Master crypto tax filing with TurboTax Online 2024. Discover simplified reporting for gains, income, and capital loss carryovers. Ensure compliance.
Blockpit employs strict editorial principles to provide accurate, clear and actionable information. Learn more about our Editorial Policy.
<div fs-richtext-component="info-box" class="info-box"><div class="flex-info-card"><img src="https://assets-global.website-files.com/65098a145ece52db42b9c274/650c6f4cef4c34160eab4440_Info.svg" loading="eager" width="64" height="64" alt="" class="icon-info-box"><div fs-richtext-component="info-box-text" class="info-box-content"><p class="color-neutral-800">Starting January 1, 2024, the Infrastructure Investment and Jobs Act requires reporting 10,000$+ crypto transactions to the IRS. Yet, the Treasury and IRS deferred digital asset reporting until new regulations are set, promising future guidance and public input on these rules. We keep you informed! </p></div></div></div>
TurboTax, by Intuit, is the most popular tax preparation tool for American taxpayers to file their individual income tax return. Regardless of whether you choose their online or desktop tool, you can easily file your crypto taxes using your Blockpit tax report and export files for each tool. In this article, we guide you through the process of reporting your crypto taxes with TurboTax Online.
For comprehensive insights into additional crypto tax topics, be sure to consult our guide.
{{cta-banner-tax-us="/elements/reusable-components"}}
If this is the first time you are using TurboTax Online, you will need to spend some time entering your personal information. As you move onto entering your crypto income, navigate to the “Investments and Savings” section, and select “Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)”. The first time you visit this section, you will be asked some questions about your crypto assets, be sure to answer these questions based on your individual situation.
The easiest way to report your cryptocurrency gains and losses is to summarize your gains into short and long term. This will save you a lot of time, but you will need to send an attachment with detailed information.
For additional information on filing your attachment to form 8949, check out our article.
We now have to enter any other taxable crypto income such as mining, staking, airdrops or hard forks. Keep in mind that if your income is from a trade or business, such as a Bitcoin mining operation, you will need to report as such. For everyone else, how you report this income will depend on whether you:
1. Go to "Less Common Income" > "Miscellaneous Income, 1099-A, 1099-C" and choose "Other reportable income", then click "Yes".
2. Describe the income and amount, then click "Continue". Report total taxable crypto income as "Various Crypto Income" if you received no 1099-MISC forms, or follow 1099-MISC guidance to avoid double reporting if some income was reported this way.
If you filed with TurboTax Online in the prior year, any capital loss carryovers should be automatically rolled over into this year. However, it is a good idea to verify that these amounts are correct as they impact your current year tax return. If this is your first time using TurboTax Online, you will need to enter this information regardless.
For additional information on filing form 1099, check out our article.
Crypto tax software significantly simplifies optimizing cryptocurrency taxes. Navigating the complexities of trades, staking, and airdrops becomes straightforward with the right tools. Manual management is cumbersome and error-prone, risking penalties for non-compliance.
Blockpit's software streamlines this process. It offers seamless integration through API, Public Keys, or CSV, compiling all cryptocurrency transactions efficiently. It automates tax calculations according to the latest regulations, ensuring compliance. Moreover, Blockpit provides expert support to ease the tax filing process.
By using Blockpit, you can focus on maximizing investments instead of tax reporting complexities. It ensures compliance is straightforward, offering a stress-free approach to managing crypto taxes.
{{cta-banner-tax-us="/elements/reusable-components"}}
Blockpit creates the most comprehensive crypto tax reports in PDF format. The report provides information about all your balances and transactions and can be used as proof of origin with banks or tax advisors. It contains all relevant transactions of your account in the selected tax year and shows details such as timestamp, amount, asset, costs and fees of the individual transactions.
Using Blockpit couldn’t be easier:
Blockpit offers direct integrations for crypto exchanges, wallets and DeFi protocols. Automatically import your transactions via API integration, wallet address synchronization, or by manually uploading an Excel file.
Discover all crypto integrations
Blockpit offers smart insights and suggestions to optimize your tax report, fix issues, add missing values and to validate your transactions.
Generate your compliant tax report with the click of a button. Our tax engine calculates your tax report on the basis of the US tax framework.