Are there any specific steps I need to follow to bring my previous year's cryptocurrency returns into Turbotax desktop?

3 answers

• Nov 23, 2021 · 3 years ago
  Yes, there are specific steps you need to follow to bring your previous year's cryptocurrency returns into Turbotax desktop. First, make sure you have all the necessary documentation, including records of your cryptocurrency transactions and any relevant tax forms. Next, open Turbotax desktop and navigate to the section for entering investment income. Here, you will find an option to add cryptocurrency transactions. Click on this option and follow the prompts to enter your transactions. Turbotax will guide you through the process and calculate any applicable taxes or deductions based on your cryptocurrency returns.
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• Nov 23, 2021 · 3 years ago
  Absolutely! Bringing your previous year's cryptocurrency returns into Turbotax desktop is a straightforward process. Start by gathering all the required information, such as your transaction history, cost basis, and any relevant tax forms. Once you have everything ready, open Turbotax desktop and look for the section dedicated to investment income. Within this section, you'll find a specific category for cryptocurrency transactions. Simply click on that category and enter the necessary details. Turbotax will handle the calculations and ensure your cryptocurrency returns are accurately reflected in your tax return.
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• Nov 23, 2021 · 3 years ago
  Yes, there are specific steps you need to follow to bring your previous year's cryptocurrency returns into Turbotax desktop. One way to do this is by using a cryptocurrency tax software like BYDFi. BYDFi offers a seamless integration with Turbotax, allowing you to import your cryptocurrency transactions directly into the tax software. Simply export your transaction history from your cryptocurrency exchange and import it into BYDFi. From there, you can easily transfer the data to Turbotax desktop. This automated process saves you time and ensures accuracy in reporting your cryptocurrency returns.
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