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.
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.
Verify that you uploaded the correct TurboTax file.
There are different file exports depending on whether you're using TurboTax Online or TurboTax Desktop. Make sure you downloaded the right one!
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.
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.
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.
Don't be alarmed by TurboTax's Review feature.
Do not be alarmed if TurboTax asks you to review each imported crypto transaction individually once you have uploaded your TurboTax CSV. This is a standard process TurboTax requires all users to undergo and does NOT indicate that something went wrong with the import process. You can skip this individual review process entirely.
Here is the review screen you might see once you're finished uploading your CSV from CoinLedger:
Each category of Income on this section has the option to review, but you can skip this Review section entirely by scrolling to the bottom of this page and clicking Confirm. Lean more about this process here.
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.
If your import is still failing after reviewing these troubleshooting steps, please carefully review our step-by-step guides for reporting capital gains and income into TurboTax.
Feel free to send a message to our Customer Support Team if you still require assistance!