually entered in TurboTax.
- To find your total taxable income, refer to your Tax Center or box 8z from the Schedule 1 form in CoinTracker.
- The description ('Miscellaneous crypto income') and total value for taxable income in CoinTracker should be entered in the Other Taxable Income section in TurboTax.
FAQ and resources
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 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?
TurboTax also offers an option to upload exchanges directly without CoinTracker. This may work well if you only used one exchange for 100% of your cryptocurrency transactions. 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
How long does this take?
Syncing times depend on your account size, but most users can add their exchanges and wallets and have their crypto tax calculations in hand within 10 minutes.
I use TurboTax CD version - will CoinTracker work with that?
Due to user demand, we recently 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.
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 (step 2 above), you can navigate to the tax page and download your TurboTax Online File:
- This file will group gains/losses per coin, to help stay under TurboTax transaction limits (2,500 or 10,000, depending on TurboTax plan).
Inside of TurboTax, in the cryptocurrency section, choose "Try another way" instead of selecting an exchange:
Choose "Upload it from my computer"
- Select CoinTracker from the dropdown menu, then select the file you just downloaded from CoinTracker and upload it 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.
Please reach out using our contact page.