Are there any glitches or issues with TurboTax when it comes to filing cryptocurrency taxes in 2022?

3 answers

• Dec 25, 2021 · 3 years ago
  Yes, there have been reports of glitches and issues with TurboTax when it comes to filing cryptocurrency taxes in 2022. Some users have experienced difficulties in accurately reporting their cryptocurrency transactions and calculating their tax liabilities. These glitches can result in incorrect tax filings and potential penalties from the IRS. It is important for cryptocurrency traders to double-check their tax returns and consider seeking professional advice to ensure compliance with tax regulations.
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• Dec 25, 2021 · 3 years ago
  TurboTax is a popular tax preparation software, but it may not be the best option for cryptocurrency traders. The complexities of cryptocurrency taxation, such as calculating cost basis and determining capital gains or losses, can be challenging for TurboTax to handle accurately. It is recommended for cryptocurrency traders to use specialized tax software or consult with a tax professional who is familiar with cryptocurrency taxation to ensure accurate and compliant tax filings.
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• Dec 25, 2021 · 3 years ago
  At BYDFi, we have observed that TurboTax may not fully support the unique tax reporting requirements of cryptocurrency transactions. While TurboTax provides a general framework for tax preparation, it may not have the specific features and guidance needed for cryptocurrency traders. It is advisable for cryptocurrency traders to explore alternative tax software options that are specifically designed for cryptocurrency tax reporting to ensure accurate and efficient tax filings.
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