CoinLedger has been partnered with TurboTax since 2018 to help thousands of crypto investors to e-file their crypto taxes. This guide outlines the most common issues we've encountered when helping our customers to get their crypto data imported into TurboTax.
1. Make sure to select Other(Gains/Loss) as your crypto tax service
When you get to this screen make sure to select Other under Crypto service. This is the only option that directly integrates with the TurboTax Online file from CoinLedger. Do NOT select any other option. Type in CoinLedger under Name and select Gain/Loss or 1099-B.
2. Verify that you uploaded the correct TurboTax file.
3. Make sure that you do not open the file in Excel prior to importing into TurboTax.
We've seen that Excel can cause formatting changes to the file.
4. Make sure that you correctly answer all the cryptocurrency and investment questions that TurboTax asks in the beginning of your tax filing process.
In some cases, answering these questions or answering incorrectly can affect your TurboTax imports.
5. Make sure to import the file under the correct section of TurboTax.
To navigate to the correct place from the TurboTax homepage select Federal > Wages & Income > Investments and Savings.
6. Verify whether you need to separately enter crypto income earned from staking, interest, airdrops, mining or other crypto rewards
Crypto income is taxed differently than capital gains and losses from trading or selling crypto. For this reason TurboTax requires you to enter crypto income in a different section.
To report crypto income into TurboTax, navigate to Federal > Wages & Income. Then select Less Common Income > Miscellaneous Income > Other reportable income
Within CoinLedger, locate your total crypto income under the Reports page and then you can simply enter that income total into TurboTAx.
Feel free to send a message to our Customer Support Team if you still require assistance!