This is a walkthrough for existing CoinTracker users. If you don't have a CoinTracker account yet, please see this guide.
Video Flow:
Here is a video of the flow. For more details, please check out the step-by-step guide under the video.
Step-by-step flow:
This guide below will help you file taxes using CoinTracker and TurboTax in a few steps.
1) Connect wallets and exchanges to import your complete transaction history
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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.
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Go here to add your wallet or exchange. 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.
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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 or manually add transactions instead.
2) Check your transaction history:
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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. You can see your transactions needing review for the tax year on the tax page.
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Transactions can be edited manually or recategorized using the arrow on the right. For further help, this help doc is a useful resource for guidance.
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Once all transactions needing review have been addressed, you can navigate back to the CoinTracker tax page. CoinTracker will automatically suggest your tax plan based on your transaction total. For an overview of tax plan pricing, refer to this doc.
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Once you have purchased your tax plan, you're ready to file with TurboTax!
3) Upload cryptocurrency taxes to TurboTax
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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.
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Follow the prompts until you are asked to connect an exchange:
- Choose CoinTracker as the exchange:
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Authorize TurboTax to import your capital gains data from CoinTracker. Please note that this does require a sufficient tax plan in CoinTracker to import successfully.
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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:
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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
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Etc.
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.
Why is the CoinTracker import to TurboTax rounding $0's to $0.01/ why do I see a few cents difference in my loss/gain between CoinTracker and when I import CoinTracker info in Turbotax?
Turbotax rounds low values down to $0 and Turbotax requires manual review whenever a transaction has $0 cost basis or proceeds. This means staking rewards can create excess manual reviews on Turbotax. To provide a smoother user experience, CoinTracker rounds up low values to $0.01, instead of $0. This change hardly affects taxes since tax software rounds your taxes to the nearest dollar and saves users time.
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.
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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:
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Inside of TurboTax, in the cryptocurrency section for import, choose "Enter a different way":
- Click "Cryptocurrency"
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Choose "Upload it from my computer"
- Select CoinTracker from the dropdown menu, then select the CSV 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.
TurboTax Error Codes
Error 590 or 402
You may be encountering issues importing to TurboTax because you do not have a Tax Plan purchased. We had a special offer last year. If you used TurboTax + CoinTracker for your 2021 taxes, you may have received a free Tax Plan.
You can purchase a tax plan here: 2022 Tax Plan Purchase Page
If you bought a Tax Plan for this year and you get an error message while importing to TurboTax, please contact TurboTax support for help since the error is originating in their software.
Error 907
You may not have any capital gains for the tax year, in which case please contact us for a refund if needed.
However, if you have staking income, be sure to enter it manually, as outlined in this guide.
Or, it may be that your cost basis is still computing. You can check if the cost basis is still computing by looking for a banner in your account:
If your cost basis is still computing, allow 30 minutes for it to complete. If it does not complete in 30 minutes, please contact us so we can investigate!
Questions?
Please reach out using our contact page!