Does the Turbo Tax Deluxe Desktop 2021 version support direct cryptocurrency CSV importing? (2024)

FAQs

Can I use TurboTax Deluxe for cryptocurrency? ›

Yes if you have the Online version you need to upgrade to Premier or Premium to enter Crypto. Expert James says you can turn a csv file into a txf file and import it into the Desktop program, https://ttlc.intuit.com/community/taxes/discussion/re-turbo-tax-premier-desktop-version-and-crypto/0...

On the What's the name of the crypto service you used? screen, select your crypto service from the dropdown and Continue. Select Upload it from my computer on the Go ahead and upload your crypto gain/loss CSV file screen. After downloading your gain/loss CSV file from your crypto source, upload it to TurboTax.

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.

TurboTax Tip:

Until Form 1099-DA is available for the 2025 tax year, investors should still report their taxable crypto income. For this, they need to document gains and losses from crypto activities and file Form 1040, Schedule D as well as Form 8949 with transaction details.

You can e-file your Coinbase.com cryptocurrency gain/loss history with the rest of your taxes through TurboTax. You can save 20% on TurboTax Premium federal products. For information on how to import your cryptocurrency transactions, please visit TurboTax.

So which is best, TurboTax Deluxe vs. Premier? TurboTax Premier is most suitable for those with stocks or crypto, or capital gains and losses from other income who will need to file a Schedule D. TurboTax Deluxe will suit most other taxpayers otherwise.

You cannot import Excel trade data directly into TurboTax. However, you can convert the Excel data into the universal TXF format, and then import. You'll need Excel to TXF software to generate the TXF file, like Schedule D Tax Tool.

How do I upload a CSV file of my crypto transactions? ›

Navigate to the exchange/wallet and select 'Upload File'. If the CSV file is for a new exchange/wallet, type the unsupported exchange/wallet name in the search bar and click 'Import CTC templated CSV for' located under 'RESULTS'. 3. Upload or drag & drop the file, and click the 'Import CSV' at the bottom.

TurboTax supports the following crypto transaction types: Buy: Purchasing a digital asset like crypto or an NFT, with cash. Sale: Selling your digital asset at a gain or loss. Example: Tyler makes a profit by exchanging a crypto coin for cash.

On the Let's import your tax info screen, search for and select your crypto exchange. Follow the on-screen instructions closely. You'll have to sign in to your exchange account to import your transactions. If your exchange doesn't support importing, you can add your transactions by uploading a CSV.

A: With TurboTax Deluxe you can e-file up to 5 federal returns. You can subsequently print and mail as many federal returns as needed.

csv files have a limit of 32,767 characters per cell. Excel has a limit of 1,048,576 rows and 16,384 columns per sheet.

TurboTax offers some of the best tax preparation software on the market. Use TurboTax Deluxe if you make your money through W-2 employment and intend to take line-item deductions instead of the standard deduction. Use TurboTax Premier if you have investment income or losses.

It's your responsibility to report your crypto to the IRS

If you use a centralized exchange, like Coinbase, and earn $600 or more in a given year, the exchange will send a 1099 miscellaneous form to both you and the IRS.

Yes, you can write off crypto losses on taxes even if you have no gains. If your total capital losses exceed your total capital gains, US taxpayers can deduct the difference as a loss on your tax return, up to $3,000 per year ($1,500 if married filing separately).