With CoinLedger, you're able to create a CSV file that you can import to your TaxAct account in minutes! Let's begin that process here:
Start by heading to our website and downloading the TaxAct CSV file from the Reports page.
Next, navigate to TaxAct and log in to your account. If this is your first time using TaxAct, you'll be prompted to enter some basic information.
Head to the top right corner of the website and search for Crypto from the help center search bar.
Select the first result, Crypto, when it pops up.
Then, select CSV Import on the next screen, and hit Continue.
Select CSV Import one more time.
Next, search for the TaxAct CSV file you downloaded from our website, and select that as your source! Make sure to select the appropriate headers when importing.
Very Important: The header listed on TaxAct's columns should match the headers on our spreadsheet. See this example below:
Next, select which rows on the spreadsheet you want to import data from. Make sure the rows you select include your transaction data. Then, hit Continue.
On the next screen, make sure everything looks correct, and hit Import.
Once the import is successful, you'll see this message:
Adding Crypto Income to TaxAct
Follow these steps to add income from mining, staking, interest rewards, airdrops, and other crypto income types into TaxAct.
Start from the beginning of your account setup process. This is the initial step where you answer questions about your personal financial and tax situation.
When you arrive to Question 3, click Cryptocurrency, and select each type of crypto income you have earned throughout the tax year. You can see which income types you have earned on Step 4, Tax Reports of our software.
Note: For the purposes of this article, do not select gain or loss on the sale of crypto or gain or loss on the sale of NFT. These transaction types are imported when you upload your TaxAct-compatible CSV. Only select the crypto income types shown above.
Continue through the prompts, then stop when you see this screen.
Note: If at any point you received a 1099-MISC from a crypto exchange you used to trade crypto, you should upload this 1099 directly into TaxAct. This will bring over some of your crypto income transactions. Find out how to add a 1099 to TaxAct here.
On the next page, you'll need to enter your total crypto income into TaxAct. Since TaxAct only allows you to enter one or two fields in this section, you can combine all of your total crypto income totals into one total income number and report it here if you earned multiple types of income this year.
For a combined total, label it either as "Crypto Income". If you've only earned one type of crypto income this year, just name it according to that type. For example, label it as "Mining Income" if you received only mining income, etc.
Continue on to the next screen, and finish filing your taxes by answering all of the other necessary questions!
Note: Remember to answer Yes when TaxAct asks if you have purchased or sold virtual currency this year.
Now you're all done! Continue filing your taxes with TaxAct as you normally would!
To review your crypto tax data on TaxAct, you can launch the TaxAct Stock Assistant, where you can view and manage your imported transactions.