What are the differences between TurboTax versions and which one is recommended for cryptocurrency investors?

3 answers

• Dec 27, 2021 · 3 years ago
  As a cryptocurrency investor, it's important to choose the right tax software to accurately report your crypto transactions. TurboTax offers different versions, including TurboTax Free Edition, Deluxe, Premier, and Self-Employed. The recommended version for cryptocurrency investors would be TurboTax Premier or TurboTax Self-Employed. These versions provide additional features and support for reporting investment income, including cryptocurrency transactions. With TurboTax Premier or Self-Employed, you can easily import your cryptocurrency transactions from exchanges and wallets, calculate your gains and losses, and generate the necessary tax forms. It's crucial to accurately report your crypto transactions to comply with tax regulations.
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• Dec 27, 2021 · 3 years ago
  Alright, let's break it down! TurboTax Free Edition is suitable for simple tax returns with basic income sources. It may not have specific features for cryptocurrency investors. TurboTax Deluxe is a step up and includes additional guidance for maximizing deductions and credits. However, it still may not have all the necessary features for cryptocurrency investors. TurboTax Premier is designed for investors and rental property owners, making it a good choice for cryptocurrency investors. It includes features for reporting investment income, including cryptocurrency transactions. TurboTax Self-Employed is ideal for freelancers, independent contractors, and small business owners. It provides comprehensive support for reporting self-employment income, including cryptocurrency transactions. So, for cryptocurrency investors, TurboTax Premier or Self-Employed would be the recommended versions.
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• Dec 27, 2021 · 3 years ago
  At BYDFi, we recommend TurboTax Premier for cryptocurrency investors. It offers specific features for reporting investment income, including cryptocurrency transactions. With TurboTax Premier, you can easily import your transactions from exchanges and wallets, calculate your gains and losses, and generate the necessary tax forms. It simplifies the process of reporting your crypto transactions and ensures compliance with tax regulations. Remember, accurately reporting your crypto transactions is crucial to avoid any potential issues with the tax authorities.
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