If you’re a Coinbase user, you may be wondering how to go about importing your Coinbase transactions into TurboTax. Fortunately, the process is relatively straightforward.
In this article, we’ll walk you through the steps you need to take in order to import your Coinbase data into TurboTax.
Before we get started, it’s important to note that TurboTax does not currently support importing Coinbase data directly. However, Coinbase does provide users with a CSV file that can be imported into TurboTax.
To get started, log into your Coinbase account and navigate to the “Reports” page.
On the Reports page, select the “Create New Report” button.
In the “Create New Report” window, select the “Transactions” report type and then click the “Create Report” button.
Once your report has been generated, click the “Export” button and select the “CSV” file format. Save the CSV file to your computer and then open it in a spreadsheet program like Microsoft Excel or Google Sheets.
Now that you have your CSV file, it’s time to import it into TurboTax. To do this, log into your TurboTax account and click on the “Federal Taxes” tab.
Then, click on the “Income & Expenses” link and select the “I’ll choose what I work on” option.
On the next page, scroll down and select the “Start/Update” option next to “Investment Income.”
On the following page, select the “Add more forms of income” option and then choose “Other Common Income.”
Next, select the “From a 1099-B that I imported or entered manually” option and then click the “Continue” button.
On the next page, select the “Browse” button and locate the CSV file you exported from Coinbase. Once you’ve located the file, click on it and then click the “Open” button.
Finally, click on the “Upload Now” button.
TurboTax will now begin importing your Coinbase transactions. Depending on how many transactions you have, this may take a few minutes.
Once TurboTax has finished importing your data, you’ll be able to review it and make any necessary changes. When you’re finished making changes, be sure to click on the “Save & Continue” button.
And that’s it! You’ve now successfully imported your Coinbase transactions into TurboTax.