Using TurboTax to Calculate and File Cryptocurrency Taxes

Using TurboTax to Calculate and File Cryptocurrency Taxes

18 Dec 2019

Cryptocurrency trades has been expanded well in the market, and with the volatility of the prices, a lot of traders made profits and losses as well. Regardless of profit or loss, one has to report all the cryptocurrency trades of the past year in the tax filing. Now it can be a tough job to consolidating trades and calculating gains through TurboTax. You may take help of CAs to calculate taxes, but apart from that, you have to learn TurboTax to proceed with these complicated taxes. This blog will help you to make things easy, and you can also contact at TurboTax customer care number and get fixed easily and quickly. You can complete this complex process in two easy steps: 1. Calculate capital gain, and 2. File cryptocurrency taxes.

1. How to calculate capital gain using TurboTax:

  • Open your TurboTax account and go to ‘Take me to my return’ option.
  • Once you get there, choose ‘federal,’ and for the first time, you have to answer some income-related questions.
  • For the types of income, you can go to ‘jump to the full list.’
  • Next, you have to choose ‘show more’ option and then select ‘start’ or ‘revisit.’
  • Then follow some simple instruction, and you will get your capital gains calculated.

2. File cryptocurrency taxes:

You have easily calculated your capital gains, and now you only need to file taxes by simply following these steps, but if you have done calculation part using another software then you should go to ‘Download tax forms’ and then use the option ‘download TurboTax online CSV’ to upload the file from another software. Now you can go through these steps

  • Log in to your TurboTax and choose any of the given plans to file cryptocurrency tax.
  • You will get a form like a screen and have to fill details about you.
  • By proceeding further, you will get multiple options to choose for your financial picture.
  • There you need to select ‘I sold or traded cryptocurrency’ option.
  • Now you have to go to the Crypto section and typing Crypto in the search box.
  • Then you can choose a cryptocurrency platform and upload the downloaded file of calculated taxes.
  • TurboTax further will provide you information about charges, and then you can follow simple screen instructions to complete the process.

Now you have witnessed an easy step to process a complex exercise, and without any hesitation, you can complete the tax filing. However, sometimes you may get stuck at some points, so you need to call TurboTax customer care number and resolve your issues further.

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