Cryptocurrency trades has been expanded well in the market, and with the volatility of the prices, a lot of traders made profits and losses as well. Regardless of profit or loss, one has to report all the cryptocurrency trades of the past year in the tax filing. Now it can be a tough job to consolidating trades and calculating gains through TurboTax. You may take help of CAs to calculate taxes, but apart from that, you have to learn TurboTax to proceed with these complicated taxes. This blog will help you to make things easy, and you can also contact at turbotax customer care number and get fixed easily and quickly. You can complete this complex process in two easy steps: 1. Calculate capital gain, and 2. File cryptocurrency taxes.
- How to calculate capital gain using TurboTax:
- Open your TurboTax account and go to ‘Take me to my return’ option.
- Once you get there, choose ‘federal,’ and for the first time, you have to answer some income-related questions.
- For the types of income, you can go to ‘jump to the full list.’
- Next, you have to choose ‘show more’ option and then select ‘start’ or ‘revisit.’
- Then follow some simple instruction, and you will get your capital gains calculated.
- File cryptocurrency taxes:
You have easily calculated your capital gains, and now you only need to file taxes by simply following these steps, but if you have done calculation part using another software then you should go to ‘Download tax forms’ and then use the option ‘download TurboTax online CSV’ to upload the file from another software. Now you can go through these steps
- Log in to your TurboTax and choose any of the given plans to file cryptocurrency tax.
- You will get a form like a screen and have to fill details about you.
- By proceeding further, you will get multiple options to choose for your financial picture.
- There you need to select ‘I sold or traded cryptocurrency’ option.
- Now you have to go to the Crypto section and typing Crypto in the search box.
- Then you can choose a cryptocurrency platform and upload the downloaded file of calculated taxes.
- TurboTax further will provide you information about charges, and then you can follow simple screen instructions to complete the process.
Now you have witnessed an easy step to process a complex exercise, and without any hesitation, you can complete the tax filing. However, sometimes you may get stuck at some points, so you need to call turbotax customer support and resolve your issues further.
Read More:- turbotax support number
Source URL: Using TurboTax to Calculate and File Cryptocurrency Taxes
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However, one of the biggest benefits of the digital age is that there is almost always a software available that helps to ease your workload.
TurboTax, which is developed by Intuit, uses an interview-style questionnaire to determine the tax needs of the user.
There are different versions of TurboTax available including, Basic, Deluxe, Premier and Home & Business.
This blog will give you an insight into how to distinguish between TurboTax Basic and TurboTax Deluxe so that you can select the version best suited for your tax requirement.
You should go through the features of both TurboTax Basic and TurboTax Deluxe carefully so that you can check your tax requirement and then decide which version you need.
Both software versions take the users through a series of easy questions aimed at understanding your tax requirement.
TurboTax is an innovative tax software that gives millions of US taxpayers a helping hand whenever they need to file their state or federal taxes.
The software is designed in such a way that it automatically calculates the tax requirement of a user based on the information given by that user.
The biggest plus point of TurboTax is the flexibility it offers.
You can also contact turbotax tech support number to know more about the data protection features of the software and what you can do to secure your account.Steps to follow when Installing TurboTaxWhile transferring your TurboTax data from one computer to another you need to first make sure that TurboTax is properly installed on the new computer where you want to transfer the data.
TurboTax also recommends disabling your ant-virus and firewall software so that it does not interfere with the installation process.Step 2: The two ways of installing TurboTax is through a CD or by directly downloading the file from the TurboTax website.
In the case of direct download, run the file as admin and agree to the license agreement.Step 3: If you would like to install TurboTax in a particular folder simple browse your computer, select the folder you want can click ‘Install’.
