![]() ![]() If your 1099-MISC is due to self-employment income, you should enter that under the appropriate section, such as the “Business Income and Expenses” section. The next screen will ask if you got a 1099-MISC, click “Yes”.In the income section, navigate to the “1099-MISC and Other Common Income” section and select “Form 1099-MISC”.For everyone else, how you report this income will depend on whether you: Received a 1099-MISC 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. We now have to enter any other taxable crypto income such as mining, staking, airdrops or hard forks. If the amounts do not agree to your report, select ‘Edit’ and update the information accordingly. These amounts should match your short and long-term proceeds added together, as well as your total net gain or loss. You will now see your total gross proceeds, as well as your gain or loss from your tax report.You will notice a dollar amount by “Stocks, Mutual Funds, Bonds, Other”. You will now be back at the income summary screen.Once TurboTax confirms that your trades have been imported, select “Done”.The following screen will confirm that your trades (1099-B) is ready for import.Select “Choose a TXF File”, upload the TurboTax Desktop file provided in your reports and select “Continue” once it has loaded.Navigate to the File menu and select “Import” > “From TXF Files”.If you do not see this file in your tax reports, re-download your reports by selecting “I file using an online tool” and you should see a “TurboTax Desktop” zip file containing the txf file that we need to import. ![]() If you do not wish to send in your details and would rather import your data directly into TurboTax, accointing provides you with a file that you can easily import. You will need to mail this information along with Form 8453, as the desktop version of TurboTax does not allow for electronic filing of attachments.įor additional information on generating and filing your attachment to form 8949, check out our Crypto Gains – Attachments to your 8949 guide. Short-term gains are taxed differently than long-term gains, therefore you must always report them separately. If you need to add more sales, such as your long-term sales, select “Add” and repeat the steps above for your long-term sales. You will see a summary screen showing your gains so far.This information is summarized for you on page 1 of your Accointing tax report. On the following screen select “I’ll enter a summary for each sales category” and proceed to enter your proceeds and cost basis for your short-term trades, then select “Short term (Box C)” from the dropdown.Select “No” unless you did receive a 1099-B from any exchanges. The following screen will prompt you to answer whether you received a 1099-B for these sales.The following screen will ask you whether you had investment income in 2022, such as crypto sales, answer “Yes”.In the income section, navigate to the “Investments and Savings” section and select “Stocks, Mutual Funds, Bonds, Other”.This will save you a lot of time, but you will need to send an attachment with detailed information. The easiest way to report your cryptocurrency gains and losses is to summarize your gains into short and long term. One of the biggest advantages of TurboTax Desktop over TurboTax Online is that you can actively flip back and forth between their EasyStep guided input and your actual tax forms, so you can see how your Form 1040 is progressing as you prepare your return.Īs you get started, navigate to the Forms view, and make sure to check yes if you can answer yes to the question: “At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services) or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” Reporting your Gains Gains Summarized Regardless of your choice, the input screens will be the same. During this setup, you’ll be given the option to choose whether you want TurboTax to guide you or let you work on your tax return at your own pace. If this is the first time you are using TurboTax Desktop, you will need to spend some time entering your personal information.
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