This is because it is taxed as ordinary income, not capital gains. If you've earned crypto from bitcoin mining, DeFi staking or rewards, or airdrops/ hard forks, it will not be reported on your crypto Form 8949.
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How to report mining, staking, or airdrops on TurboTax If TurboTax rejects your file for being above the 4,000 transaction limit, see instructions below. Click "Continue."ĭrag and drop the crypto CSV file you downloaded from TokenTax. On the following screen, select TokenTax as your crypto tax calculator using the dropdown menu. Next, TurboTax will ask you to "select your crypto experience." Click "Upload it from my computer." Click "Continue." On the next page, click "Cryptocurrency." Click "Continue." When you get to the screen that says "Let's import your tax info," select "Enter a different way" on the bottom right of the screen. Select TokenTax as your crypto tax software. TurboTax will now ask if you've used a crypto tax service. Repeat the same process when TurboTax asks you about NFT sales. Click "Yes." It will then ask if your crypto trades were between exchanges or wallets. You’ll be asked if had crypto income in the last tax year. Once you get to your Wages & Income screen, scroll down the page to find the line for "Investments and savings." Select "Show more" and then select "Stocks, cryptocurrency, mutual funds, bonds other ( 1099)." Answer questions about your crypto trades. Then, on the page it displays, click "Wages & Income."Ĥ. Find the Wages & Income screenĪfter entering your personal information, click "Federal" on the black navigation pane on the left side of your screen. Select “I sold or traded Cryptocurrency” on the page titled “Let’s get an idea of your financial picture.” 3. Next, you will begin the TurboTax introduction process. Start your tax return in TurboTax.Ĭreate a TurboTax account or log in to your existing account. Find " Form 8949 TurboTax CSV" and click "Generate Report." Your report will appear in your Downloads folder. You will then see a list of the reports you can create. Click the "Create Report" button on the right side of the screen. Go to the Documents tab of your TokenTax dashboard.
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If you’re looking for instructions for the CD / Download / Desktop version of TurboTax, scroll down past the web instructions. Below, you'll find step-by-step instructions for importing your crypto Form 8949 from TokenTax into the web edition of TurboTax.
TokenTax users can easily import their crypto tax documents to TurboTax.
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