Using TurboTax to Calculate and File Cryptocurrency Taxes

Using TurboTax to Calculate and File Cryptocurrency Taxes

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Cryptocurrency trades has been expanded well in the market, and with the volatility of the prices, a lot of traders made profits and losses as well. Regardless of profit or loss, one has to report all the cryptocurrency trades of the past year in the tax filing. Now it can be a tough job to consolidating trades and calculating gains through TurboTax. You may take help of CAs to calculate taxes, but apart from that, you have to learn TurboTax to proceed with these complicated taxes. This blog will help you to make things easy, and you can also contact at turbotax customer support and get fixed easily and quickly. You can complete this complex process in two easy steps: 1. Calculate capital gain, and 2. File cryptocurrency taxes.

 

  1. How to calculate capital gain using TurboTax:
  • Open your TurboTax account and go to ‘Take me to my return’ option.
  • Once you get there, choose ‘federal,’ and for the first time, you have to answer some income-related questions.
  • For the types of income, you can go to ‘jump to the full list.’
  • Next, you have to choose ‘show more’ option and then select ‘start’ or ‘revisit.’
  • Then follow some simple instruction, and you will get your capital gains calculated.

 

  1. File cryptocurrency taxes:

You have easily calculated your capital gains, and now you only need to file taxes by simply following these steps, but if you have done calculation part using another software then you should go to ‘Download tax forms’ and then use the option ‘download TurboTax online CSV’ to upload the file from another software. Now you can go through these steps

  • Log in to your TurboTax and choose any of the given plans to file cryptocurrency tax.
  • You will get a form like a screen and have to fill details about you.
  • By proceeding further, you will get multiple options to choose for your financial picture.
  • There you need to select ‘I sold or traded cryptocurrency’ option.
  • Now you have to go to the Crypto section and typing Crypto in the search box.
  • Then you can choose a cryptocurrency platform and upload the downloaded file of calculated taxes.
  • TurboTax further will provide you information about charges, and then you can follow simple screen instructions to complete the process.

If you traded in cryptocurrency last year, then you have to mention all these trades in the tax return. Now you will require a consolidated capital gain to mention there. You can take assistance some third party software to calculate capital gains and then simply upload the file on TurboTax to proceed with the tax filling. You can choose from several plans for cryptocurrency and accordingly complete the process. If you need you can contact at TurboTax customer support number and get complete support and easy solution.  

Now you have witnessed an easy step to process a complex exercise, and without any hesitation, you can complete the tax filing. However, sometimes you may get stuck at some points, so you need to call turbotax support number and resolve your issues further.

Cryptocurrency trades are required to file in the tax return. You need to calculate capital gains, and then you can file taxes using TurboTax software. You can calculate capital gain using TurboTax or any other third party software. Once you compete for capital gains calculations, then you can start filling taxes. You can choose an appropriate plan for cryptocurrency tax and download the calculated tax files then proceed with the filling out some details. Then by following some screen instructions, you can complete the process. For further support, you can contact at TurboTax customer support number and get the expert guidance.

 

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