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Has anyone just manually entered their crypto transactions into TurboTax? I only have about 40 trades for the year so wondering if that's easier than dealing with all these third-party services.
I tried that one year when I had about 30 transactions. It was tedious but doable. Just make sure you have all the correct dates, amounts, and cost basis for each transaction. The problem comes when you have crypto moving between different exchanges or wallets, as it gets really complicated to track the cost basis manually.
Thanks for the input. Maybe I'll try the manual approach since my situation isn't too complex. Just wanted to make sure I wasn't making things harder than they need to be!
I've been dealing with this exact same issue! What worked for me was using FreeTaxUSA instead of TurboTax - it has better support for importing crypto transactions directly from CSV files. I was able to upload my crypto.com transaction history with minimal formatting issues. If you're set on using TurboTax though, I found that cleaning up the crypto.com CSV file first made a huge difference. Remove any duplicate entries, make sure all dates are in MM/DD/YYYY format, and verify that buy/sell amounts match up properly. Sometimes crypto.com includes partial fills as separate transactions which can mess up the import. For the cost basis calculation differences between platforms, double-check how they're handling your staking rewards and any crypto-to-crypto trades. Those are usually where the biggest discrepancies come from.
That's a great point about FreeTaxUSA! I hadn't considered switching tax software entirely. Quick question - does FreeTaxUSA handle all the same deductions and credits as TurboTax? I've been using TurboTax for years mainly because I have some rental property income and wasn't sure if other platforms would be as comprehensive. Also, when you say "cleaning up the CSV file" - do you have any specific recommendations for tools or methods? I'm not super technical but can handle basic spreadsheet editing if needed.
Has anyone noticed that some tax software automatically fills in the payer info if you've used them before? I was entering a bunch of 1099-INTs and realized TurboTax remembered some banks from last year but got confused with the ones that changed names. Double check everything!
Yes! This happened to me with H&R Block's software! It pre-filled Chase bank info but the EIN was wrong because apparently Chase had updated their corporate structure or something. Took me forever to figure out why I kept getting a mismatch error.
This is exactly why I always keep physical copies of my 1099 forms! I learned the hard way that relying on digital copies or memory can lead to transcription errors. Pro tip: if you're entering multiple 1099-INTs, do them all at once while you're focused rather than spreading it out over days. I made the mistake of doing a few one evening and finishing the rest a week later - ended up mixing up some of the EINs because I was rushing. The IRS notices for mismatched information are no joke and can delay your refund by months.
Something similar happened to me last year. What worked was going to my local IRS Taxpayer Assistance Center. You need to schedule an appointment first (can't just walk in) but they were able to track exactly where my refund was and fixed the issue while I was there.
How do you even make an appointment with them? Every time I look into it the system says there are no available appointments within 50 miles of me.
I went through this exact same situation two years ago! My refund was sent to a Wells Fargo account I had closed months earlier. Here's what I learned from that experience: The 3-5 week timeline that others mentioned is pretty accurate, but it can stretch longer during peak tax season. In my case, it took almost 7 weeks to receive the paper check. The frustrating part is that the "Where's My Refund" tool will keep showing "refund sent" status even after the bank has rejected the deposit. One thing that helped me was requesting my tax transcript online through the IRS website. It shows more detailed information about what's happening with your refund than the basic tracking tool. You might see codes that indicate when the bank returned the funds and when the IRS started processing the paper check. Also, double-check that the IRS has your current mailing address. If you've moved since your last return or if there are any discrepancies in how your address is formatted, that could cause additional delays. The paper check will be sent to whatever address they have on file from your return. Hang in there - it's stressful but the money will come! Just make sure to update your bank info on next year's return so this doesn't happen again.
This is really helpful, thanks for sharing your experience! I'm definitely going to check my tax transcript like you suggested - I didn't even know that was a thing. It's reassuring to hear that 7 weeks isn't unusual, even though it feels like forever when you're waiting for the money. I'm pretty sure my address is correct since I haven't moved, but I'll double-check that too. Did you have to do anything special to access your transcript online or was it pretty straightforward?
I'm confused about withholding in these multi-state situations. My company withholds for my resident state (Oregon), but I travel to Washington and California for work regularly. Should I be having them withhold for those states too? Or do I just figure it out at tax time?
You should definitely set up withholding for states where you work regularly, especially California which is notorious for going after non-resident income. Otherwise you might face underpayment penalties. Your payroll department should be able to set up multiple state withholdings based on the approximate days you'll work in each location.
Great thread! I'm dealing with a similar situation but with a twist - I'm a freelancer with clients in multiple states. I have clients in Texas (no income tax), New York, and California, and I live in Colorado. From what I've learned, freelancers face even more complexity because we don't have employers handling withholdings. Each state has different rules about when freelance income is considered "sourced" to their state - some base it on where the work is performed, others on where the client is located, and some on where the services are delivered. For example, if I do graphic design work from my home office in Colorado for a New York client, some states would consider that Colorado income, while others might try to claim it as New York income if that's where the "benefit" of my work is received. Has anyone dealt with freelance income across state lines? I'm trying to figure out if I need to file non-resident returns in every state where I have clients, or if Colorado covers it all since I physically perform the work here.
Lauren Zeb
Has anyone dealt with property taxes paid to foreign governments? Can those be deducted on US taxes? I'm in a similar situation with my parents buying in Ecuador.
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Daniel Washington
ā¢Foreign property taxes CAN be deducted, but only if they're based on the assessed value of the property (similar to how US property taxes work). If they're flat fees or service charges, they wouldn't qualify. Also, remember your parents need to itemize deductions to claim this - it doesn't work with the standard deduction.
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Javier Garcia
This is such a complex situation! Your parents definitely need to be prepared for ongoing US tax obligations. One thing I haven't seen mentioned yet is the potential impact on their state tax situation. Depending on which state they currently live in, they may need to officially establish tax residency elsewhere before moving to avoid continued state tax obligations. Also, since they're planning to split time between countries, they should be very careful about the substantial presence test. Even though they're US citizens (so it doesn't affect their filing requirement), it could impact how certain deductions and credits are calculated. I'd strongly recommend they consult with a tax professional who specializes in expat taxes BEFORE making the purchase. The timing of when they buy, when they move, and how they structure their finances could significantly impact their tax burden. Getting advice upfront could save them thousands in taxes and penalties down the road.
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