Disclaimer: CoinTracker is provided for informational purposes only. This service is not intended to substitute for tax, audit, accounting, investment, financial, nor legal advice. For financial, tax, or legal advice please consult your own professional. The information on CoinTracker is subject to change without notice. All information is provided "as is." CoinTracker disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Please see our full disclaimer.
250 Taxable Events or Fewer
Note: the number of taxable events is not necessarily the same as the number of transactions.
You can use TurboTax Online (Premier or Self-Employed tiers) to file your capital gains:
1. Download your TurboTax Online Capital Gains CSV from CoinTracker's Tax page (NOTE: TurboTax only allows up to 250 taxable events via CSV upload. If you have more than 250 taxable events, skip to the next section below for separate instructions).
2. Sign into TurboTax and go through the setup steps. When you get to the page that says "Let's get an idea of your financial picture", select I sold or traded Cryptocurrency.
3. Continue through the flow until you can select Federal > Wages & Income.
4. Continue through the flow until you see Cryptocurrency and then select Start (if you skipped selecting "I sold or traded Cryptocurrency" earlier, you can add it now by selecting the "Add more income" button instead and then returning to this step).
5. Select Yes.
6. Select CoinTracker and press Continue.
7. On the next page upload your TurboTax Capital Gains CSV file and continue.
8. Continue through the summary and then on the "Now tell us which of these transactions are taxable" page press Select all and continue (CoinTracker automatically boils down the report to only the taxable transactions).
9. Review the summary. It should match what CoinTracker says on the Tax page, though there may be small discrepancies because TurboTax uses the rounded values to two decimal places for the calculations. It's fine to keep the Exchange listed as CoinTracker. Select Done.
10. That's it — you're done! If you need to add more transactions you can select Edit/Add for more entries (but don't go above 250). Also please note that this will compute your capital gains into your tax return, however it will NOT include the income information from the Tax page. That information needs to be added separately & manually into your other income in TurboTax.
I'm Getting an Error
If you are getting an error (e.g. "Validation failed", "Make sure your file has columns for Currency Name, Purchase Date, Cost Basis, Date sold, and Proceeds", or other Error) when you try to upload your CSV file to TurboTax, please double check the following:
- Ensure that you are using the TurboTax Online CSV file from the CoinTracker Tax page (and not any other file)
- Ensure that your cumulative number of taxable entries is less than or equal to 250 (including previous upload attempts)
If you have already gone above 250, you can clear your TurboTax account for the current year by pressing the Clear & Start Over button. Then simply re-upload the file, keeping in mind to stay below the 250 entry aggregate limit.
If you are still facing issues, please contact us via Intercom support.
251 or more Taxable Events
Unfortunately, TurboTax Online does not currently support importing more than 250 taxable events via CSV.
If you have more than 250 taxable events and still want to file with TurboTax Online, they suggest following the steps below. You will still need to keep your 8949 tax summary from CoinTracker for your records and use the tax summary information from your CoinTracker tax email to enter your aggregated long term and short term capital gains information.
Note: CoinTracker does not accept any liability from taking these steps recommended by TurboTax, and by not submitting a complete Form 8949 to the IRS. Follow these steps at your own risk.
Here are the steps that TurboTax recommends:
1. Follow Steps 2-5 from the section above.
2. On Step 6, select I'll type it in myself.
3. Enter one row for long term capital gains and one row for short term capital gains (you can omit a row if it doesn't apply to you)
- Exchange: you can enter the name of the exchange you used (if you only used one exchange) or CoinTracker if you used multiple wallets/exchanges.
- Asset name: you can enter Bitcoin, or if you didn't transact Bitcoin, the name of another cryptoasset you did transact.
- Date of purchase: you can enter the earliest date of purchase that comes up in your Form 8949 for short term (in 2018) and long term (pre 2018) separately.
- Cost basis: available in theCoinTracker tax email or from the Capital Gains section on the CoinTracker tax page.
- For Date of sale, you can enter the date of your most recent transaction.
- Proceeds: available in the CoinTracker tax email or from the Capital Gains section on the CoinTracker tax page.
4. Complete Steps 9-10 from above.
TurboTax Online does not support uploading more than 250 taxable events via CSV, so you can switch to the CD/download version of TurboTax to file up to 3,000 taxable events in a tax year (here's how to switch if you are already using the online version). Note that TurboTax has a hard limit of 3,000 entries in the CD/download version of TurboTax.
- Open TurboTax for your current return. Select File > Import > From Accounting Software (Windows) or File > Import > From TXF Files (Mac)
- Select Other Financial Software (TXF file) and click Continue
- Click Browse Files..., find the .txf file from CoinTracker, and select Import Now
- The file should show up as 1099-B. Select Import Now
- Click Done on the next screen
- From the top menu, navigate to PERSONAL > Personal Income and scroll down to Investment Income. You should see the new entries added here
- Click Start (or Update if you have already been here) next to Stocks, Mutual Funds, Bonds, Other
- Notice that Needs info? says YES. There is no Institution Name set for the data because crypto data is not set to one institution. This is expected and you can ignore this warning
- Click Edit to see the information that has been entered or Done to finish.
More than 3,000 taxable events
TurboTax does not officially support filing for users with more than 3,000 transactions. You'll either need to find another way to file or manually enter the summary information from CoinTracker and then mail in the Form 8949 to the IRS separately (more details).