This article serves as a comprehensive guide for users looking to utilize CoinTracker alongside TurboTax for filing cryptocurrency taxes efficiently. For frequently asked questions and common issues, refer to our TurboTax FAQ.
How to File Crypto Taxes with CoinTracker and TurboTax
Step 1: Purchase a CoinTracker Plan
You must have a paid CoinTracker plan to enable the import of your tax information into TurboTax. Learn more: How to Purchase a CoinTracker Plan
Step 2: Add Your Complete Transaction History
Ensure your entire crypto transaction history is represented in CoinTracker by connecting all your exchanges and wallets—it's crucial for the accuracy of your tax report. Review: Complete Transaction History Checklist
Step 3: Verify Accuracy of CoinTracker Account
Review our guide: Ensuring Account Accuracy Before Downloading Tax Reports
Step 4: Upload Cryptocurrency Taxes to TurboTax
- In TurboTax, navigate to the cryptocurrency section, typically found under Federal > Wages & Income.
- Choose CoinTracker as the source for importing your tax information.
- Click "Get my form" and proceed to authorize TurboTax to access your CoinTracker data. A paid CoinTracker plan is required to complete this step.
- After successful import, you'll see your total proceeds. Note that this reflects the total proceeds and not the taxable gains.
- Verify the capital gains/losses reported match those in CoinTracker's Tax page. Note: there might be a small difference due to rounding — CoinTracker rounds up small amounts to $0.01 in TurboTax.
Step 5: Report Your Taxable Income
If you have taxable income from your crypto activity will need to be reported manually to TurboTax.
You can verify if you have taxable income in the 'Taxable Income' section of the Tax page or in Form 1040 (Schedule 1), available in the IRS forms tab of the Tax Reports section of the Tax page.
Questions?
Please check out our TurboTax FAQ help guide here, or reach out to Support!