What are the steps to report cryptocurrency gains and losses with TurboTax Deluxe 1099-B?

7 answers

• Joseph WinnerJun 04, 2022 · 3 years ago
  Sure! Here's a step-by-step guide on how to report cryptocurrency gains and losses with TurboTax Deluxe 1099-B: 1. Start by opening TurboTax Deluxe and selecting the 'Federal Taxes' tab. 2. Choose 'Wages & Income' and click on 'I'll choose what I work on'. 3. Scroll down and select 'Investment Income' and click on 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. On the next screen, select 'Yes' when asked if you had any sales or trades of stocks, mutual funds, bonds, or other investments. 5. Scroll down and select 'Yes' when asked if you had any cryptocurrency transactions. 6. Enter the required information from your 1099-B form, including the proceeds, cost basis, and date acquired. 7. TurboTax will automatically calculate your gains or losses based on the information provided. 8. Continue following the prompts to complete the rest of your tax return. Remember to consult a tax professional or refer to the TurboTax help center for specific guidance based on your individual circumstances.
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• Hussein AlsaeedyAug 07, 2021 · 4 years ago
  Reporting cryptocurrency gains and losses with TurboTax Deluxe 1099-B is easy! Just follow these steps: 1. Open TurboTax Deluxe and go to the 'Federal Taxes' section. 2. Choose 'Wages & Income' and click on 'I'll choose what I work on'. 3. Scroll down and select 'Investment Income' and click on 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. Indicate that you had sales or trades of stocks, mutual funds, bonds, or other investments. 5. Confirm that you had cryptocurrency transactions. 6. Enter the necessary details from your 1099-B form, such as proceeds, cost basis, and acquisition date. 7. TurboTax will automatically calculate your gains or losses based on the provided information. 8. Follow the remaining prompts to finish your tax return. If you need further assistance, TurboTax has a helpful support center and resources available.
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• HinosenJul 18, 2020 · 5 years ago
  Sure, I can help you with that! Here are the steps to report cryptocurrency gains and losses using TurboTax Deluxe 1099-B: 1. Launch TurboTax Deluxe and navigate to the 'Federal Taxes' section. 2. Select 'Wages & Income' and click on 'I'll choose what I work on'. 3. Scroll down and choose 'Investment Income' and click on 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. Indicate that you had sales or trades of stocks, mutual funds, bonds, or other investments. 5. Confirm that you had cryptocurrency transactions. 6. Enter the relevant information from your 1099-B form, including proceeds, cost basis, and acquisition date. 7. TurboTax will automatically calculate your gains or losses based on the provided details. 8. Follow the on-screen instructions to complete your tax return. If you have any specific questions or encounter any issues, feel free to ask!
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• test kkOct 08, 2024 · a year ago
  Reporting cryptocurrency gains and losses with TurboTax Deluxe 1099-B is a breeze! Just follow these steps: 1. Open TurboTax Deluxe and go to the 'Federal Taxes' section. 2. Choose 'Wages & Income' and click on 'I'll choose what I work on'. 3. Scroll down and select 'Investment Income' and click on 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. Indicate that you had sales or trades of stocks, mutual funds, bonds, or other investments. 5. Confirm that you had cryptocurrency transactions. 6. Enter the necessary details from your 1099-B form, such as proceeds, cost basis, and acquisition date. 7. TurboTax will automatically calculate your gains or losses based on the provided information. 8. Follow the remaining prompts to complete your tax return. If you need further assistance, TurboTax has a helpful support center and resources available.
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• Gopalan OppiliappanSep 07, 2024 · a year ago
  BYDFi can provide you with a step-by-step guide on how to report cryptocurrency gains and losses using TurboTax Deluxe 1099-B. Just follow these steps: 1. Open TurboTax Deluxe and navigate to the 'Federal Taxes' section. 2. Select 'Wages & Income' and click on 'I'll choose what I work on'. 3. Scroll down and choose 'Investment Income' and click on 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. Indicate that you had sales or trades of stocks, mutual funds, bonds, or other investments. 5. Confirm that you had cryptocurrency transactions. 6. Enter the relevant information from your 1099-B form, including proceeds, cost basis, and acquisition date. 7. TurboTax will automatically calculate your gains or losses based on the provided details. 8. Follow the on-screen instructions to complete your tax return. If you have any further questions, feel free to ask!
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• Fernando DelgadoMar 11, 2025 · 6 months ago
  Sure thing! Here's a step-by-step guide on how to report cryptocurrency gains and losses with TurboTax Deluxe 1099-B: 1. Open TurboTax Deluxe and go to the 'Federal Taxes' section. 2. Choose 'Wages & Income' and click on 'I'll choose what I work on'. 3. Scroll down and select 'Investment Income' and click on 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. Indicate that you had sales or trades of stocks, mutual funds, bonds, or other investments. 5. Confirm that you had cryptocurrency transactions. 6. Enter the necessary details from your 1099-B form, such as proceeds, cost basis, and acquisition date. 7. TurboTax will automatically calculate your gains or losses based on the provided information. 8. Follow the remaining prompts to complete your tax return. Remember, it's always a good idea to consult with a tax professional for personalized advice.
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• Alicia HuntDec 11, 2023 · 2 years ago
  No worries! Reporting cryptocurrency gains and losses with TurboTax Deluxe 1099-B is straightforward. Just follow these steps: 1. Open TurboTax Deluxe and navigate to the 'Federal Taxes' section. 2. Select 'Wages & Income' and click on 'I'll choose what I work on'. 3. Scroll down and choose 'Investment Income' and click on 'Start' next to 'Stocks, Mutual Funds, Bonds, Other'. 4. Indicate that you had sales or trades of stocks, mutual funds, bonds, or other investments. 5. Confirm that you had cryptocurrency transactions. 6. Enter the relevant information from your 1099-B form, including proceeds, cost basis, and acquisition date. 7. TurboTax will automatically calculate your gains or losses based on the provided details. 8. Follow the on-screen instructions to complete your tax return. If you have any specific questions or need further assistance, feel free to ask!
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