What are the most common complaints about TurboTax in the cryptocurrency community in 2022?

4 answers

• Dec 15, 2021 · 3 years ago
  One common complaint about TurboTax in the cryptocurrency community is its lack of support for certain types of cryptocurrency transactions. Users have reported difficulties in accurately reporting complex transactions such as staking, yield farming, and decentralized finance (DeFi) activities. TurboTax's limited understanding of these emerging areas of the cryptocurrency market can lead to inaccurate tax calculations and potential penalties for users.
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• Dec 15, 2021 · 3 years ago
  Another complaint revolves around TurboTax's customer support for cryptocurrency-related issues. Users have expressed frustration with the lack of knowledgeable support representatives who can provide accurate guidance on how to report cryptocurrency transactions correctly. This can be particularly problematic for users who are new to cryptocurrency and need assistance in navigating the complexities of tax reporting.
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• Dec 15, 2021 · 3 years ago
  As a representative of BYDFi, I can say that one of the main complaints we've heard from our users is TurboTax's limited integration with popular cryptocurrency exchanges. Many users have encountered difficulties in importing their transaction history from exchanges like Binance, Coinbase, and Kraken. This manual process can be time-consuming and prone to errors, leading to potential discrepancies in tax reporting.
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• Dec 15, 2021 · 3 years ago
  Some users have also expressed concerns about the accuracy of TurboTax's cryptocurrency tax calculations. Due to the constantly evolving nature of the cryptocurrency market and its complex tax regulations, users worry that TurboTax may not always provide accurate calculations for their tax liabilities. This can result in potential underpayment or overpayment of taxes, leading to further complications and potential audits.
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