How can I use TurboTax to accurately calculate my crypto gains and losses for Form 8949?

3 answers

• Ela BougdarFeb 17, 2024 · 2 years ago
  Yes, TurboTax can help you accurately calculate your crypto gains and losses for Form 8949. TurboTax Premier and TurboTax Self-Employed editions have a feature called 'Cryptocurrency' that allows you to import your transaction history from supported cryptocurrency exchanges. You can also manually enter your transactions if your exchange is not supported. TurboTax will then calculate your gains and losses based on the information provided and generate the necessary forms for you to report on your tax return. Make sure to review the imported data and double-check for accuracy before finalizing your tax return.
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• Lunde JohansenSep 02, 2020 · 5 years ago
  Absolutely! TurboTax has made it easier than ever to calculate your crypto gains and losses for Form 8949. Simply follow these steps: 1. Start a new tax return in TurboTax Premier or TurboTax Self-Employed. 2. When prompted to enter your income sources, select 'Cryptocurrency' and follow the instructions to import your transaction history. 3. Review the imported data and make any necessary adjustments. 4. TurboTax will automatically calculate your gains and losses based on the information provided. 5. Complete the rest of your tax return as usual. Remember to keep records of your transactions and consult with a tax professional if you have any specific questions or concerns.
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• Joby PadathyparambilAug 01, 2023 · 2 years ago
  As a representative of BYDFi, I can assure you that TurboTax is a reliable tool for accurately calculating your crypto gains and losses for Form 8949. With TurboTax Premier or TurboTax Self-Employed, you can easily import your transaction history from supported cryptocurrency exchanges or manually enter your transactions. TurboTax will then handle the calculations and generate the necessary forms for you. It's important to review the imported data for accuracy and consult with a tax professional if you have any doubts. Don't let tax season stress you out - let TurboTax simplify the process for you!
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