How can I include form 8949 for cryptocurrency transactions in TurboTax Deluxe?

3 answers

• Dec 26, 2021 · 3 years ago
  Including form 8949 for cryptocurrency transactions in TurboTax Deluxe is a straightforward process. Here's what you need to do: 1. Open TurboTax Deluxe and navigate to the section for reporting investment income and expenses. 2. Select the option to add a new investment transaction. 3. Enter the details of your cryptocurrency transactions, including the date of acquisition, date of sale, cost basis, and proceeds. 4. TurboTax will automatically calculate the capital gains or losses for each transaction and populate form 8949 accordingly. 5. Review the information and make any necessary adjustments. 6. Continue with the rest of your tax return filing process. If you have a large number of cryptocurrency transactions, it may be more efficient to import your transaction history from your exchange or use a tax software specifically designed for cryptocurrency tax reporting.
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• Dec 26, 2021 · 3 years ago
  Filing taxes for cryptocurrency transactions can be confusing, but TurboTax Deluxe makes it easier. To include form 8949 for your cryptocurrency transactions, follow these steps: 1. Launch TurboTax Deluxe and go to the section for investment income and expenses. 2. Choose the option to add a new investment transaction. 3. Fill in the necessary details for each cryptocurrency transaction, such as the date of purchase, date of sale, cost basis, and proceeds. 4. TurboTax will automatically generate form 8949 based on the information provided. 5. Double-check the details and make any necessary adjustments. 6. Proceed with the rest of your tax return filing process. Remember to keep accurate records of your cryptocurrency transactions to ensure accurate reporting. If you're unsure about any specific details, consult a tax professional for guidance.
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• Dec 26, 2021 · 3 years ago
  Including form 8949 for cryptocurrency transactions in TurboTax Deluxe is quite simple. Just follow these steps: 1. Open TurboTax Deluxe and navigate to the section for investment income and expenses. 2. Choose the option to add a new investment transaction. 3. Enter the relevant information for your cryptocurrency transactions, such as the date of purchase, date of sale, cost basis, and proceeds. 4. TurboTax will automatically generate form 8949 based on the provided details. 5. Review the form and make any necessary adjustments. 6. Continue with the tax filing process as instructed. If you need further assistance, you can refer to TurboTax's official documentation or reach out to their customer support. Remember to keep accurate records of your cryptocurrency transactions for future reference.
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