TurboTax during the 2018 tax season has put an "upload transaction limit" in place that limits uploads to 250 total per individual (screenshot from TurboTax Premier Online below states 100, but they have since updated the total to be 250): Because of this we wanted to provide the steps below to ensure any BitTaxer users that are reporting more than 250 transactions are covered.
Locating the Form 8949 Data in BitTaxer, to Later Enter into TurboTax:
- Log in to BitTaxer.
- Go to the Reports Tab. make sure when the Reports page loads that the tax year you wish to report on is displayed in the upper-right corner.
- Run the Tax Information Worksheet. The second half of the worksheet is form 8949 summary data - the data we need to enter into TurboTax.
- Date Acquired (b), Cost Basis (e), Date Sold (c), and Proceeds (d) are the 4 form 8949 data fields you need from the Tax Information Worksheet. Regardless of Short-Term or Long-Term gains/losses, the data fields are the same. However, if you are reporting BOTH Short-Term and Long-Term gains/losses, you will have to enter 2 separate lines of data into TurboTax. (explained further below).
Once you have your summary data, you can then move to:
Entering the Form 8949 Summary Data into TurboTax:
- Log in to TurboTax.
- Click the Magnifying Glass in upper-right corner to open the Search window.
- Type 'Crypto' into the Search window and hit Enter.
- Click on the 'Jump to Crypto' link (should be the first one at the top), which brings you to the Cryptocurrency section of your tax return.
- Click Continue to bring you to the cryptocurrency information section. Select BitTaxer, then select "I'll type it in myself":
- On the next screen (below), enter the summary data from BitTaxer into the fields, along with Exchange Name and Asset Name. When you're done, click Continue.
*** NOTE: If you had short-term and long-term gains or losses, you'll need to enter 2 separate transactions (one for short-term gains or losses and one for long-term gains or losses). For long-term gains or losses, TurboTax recommends entering the date of your most recent transaction under Date Sold. ***
- The transaction summary screen will show your entered gains & losses, and give you the opportunity to edit if needed: